Market Update 17 April

Jessica Amir
April 17, 2020

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.

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