At lunch on Wednesday the S&P/ASX 200 Index (ASX: XJO) is on form and has broken through the 7,000 points mark. The benchmark index is currently up 0.6% to 7,019.4 points.
Here’s what is happening on the market today:
Brokers love Zip update
The third quarter update from Zip Co Ltd (ASX: Z1P) on Tuesday has gone down well with brokers today. One of the most positive brokers was Citi. This morning its analysts upgraded the buy now pay later provider’s shares to a buy rating with a price target of $11.30. Elsewhere, Morgans has an add rating and $10.92 price target and Ord Minnett has an accumulate rating and $11.50 price target. This compares to the current Zip share price of $9.88.
Resolute share price rockets
The Resolute Mining Limited (ASX: RSG) share price is rocketing higher today after revealing that the Ghanaian government has restored the mining licence for the Bibiani Gold Mine. However, the government has only agreed to do this if Resolute cancels the sale of the operation to Chifeng Jilong Gold Mining. Resolute has agreed to do this and will now look at its options for the mine.
Tech shares storm higher
Playing a key role in the market’s positive form today has been the tech sector. Tech shares including Afterpay Ltd (ASX: APT) and WiseTech Global Ltd (ASX: WTC) are storming higher, driving the S&P/ASX All Technology Index (ASX: XTX) a sizeable 1.8% higher. This has been driven largely by a positive night of trade on the Nasdaq index. The tech-heavy index outperformed overnight, recording a solid 1% gain.
Best and worst ASX 200 performers
The best performer on the ASX 200 by some distance has been the Resolute share price with a 15% gain following its update. The worst performer has been the Credit Corp Group Limited (ASX: CCP) share price with a decline of almost 3% on the back of no news.
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More reading
- Here’s why the Resolute Mining (ASX:RSG) share price is surging 20% higher today
- Could this help the Zip (ASX:Z1P) share price catch up to Afterpay?
- AMP (ASX:AMP) share price hits new 52-week low
- 5 things to watch on the ASX 200 on Wednesday
- ASX 200 rises, Zip (ASX:Z1P) flies, bank ratings upgraded
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 ZIPCOLTD FPO. The Motley Fool Australia owns shares of AFTERPAY T FPO and WiseTech Global. 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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