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ASX 200 up 1.6%: CBA higher on COVID-19 loan deferrals update, Reliance rockets

Commonwealth Bank of Australia (ASX:CBA) and Reliance Worldwide Corporation Ltd (ASX:RWC) shares are making waves on the ASX 200 on Thursday…
The post ASX 200 up 1.6%: CBA higher on COVID-19 loan deferrals update, Reliance rockets appeared first on Motley Fool Australia. –

ASX 200 shares

At lunch on Thursday the S&P/ASX 200 Index (ASX: XJO) has bounced back and is on course to record a very strong gain. The benchmark index is up 1.6% to 5,909.5 points.

Here’s what has been happening on the market today:

CBA deferrals update.

The Commonwealth Bank of Australia (ASX: CBA) share price is pushing higher following the release of an update on its COVID-19 temporary loan repayment deferrals. At the end of August, Commonwealth Bank’s total loan deferrals stood at 174,000. This was down slightly from 182,000 in July and 210,000 in June. In dollar terms, the balance of these loan deferrals reduced to $59 billion from $62 billion in July and $67 billion in June.

Reliance sales growth impresses

The Reliance Worldwide Corporation Ltd (ASX: RWC) share price is rocketing higher on Thursday after releasing a trading update ahead of its investor day event. The plumbing parts company’s update reveals that its sales growth has been strong during September. Up to and including 25 September, Reliance revealed month to date Americas sales growth of 29%, APAC sales growth of 4%, and EMEA sales growth of 24%.

Mesoblast trading halt.

The Mesoblast limited (ASX: MSB) share price was placed in a trading halt prior to the market open this morning. The biotech company requested the halt pending an announcement in relation to the United States Food and Drug Administration’s review of its Biologics License Application for RYONCIL (remestemcel-L). This is for the treatment of paediatric patients with steroid-refractory acute graft versus host disease. The Food and Drug Administration was scheduled to review RYONCIL on Wednesday (United States times).

Best and worst ASX 200 performers.

The best performer on the ASX 200 on Thursday has been the Reliance share price with a massive 11% gain following its trading update. The Pro Medicus Limited (ASX: PME) share price has been the worst performer on the index today with a 2% decline. This is despite there being no news out of the healthcare technology company.

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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Reliance Worldwide Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. recommends Pro Medicus Ltd. The Motley Fool Australia owns shares of and has recommended Pro Medicus Ltd. The Motley Fool Australia has recommended Reliance Worldwide Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

The post ASX 200 up 1.6%: CBA higher on COVID-19 loan deferrals update, Reliance rockets appeared first on Motley Fool Australia.

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