The S&P/ASX 200 Index (ASX: XJO) edged 0.1% lower today to 5,775 points.
Investors are gaining confidence that the Australian economy is going to do better than previously expected with the big difference in the cost of jobkeeper.
Big ASX banks fly higher
The big four ASX banks make up a large part of the ASX 200 index. If it wasn’t for the ASX banks the ASX may have had a pretty bad day today.
The share price of Commonwealth Bank of Australia (ASX: CBA) rose almost 5%. The share price of Westpac Banking Corp (ASX: WBC) went up 8%. Australia and New Zealand Banking (ASX: ANZ) saw its share price drop by 8.6%. The share price of National Australia Bank Ltd (ASX: NAB) went up 7.8%.
Blackmores Limited (ASX: BKL) capital raising
Blackmores announced this morning that it was doing a capital raising of up to $117 million. The company is aiming for $92 million from institutional investors and another $25 million from retail investors.
Management still think it can hit its underlying profit guidance of between $17 million to $21 million.
Whilst immunity products are seeing more demand, the ASX 200 business is seeing less demand for other products.
CSL Limited (ASX: CSL) drops
The huge ASX 200 healthcare company suffered a valuation setback today. Australia’s dollar is getting stronger, which makes CSL less attractive in Australian dollar terms.
The CSL share price fell by 6.4% in one of the worst days since the coronavirus sell-off started. Not too long ago CSL reaffirmed its profit guidance for the year in constant currency terms.
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More reading
- Is now the right time to be buying ASX bank stocks?
- 2 outstanding ASX 50 shares to buy today
- Soaring share price: Is CBA a buy?
- ASX 200 up 0.1%: Big four banks rocket, Afterpay sinks lower
- Why the NAB share price is surging higher today
Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of CSL Ltd. The Motley Fool Australia owns shares of and has recommended Blackmores Limited. 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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