The bulls still have their horns as the ASX surges +5.83% and snatches back approximately $100 billion of yesterday’s losses

March 17, 2020 - 2 weeks ago
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The bulls returned stamping their hooves and rising their horns and drove the ASX 200 to its biggest one-day gain on record on Tuesday and reclaimed approximately $100 billion of yesterday’s $162 billion losses after the S&P/ASX 200 recorded its most significant falls in 20 years.

The All Ordinaries Index recorded its biggest fall since the 1987 crash.

The local sharemarket bulls snapped up blue-chip banks, supermarket, healthcare and mining stocks at a bargain, with the last final hour of trade surging of nearly +150 points with the benchmark S&P/ASX 200 closing to +291.4 points gain, or +5.83%, at 5,293.4 points.

Meanwhile, the broader All Ordinaries index was up +274.6 points, or +5.43%, at 5,332.8 points.

The financial sector shined the most after surging +9.2%, the biggest on record, as the “Fab Four” (banks) staged an astounding advance with the Commonwealth Bank surging +13.3% to $67.64, while Australia and New Zealand Bank advance +11.8% to $18.40, with Westpac leaping +8% and NAB climbed +6.8% to $17.21, and Suncorp gained +12.8% to $9.70.

The mining sector rose +9.0% as Titans, BHP gained +11.9% to $28.21, while Rio Tinto gained +6.9% and Fortescue Metals rose +10.8% to $10.69, and Newcrest Mining gained +10.6% to $24.00.

Gold stocks also shined with Northern Star and Regis Resources skyrocketing +19.7% and +18.6% respectively; meanwhile, Newcrest surged +10.6%.

Supermarkets were up, with Woolworths rising +9.7% to $39.85 and Coles gaining +8.4% to $17.22, while Wesfarmers gained +5.9% to $37.96.

Qantas lost altitude and fell -5.3% to a nearly four-year low of $2.86 after slashing -90% of international flights and hauling back on domestic routes.

Beverage bottler Coca-Cola Amatil and aged care provider Estia Health suspended earnings guidance amid coronavirus uncertainty.

Coca-Cola slipped -0.1% to $10.01 while Estia lost -7.8% to $1.18, while Crown slipped -1.7% to $7.16.

Elsewhere, West Texas Intermediate oil prices briefly fell under $US30 a barrel – its lowest level since January 2016.

Meanwhile, Santos said it was reviewing all its capital spending plans considering the collapse in oil prices and will stop all new hiring. Its shares plunged -5.3% to $3.71, while Woodside gave a firmer display and surged +5.2% to $18.90.

As for the Australian Dollar, our local currency hit a fresh near-12-year low of US$0.6054 and is currently buying US$0.6066 (as of writing).

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