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ASX 200 closes higher, banks keep rising

What happened today on the ASX?

The S&P/ASX 200 Index (ASX: XJO) closed higher today, with the ASX banks pushing higher.

The ASX 200 keeps going higher despite an initial wobble this morning. The Australian dollar keeps rising as well.

Here are some ASX highlights from today:

ASX banks pull the index higher

The ASX may have finished in the red if it weren’t for the continued positive movements by the major ASX 200 banks. It has been a huge week for them.

Today we saw the Commonwealth Bank of Australia (ASX: CBA) share price rise 1.9%, the Westpac Banking Corp (ASX: WBC) share price rose by 3.4%, the Australia and New Zealand Banking Group (ASX: ANZ) share price went up 2.9% and the National Australia Bank Ltd (ASX: NAB) share price went up nearly 3%.

Kogan.com Ltd (ASX: KGN) shoots the lights out

The online retailer is seeing an astonishing amount of growth in the final quarter of FY20. The Kogan.com share price rose 8.6%, so it’s well on its way to entering the ASX 200 this year. 

Today it said it added another 126,000 active customers in May 2020, bringing the total to 2.074 million at the end of last month.

So far in the fourth quarter of FY20, gross sales and gross profit have grown by more than 100% and 130% respectively. Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) has risen more than 200%.

The company finished with $58.6 million of cash and $26 million of debt at the end of May 2020.

New Hope Corporation Limited (ASX: NHC) delayed again

The ASX 200 coal miner announced today that the High Court of Australia has granted Oakey Coal Action Alliance Inc (OCAA) special leave to appeal the orders of the Queensland Court of Appeal which were made on 1 November 2019.

New Hope said that OCAA isn’t challenging findings on groundwater or any other environmental issue that is relevant to any decision being made by the government. This is why the company thinks the Queensland state government should immediately approve the New Acland Stage 3.

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Motley Fool contributor Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Kogan.com ltd. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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