Market wraps 17th April 2020
Market Update - Jessica Amir
Australian share market wrap Friday 17 April, featuring best and worst ASX 200 performers and what to watch next week.
The Australian sharemarket gained 1.3% today. Over the week the market rose 1.9%, rising for the 4th straight week. So far this April, the market has gained over 8%. That’s THE best monthly gain in over 9 years.
In terms of Economic new out today: China’s Industrial production fell 1.1% in March on a YOY basis, while the market expected it to drop by 7%. Chinese economic growth fell by 9.8% in the first 3-months of the year. That fall was better than the 9.9% drop expected.
That's why we saw the ASX Industrial sector rise the most, up 4.5% today leading most sectors higher. While Consumer Staples gained the least with Treasury Wine Estates and Coca Cola shares fall.
Best performer: Mayne Pharma, (ASX:MYX) up 9% after getting ready to enter the U.S with a contraceptive pill that could produce $200 million a year in sales. Stockland (ASX:SGP) shares gained 8.5% after increasing its liquidity to combat reduced foot-traffic across its shopping centres. Worst performer: Coca Cola (ASX:CCL) losing 6.1% despite flagging $140 million in savings measures.