Australia Market rises for the first time this week

The Australian share market finished session higher on Friday, 24 April 2020, snapping a four day losing streak, on the back of bottom fishing in heavily battered stocks. Market gains were, however, limited as investors now eyeing corporate results that are set to reflect the economic damage from the coronavirus pandemic. At closing bell, the benchmark S&P/ASX200 index rebounded 25.51 points, or 0.49%, to 5,242.62. The broader All Ordinaries gained by 27.87 points, or 0.53%, to 5,300.70. For the week, S&P/ASX 200 index shed 4.5%.

The energy stocks led gains, helped by a rebound in oil prices. Oil faced a tumultuous week, with the global benchmark Brent touching its lowest in more than two decades, while US crude went negative on Monday for the first time ever. Woodside Petroleum was up 1.8%, while Oil Search closed 4.4% higher and Origin Energy added 2.5%.

 

The mining stocks were higher, with BHP Group and Fortescue Metals Group gaining 3.4% and 3.4%, respectively.

Healthcare stocks rose, with Biotech firm and index heavyweight CSL adding 2.3%. Ramsay Healthcare followed a similar path, rising 2.4%. Meanwhile, Mesoblast jumped 39% after reporting an 83% survival rate in ventilator-dependent Covid-19 patients treated with its cell therapy.

Pacific Smiles (PSQ) gained by 10.9% after saying it will commence re-opening a number of dental centres from Monday. It expects that more than 70 of its 93 centres will be operating in the short term. It only has 17 centres currently open for business.

Travel stocks were also in demand. Webjet climbed 9.7% and Corporate Travel Management 6.8%. Flight Centre added 4.2%. Qantas shares rose 1.5%

Infomedia (IFM) slumped by 9% after completing its A$70 million capital raising. This was completed at a 12% discount to its closing price on Wednesday.

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