Want to invest ethically for a brighter future?
(but still make lots of money)?

Want to invest ethically for a brighter future? (but still make lots of money)?

 Take Rask’s FREE Ethical Investing course today.

  • Online & 100% free
  • ETFs, shares & Super
Want to invest ethically for a brighter future? 
(but still make lots of money)?

 Take Rask’s FREE online Ethical Investing course.

ASX 200 and ASX banks are soaring higher, here’s why

The ASX 200 (ASX: XJO) is up another 2% today as investor confidence comes rushing back.

ASX banks are leading the charge

It has been an astonishing week for the ASX 200 banks, with some showing gains of around 20%.

Today we’ve seen yet more strength from the banking sector as it seems the Australian economy will be less affected than first feared from COVID-19.

The ANZ (ASX: ANZ) share price is currently up 6.3%, the CBA (ASX: CBA) share price is up almost 4%, the Westpac (ASX: WBC) share price is up 5% and the NAB (ASX: NAB) share price is up 6%.

Looking at the regional banks, the Bendigo Bank (ASX: BEN) share price is up an even more impressive 7.6%. It gave an update today for the March 2020 quarter outlining its COVID-19 provision.

Bendigo Bank has provisioned an extra $148.3 million for the potential COVID-19 impacts. It will decrease the bank’s common equity tier 1 (CET1) capital ratio by 40 basis points, meaning a calculated CET1 of 9.3% at 31 March 2020. This is above APRA’s unquestionably strong benchmark target for a bank of Bendigo’s stature.

Read next: 

3 tech stocks to add to your watchlist right now: Tyro, Afterpay & Xero

Is it time to buy Afterpay (APT) shares for US growth?

3 reasons why I’d buy the BetaShares NASDAQ 100 ETF

Nearmap (ASX: NEA) jumps

The Nearmap share price is up 18% after giving investors an update.

Nearmap said that annualised contract value (ACV) continues to grow, it is now more than $102 million using a foreign exchange rate to the US dollar of $0.70. Management was able to narrow guidance to $103 million to $107 million. At today’s foreign currency exchange, the existing portfolio is above $104 million of ACV.

The aerial imaging business has been implementing a number of initiatives to preserve cash to strengthen its balance sheet without raising capital. The savings amount to 30% of operating and capital costs. It should make Nearmap cashflow breakeven by the end of FY20. There have been job cuts and salary reductions for this year. Nearmap expects to end the period with a cash balance of between $32 million to $35 million.

From 200+ ETFs in Australia, our top investment analyst has just identified his #1 ETF for 2021 and beyond.

Low fees? Check.

Long-term growth potential? Check.

Regular cash returns? Check!

This ETF makes investing in ETFs "Super-Easy".

Simply click here or enter your email address below to access the full ETF report, ticker code, and step-by-step investment guide. Our expert's #1 ETF report is completely free.

No gimmicks, no payment, no credit card info. Just enter your email address below and we'll send you the report right away.

From 200+ ETFs in Australia, our top investment analyst has just identified his #1 ETF for 2021 and beyond.

Low fees? Check.

Long-term growth potential? Check.

Regular cash returns? Check!

This ETF makes investing in ETFs "Super-Easy".

Simply click here to access the full ETF report, ticker code, and step-by-step investment guide. Our expert's #1 ETF report is completely free.

No gimmicks, no payment, no credit card info. Just click the link below and enter your email address. We'll send you the report right away.

CLICK HERE TO GET THE REPORT

Unsubscribe anytime. Read our TermsFinancial Services GuidePrivacy Policy. We’ll never sell your email address. Our company is Australian owned.

Information warning: The information on this website is published by The Rask Group Pty Ltd (ABN: 36 622 810 995) is limited to factual information or (at most) general financial advice only. That means, the information and advice does not take into account your objectives, financial situation or needs. It is not specific to you, your needs, goals or objectives. Because of that, you should consider if the advice is appropriate to you and your needs, before acting on the information. If you don’t know what your needs are, you should consult a trusted and licensed financial adviser who can provide you with personal financial product advice. In addition, you should obtain and read the product disclosure statement (PDS) before making a decision to acquire a financial product. Please read our Terms and Conditions and Financial Services Guide before using this website. The Rask Group Pty Ltd is a Corporate Authorised Representative (#1280930) of AFSL #383169.

Keep reading:

General Financial Advice warning
The information on this website is general financial advice only. That means, the advice does not take into account your objectives, financial situation or needs. Because of that, you should consider if the advice is appropriate to you and your needs, before acting on the information. In addition, you should obtain and read the product disclosure statement (PDS) before making a decision to acquire a financial product. If you don’t know what your needs are, you should consult a trusted and licensed financial adviser who can provide you with personal financial product advice. Please read our Terms & Conditions and Financial Services Guide before using this website.

© Rask Australia 2020

Join 20,000+ smart investors

Join the Rask Australia mailing and we’ll send you free investment reports, podcasts, expert insights, investing courses, ASX news and lots, lots more. All free. 

Unsubscribe anytime. Read our TermsFinancial Services GuidePrivacy Policy. We’ll never sell your email address. Our company is Australian-owned.

feedback-icon

What can we do better? Please give us us some feedback :)

We care about your experience, please let us know if you have any suggestions to improve our site.