AP Eagers (ASX:APE) rises 26%: Aus shares close 2.4% higher
The Australian share market rose at the and continued to rally throughout the day, closing 2.4 per cent up at the end of trade. AP Eagers (ASX:APE) led the top 200 gains at for the session, rising over 25 per cent, and Netwealth Group (ASX:NWL), led the losses for the day.
The S&P/ASX200 index
At the closing bell the S&P/ASX 200 index closed 129 points higher to finish at 5,522.
Futures market – all in the red
Dow futures are suggesting a fall of 34 points.
S&P 500 futures are eyeing a dip of 9 points.
The Nasdaq futures are eyeing a fall of 31 points.
And the ASX200 futures are eyeing a 167 point rise tomorrow morning.
Broker moves
Morgans has upgraded Credit Corp Group (ASX:CCP) to an Add from a Hold.
The broker notes that Credit Corp raised $120m to increase capacity on the balance sheet and in the absence of an acquisition, Morgans expects the company will have no debt by December 2020.
Morgans says there are still risks to earnings for the short term but assesses the business is a strong contender for capital deployment in potential industry consolidation over the next two years.
Rating is upgraded to Add from Hold and the target raised to $18.50 from $17.70.
Shares in Credit Corp Group (ASX:CCP) closed 17 per cent higher at $16.55.
Looking at some more headlines from the day:
The ANZ (ASX:ANZ) reports a Statutory Profit after tax for the Half Year ended 31 March 2020 of $1.55 billion, down 51 per cent on the prior comparable period.
Woolworths (ASX:WOW) reports group sales up 10.7%.
Qube Holdings (ASX:QUB) to raise $500 million.
Best and worst performers of the day
The best performing sector was Energy adding 8.2 per cent while the worst performing sector was Utilities shedding 1.4 per cent.
The best performing stock in the S&P/ASX 200 was AP Eagers (ASX:APE), rising 25.7 per cent to close at $5.14. Shares in Nearmap (ASX:NEA) and Worley (ASX:WOR) followed.
The worst performing stock in the S&P/ASX 200 was Netwealth Group (ASX:NWL), dropping 4.7 per cent to close at $7.59 cents. Shares in Saracen Mineral Holdings (ASX:SAR) and Resmed (ASX:RMD) followed lower.
Asian markets
Mostly higher: Japan’s Nikkei has added 2.1 per cent, Hong Kong’s Hang Seng is closed and the Shanghai Composite is 1.3 per cent up.
Commodities and the dollar
Gold is trading at US$1,717 an ounce.
Iron ore price added 0.4 per cent to US$82.50.
Iron ore futures are pointing to a rise of 2.2 per cent.
Light crude is US$1.16 up at US$20.28 a barrel.
One Australian dollar is buying 65.50 US cents.
Copyright 2020 – Finance News Network
Source: Finance News Network
