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Market Update 1 April

Jessica Amir
April 1, 2020

Aussie shares kicked off the month and quarter up 3.4% on Wednesday 1 April at midday.

Overnight markets were mixed with US equities down, while European equities made gains, gold fell to US$1,597 an ounce and oil rose 2% with US President Donald Trump and his counterpart, Vladimir Putin set to hold talks to stabilise energy markets.

All eyes on: Oil Search (ASX:OSH) up 18% as a Japanese fund manager increased their stake in the firm. Macquarie dropped its target price to $4.00, (It’s trading around $2.81). Scentre Group (ASX:SGC) another stand-out, up 12% on securing extra funding to boost its liquidity position to $3.1 billion, while it announced it has $2.5b in bonds, plus other bank facilities maturing, which will help it navigate Coronavirus (COVID19).

Investors absorb better than expected economic data: Australian manufacturing data for March, taking the industry out of the contraction phase amid frenzy stockpiling. Plus building approvals were also better than expected in February, with VIC unit approvals surging. Bell Potter Upgrades: Agribusiness Elders (ASX:ELD) reiterated as a buy. And Upgraded Johns Lyng Group (ASX:JLG) to a buy as its construction is listed as an “essential service”, company bookings lift.

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