In morning trade the S&P/ASX 200 Index (ASX: XJO) is on course to extend its winning streak. At the time of writing, the benchmark index is up 0.6% to 6,810.6 points.
Four ASX shares that are climbing more than most today are listed below. Here’s why they are racing higher:
Megaport Ltd (ASX: MP1)
The Megaport share price is up 3.5% to $12.52. Investors have been buying the global elastic interconnection services provider’s shares after Goldman Sachs upgraded them to a buy rating with a $15.00 price target. The broker expects Megaport to benefit from growing demand for public cloud infrastructure and the broadening of its product suite. Goldman also has increased confidence on its path to generating positive free cash flow.
Netwealth Group Ltd (ASX: NWL)
The Netwealth share price has jumped 10.5% to $17.54. The catalyst for this was the release of its second quarter update this morning. That update revealed that the investment platform provider’s strong form has continued, with funds under administration (FUA) increasing $4.8 billion or 14% quarter on quarter to $38.8 billion. This led to management upgrading its FY 2021 FUA guidance to $8.5 billion to $9 billion. This is an increase on its previous guidance of $8 billion.
PointsBet Holdings Ltd (ASX: PBH)
The PointsBet share price has stormed 4% higher to $15.33. This follows an announcement by the sports betting company which revealed that it has been given approval to operate within the state of Michigan. The Michigan Gaming Control Board has granted approval for PointsBet to begin online sports betting operations effective tomorrow.
Zip Co Ltd (ASX: Z1P)
The Zip share price has surged 11% higher to $6.65 following its second quarter update. The buy now pay later provider had a very stronger quarter. Zip delivered a 103% increase in transaction volume during the second quarter to a record of $1.6 billion. The key driver of this was the US-based QuadPay business, which recorded a 217% increase in transaction volume to $673.1 million. Another positive was that its ANZ business reported a sizeable reduction in its net bad debts.
This Tiny ASX Stock Could Be the Next Afterpay
One little-known Australian IPO has doubled in value since January, and renowned Australian Moonshot stock picker Anirban Mahanti sees a potential millionaire-maker in waiting…
Because ‘Doc’ Mahanti believes this fast-growing company has all the hallmarks of genuine Moonshot potential, forget ‘buy now pay later’, this stock could be the next hot stock on the ASX.
Doc and his team have published a detailed report on this tiny ASX stock. Find out how you can access what could be the NEXT Afterpay today!
See how you can find out the name of this stock
Returns as of 6th October 2020
More reading
- Why the Netwealth (ASX:NWL) share price zoomed 10% higher today
- Zip (ASX:Z1P) share price surges 8% higher on explosive Q2 growth
- Here’s why the PointsBet (ASX:PBH) share price will be on watch today
- 5 things to watch on the ASX 200 on Thursday
- Top brokers name 3 ASX shares to buy today
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 and recommends MEGAPORT FPO. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Netwealth, Pointsbet Holdings Ltd, and ZIPCOLTD FPO. The Motley Fool Australia has recommended MEGAPORT FPO and Pointsbet Holdings Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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