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Trump’s talk of oil truce helps fuel market rally

Shares in oil producers took off on the ASX this morning on the back of claims from US President Donald Trump that the oil price war between Russia and Saudi Arabia was coming to and end.

Apr 03, 2020, updated Apr 03, 2020
US President Donald Trump has attempted to stoke fears about crime-ridden cities. (Photo: EPA/DOUG MILLS / POOL)

US President Donald Trump has attempted to stoke fears about crime-ridden cities. (Photo: EPA/DOUG MILLS / POOL)

Oil prices shot up by more than 24 per cent after the claim was made.

At the open of ASX trading Oil Search shares jumped 18 per cent, Santos 13 per cent, Cooper Energy 8.8 per cent, Woodside 8.6 per cent, Senex 6.5 per cent and Origin 6.5 per cent.

The ASX 200 rode the wave with a rise of more than 70 points at the open, but volatility was a big factor and the rally appeared to quickly run out of puff.

Queensland company NEXTDC told the ASX that it had successfully raised $672 million with an institutional placement of shares priced at $7.80.

Wagners, which owns the Wellcamp airport, near Toowoomba, removed its profit guidance for the year because of shutdowns in the US caused by the COVID-19, which meant it could not forecast the impact.

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“The company’s international operations have been affected with travel restrictions and shut-downs throughout USA, UK, Europe and New Zealand which have limited the company’s ability to execute sales of its New Generation Building Materials into those markets,” it told the ASX.

Suncorp announced the deferral of insurance premiums for small to medium companies for six months for its Vero, AAMI, GIO and Resilum products.

 

 

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