Investors continue to hope that the worst of the coronavirus spread is over. The S&P/ASX 200 Index (ASX: XJO) rose by 1.3% today to end the week positively.
Overseas US President Donald Trump outlined how the country plans to steadily lift the restrictions with a phased plan. The world's biggest economy getting back into the swing of things would obviously be beneficial for company earnings and the share market.
Here are some of today's highlights:
Strong trading update from Brambles Limited (ASX: BXB)
The logistics business announced a solid third quarter trading update today.
In constant currency terms it generated sales revenue growth of 6% in the third quarter and the first nine months of FY20.
However, due to the impacts of COVID-19 on the fourth quarter performance, the company is expecting a material reduction in fourth quarter revenue and earnings. It's now expecting FY20 sales revenue growth of 5% to 7% at constant exchange rates and underlying profit growth of 3% to 5%.
The share price rose 1.7%.
Rio Tinto Limited (ASX: RIO) releases first quarter production results
In the update, compared to the first quarter last year, Rio Tinto increased iron ore shipments by 5% and iron ore production grew by 2%.
Capital expenditure is now expected to be $5 billion to $6 billion in 2020, down from $7 billion.
In terms of guidance for the rest of the year, iron ore, bauxite, alumina and aluminium guidance is unchanged. However, mined copper and refined copper guidance has been lowered due to a potential reduction in second half output at Escondida from the coronavirus measures and the earthquake repairs at Kennecott.
Operating costs guidance remains unchanged.
The Rio Tinto share price increased 3.3%.
Coca-Cola Amatil Ltd (ASX: CCL) trading update
Coca Cola announced a number of different things about its business.
In the first quarter, there was low single digit percentage growth on the first quarter last year. However, the first quarter earnings before interest and tax (EBIT) saw a mid-teen percentage decline compared to the first quarter of 2019.
However, in the first two weeks of the second quarter there was a 30% volume reduction, predominately in Indonesia reflecting weaker sales in the lead up to Easter and Ramadan.
In reaction to the update the Coca Cola share price fell over 6%.
