At lunch on Wednesday the S&P/ASX 200 Index (ASX: XJO) is on course to end its winning run. The benchmark index is currently down 0.2% to 6,757.7 points.
Here’s what is happening on the market today:
Treasury Wine US deal
The Treasury Wine Estates Ltd (ASX: TWE) share price is pushing higher today after announcing a licensing agreement to progress its United States wine business. According to the release, Treasury Wine has entered into a long-term licensing agreement with The Wine Group. This will see its popular brands such as Beringer Main & Vine, Beringer Founders’ Estate, Coastal Estates, and the Meridian range sold in the region. The deal is in line with its plans to deliver a premium-focused business in the region.
Afterpay surges higher
The Afterpay Ltd (ASX: APT) share price is surging higher today following a rebound in the tech sector. The catalyst for this was a strong night of trade on the Nasdaq index after bond yields started to ease. Also giving the Afterpay share price a boost was news that it has completed its acquisition of Pagantis. This means that its European expansion can now begin. It isn’t just Afterpay rising strongly today. A number of other tech shares are rebounding and helping to drive the S&P/ASX All Technology Index (ASX: XTX) 3.3% higher at lunch.
Gold miners jump
It has been a great day for Australian gold miners on Wednesday. The likes of Ramelius Resources Limited (ASX: RMS) and Silver Lake Resources Limited (ASX: SLR) are storming materially higher after the price of the precious metal rebounded overnight. According to CNBC, the spot gold price rose 2.1% to US$1,717.25 an ounce after bond yields pulled back. At lunch, the S&P/ASX All Ordinaries Gold index is up a sizeable 4.4%.
Best and worst ASX 200 performers
The best performer on the ASX 200 on Wednesday has been the Ramelius share price with an impressive 11% gain. This follows the aforementioned rise in the gold price. The worst performer has been the Fortescue Metals Group Limited (ASX: FMG) share price with a 7% decline. This follows a 6% decline in the spot iron ore price overnight.
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More reading
- Why I sold all my Afterpay (ASX:APT) shares: fundie
- Why the Treasury Wine (ASX:TWE) share price is jumping today
- Why Afterpay, Gold Road, Hansen, & Silver Lakes shares are charging higher
- Is this a better way to buy into the ASX mining supercycle?
- SciDev (ASX:SDV) share price on watch after winning tender process with Fortescue (ASX:FMG)
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 AFTERPAY T FPO. The Motley Fool Australia owns shares of and has recommended Treasury Wine Estates Limited. 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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