The S&P/ASX 200 Index (ASX: XJO) jumped almost 3% today to 5,780 points, it is now out of the bear market territory we’ve been in since March 2020.
The ASX 200 is now down by just 19% from the 21 February 2020 level. Since 23 March 2020 the ASX 200 has risen by 27% in an extraordinary turnaround.
ASX banks boost the index
The big four ASX banks don’t quite make up as much of the index as they used to, but their combined movements can still have a big impact on the share market. They all rose strongly today.
Looking at those movements:
The Commonwealth Bank of Australia (ASX: CBA) share price rose by almost 4%.
The Westpac Banking Corp (ASX: WBC) share price went up 6.1%.
Australia and New Zealand Banking Group (ASX: ANZ) saw its share price increase by 6%.
The National Australia Bank Ltd (ASX: NAB) share price went up 5.6%.
Investors appear to be much more hopeful about the Australian economy’s trajectory.
ASX 200 travel shares continue to soar
After yesterday’s comments from Treasurer Josh Frydenberg about prolonging support, the travel industry has continued to fly today with investors seeing a return of travel on the horizon.
Some of the ASX 200 travel shares that experienced another large gain today were:
The Flight Centre Travel Group Ltd (ASX: FLT) share price went up 9.5%.
The Webjet Limited (ASX: WEB) share price rose 5.8%.
Infrastructure giant Sydney Airport Holdings Pty Ltd (ASX: SYD) saw its share price fly higher by 4.2%.
The Qantas Airways Limited (ASX: QAN) share price went up 5.4%.
Coca-Cola Amatil Ltd (ASX: CCL) is hurting
The Coca Cola share price fell 1.6% today after the food and beverage business said that its volumes were down heavily whilst also suffering earnings before interest and tax (EBIT) margin pain.
COVID-19 struck at a particularly difficult point with Easter and Ramadan falling during the heaviest restrictions.
The business also withdrew its dividend payout ratio guidance.
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More reading
- Why ASX 200 travel shares are soaring higher today
- Latest spending data could drive the ASX retail sector higher
- Why ANZ, CBA, NAB, and Westpac shares are storming higher today
- Up another 5%: Is the Webjet share price a buy?
- The latest ASX shares that brokers have just upgraded to “buy”
Motley Fool contributor Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Webjet Ltd. The Motley Fool Australia has recommended Flight Centre Travel Group 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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