The S&P/ASX 200 (ASX: XJO) finished the day trading at 5539.3, or 4.42% higher, having fallen more than 6% down this morning. That makes today a 10% snap-back for the ASX 200!
Party like it’s 2019!
Making today’s ASX sharemarket headlines were the following companies
- Cochlear Limited (ASX: COH) – up 21%
- CSL Limited (ASX: CSL) – up 12%
- Fortescue Metals Group Limited (ASX: FMG) – up 13%
- Netwealth Ltd (ASX: NWL) – up 18%
- Oil Search Ltd (ASX: OSH) – up 17%
Featured interview: Matt Joass, Maven Funds
If you’re looking for interviews with some of Australia’s most sophisticated investors, start with the free video from The Australian Investors Podcast, above. It features Maven Funds Management founder and chief investment officer, Matt Joass, CFA.
ASX 200 Recap
Health stocks shoot upwards
Two of Australia’s most highly regarded medical technology companies, Cochlear and CSL, led the ASX 200 upwards today. Despite their sudden rise however, neither company released material news to the market.
As we know, Cochlear is one of the world’s leading medical businesses. It designs, manufactures and supplies the Nucleus cochlear implant, the Hybrid electro-acoustic implant and the Baha bone conduction implant. Graeme Clark invented the first device in 1982, allowing first-user Graham Carrick to hear for the first time for 17 years. Some of the most recent modifications allow users to play sound from their phone directly into their implant.
CSL is Australia’s largest (and some might say best) healthcare company, specialising in biopharmaceuticals. Founded in the late 1900s as the Commonwealth Serum Laboratories, CSL was sold by the Australian Government to Australian investors via the share market in 1994 at $2.30 per share.
While some people might be speculating that CSL could help the planet solve the Coronavirus outbreak it’s important to note that COVID-19 is quite different to the influenza virus for which CSL is known to be one of the world’s leading treatment providers.
“However, we have investigated possible adjacencies in expertise, technologies and facilities that might be able to contribute to the global effort and are pleased to advise that we have partnered with the University of Queensland’s COVID-19 vaccine development program,” CSL said in a media release in February. “
We will provide technical expertise as well as a donation of Seqirus’ proprietary adjuvant technology, MF59®, to their pre-clinical development program.”
Worst ASX 200 performers
At the other side of the performance spectrum today, the worst performers on the ASX included Qantas Airways Ltd (ASX: QAN), Sydney Airport Holdings Ltd (ASX: SYD) and Unibail Rodamco (ASX: URW). Qantas was the worst performer in the ASX 200, falling 12.6%.
This morning, Virgin Australia Ltd (ASX: VAH) provided an update to investors about its planned reductions in flying for the remainder of the financial year. Virgin shares started the day down 10% — yet ended up 32%! You can read more about Virgin’s update by clicking here.
Finally, while this turnaround didn’t end in green numbers and arrows, sports betting company PointsBet Holdings Ltd (ASX: PBH) traded down 25% at one point yet ended just 7% lower — meaning, it staged an 18% recovery.
Days like today — with intense volatility — are reminiscent of the days during the Global Financial Crisis (GFC) where blue-chip shares bounced up or down 20% (or more) in a single day.
Could the opportunity in front of investors really be turning around?
I reckon it’s safe to assume we’ve still got a few bumpy days ahead of us.
[ls_content_block id=”14947″ para=”paragraphs”]
