Australia Market closes 4.4% up

The Australian share market finished volatile session sharp higher on Friday, 13 March 2020, due to bottom fishing in recently battered stocks. At closing bell, the benchmark S&P/ASX200 index rebounded 234.67 points, or 4.42%, to 5,539.30 after falling more than 8% at its lows during the session. The broader All Ordinaries added 219.76 points, or 4.09%, to 5,590.68.

The day commenced with sellers seizing upon the 10% fall for US stocks overnight as the guide for what might be expected locally. The day ultimately saw the ASX 200 trade through a range of 666 points, from trough to peak, resulting in a 12.5% swing, marking the biggest turnaround on record.

The recovery for the market was led by the largest stocks on the ASX. The biggest positive contributors to the points gain for the ASX 200 included CSL with a gain of 11.8% to A$313.83; JB HiFi (JBH) up 8.6% to A$33.53; Woolworths (WOW) up 6.7% to A$37.05; Newcrest Mining up 2.9% at A$25.01; CBA up 5.1% to A $66.36. Shares in Cochlear finished 21% higher over a wild trading session that saw its price swing between A$168.56 and A$216.11. Sonic Healthcare and Ramsay finished 5% and 6.9% higher respectively.

Platforms business Netwealth added 18.7% to $6.49 after falling around 8% earlier in the session to A$5.04 to post a 26% swing over the trading day.

Travel related stocks again saw some of the largest%age declines earlier in the day but staged a late recover as the overall market. Further pressure was added to the industry following the 30 day US travel ban on mainland Europe. Flight Centre (FLT) closed 2.3% lower after announcing that it could close up to 100 underperforming stores in Australia, it will look to move affected staff to other stores. The travel agent has also suspended its FY20 earnings guidance due to the uncertainty around the coronavirus outbreak. Virgin Australia (VAH) also suspended FY20 earnings guidance while cutting further capacity to domestic and international flights.

CURRENCY: The Aussie dollar changed hands at $0.6288 following a decline from levels above $0.64 yesterday.

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