Shares of the financial players inclined, with the country's so-called Big Four banks led rally. Australia and New Zealand Banking Group added 8.5%, Commonwealth Bank of Australia rose 10.9%, Westpac advanced 8.5%, and National Australia Bank gained 7.9%.
Bank of Queensland (BOQ) and QBE Insurance (QBE) were two companies that did announce that FY20 guidance had been withdraw due to Covid-19. BOQ gained 5.6% while QBE was 6.7% higher. Department store, Myer (MYR) announced late Friday that it was closing all its stores for 4 weeks due to Covid-19 which will place roughly 10,000 employees out of work for that period. Still, MYR shares rose 9.5%.
Health insurer, NIB Insurance (NHF) stated that it would not go ahead with its planned annual premium increase on April 1, rather it will push it back by 6 months until at least October 1. Premiums were going to increase by an average of 2.9%. NHF shares rose 6%. Nine Entertainment (NEC) rallied 11.7% as the media company confirmed that March quarter revenue was in line with guidance, although a material negative impact would be likely for ad revenue. NEC is looking to save over A$260 million for calendar year 2020 which includes A$130 million in savings if the NRL season is cancelled.
CURRENCY: The Australian dollar changed hands at $0.6132 after rising from levels below $0.60 in the previous week.
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