The S&P/ASX 200 (ASX: XJO) snapped back from an initial sell-off on Tuesday to trade 2.4% higher.
Leading the Australian share market with 5% gains or more were shares of Qantas Airways Limited (ASX: QAN), Costa Group Holdings Ltd (ASX: CGC), Orora Ltd (ASX: ORA), Bapcor Ltd (ASX: BAP) and South32 Ltd (ASX: S32).
Featured Video: Josh Clark, QVG Capital
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ASX 200 Recap
South32 – up 12%
South32 shares ended the day more than 12% higher despite little in the way of market-sensitive news. Up 12%, South32 ended the highest of any ASX 200 company.
South32 filed an update with the stock exchange telling investors that it will continue its exploration alliance with AusQuest Limited (ASX: AQD).
Qantas Airways – reverses despite an uncertain outlook
Despite starting the day down a few percent, Qantas shares staged a recovery to end the day up over 7%.
This comes despite Australia’s leading airline providing a media release and ASX update on its performance following further news of a Coronavirus-induced travel slowdown.
In a media release, Qantas said it has cut its international flights by nearly a quarter for the next six months on account of a “sudden and significant drop in forward travel demand.”
You can keep reading the Qantas’ news by clicking here.
ASX 200 laggards
Finally, the worst performers on the ASX today were as follows:
- Yancoal Ltd (ASX: YAL) – down 8.9%
- Charter Hall (ASX: CHC) – down 3.7%
- Northern Star Resources (ASX: NST) – down 3.7%
- Aurizon Holdings (ASX: AZJ) – down 3.7%
- Newcrest Mining Ltd (ASX: NCM) – down 2.3%
Today’s featured story
In today’s featured story, hear from Matt Joass, CFA, of Maven Funds Management. In the following article, Matt takes us through the lay of the land for ASX small-cap shares, as well as the huge opportunity in front of shrewd investors.
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