Australia…1 Hour In…ASX Up 60 Points

By Scott Phillips | More Articles by Scott Phillips

Travel stocks are the standout today as it seems everyone is keen to book a holiday as restrictions lift. Corporate Travel (+6%), Flight Centre (+7%), Qantas (+3%), Webjet (+6%).

– Coca Cola (+0.4%); said the virus has severely affected volumes across its major markets., with falls of about 33% in April vs last year. Stock is down just over 30% since mid-March.

– Macquarie (+0.6%); Ratings agency Fitch has downgraded its outlook for Macquarie to negative from stable, saying its earnings will come under pressure from the virus. What did we say the other day about ratings agencies?

– Senex (+15%); has upgraded its production forecast. Yes, upgraded.

….and Sydney’s Waverley college has been shut down this morning after a student tested positive to you know what.

Scott Phillips

About Scott Phillips

Scott has over 35 years experience in Australian equities, starting as a “chalkie” and trader on the Stock Exchange Trading Floor and spending the last 25 years advising and trading for International Institutions. He has been an Executive Director at JPMorgan and Nomura, a Governor of the Australian Stock Exchange and was recently awarded a Lifetime Achievment award by the Australian Stockbrokers Association. Now at Ascot Securities, Scott focuses on advising Family Offices, offshore Soveriegn Funds as well as a growing book of domestic Professional Investors.

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