InvestSMART's Evan Lucas says Australia somehow managed to "eke out the best month the ASX has ever had" in April but had "given most of that back today". Mr Lucas projected May's figures would more accurately reveal the adverse effects of the virus on the market.
"Since the bottom of the market we're up 25 per cent which is a little bit of advantageous trading considering how hard and how far we fell at the outset of the COVID-19 pandemic," he said. "Woolworths and Coles have reported this week and they had an amazing three weeks during the end of March but retail figures say it has since evened out." Image: AP
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It’s called a dead cat bounce