The S&P/ASX 200 Index (ASX: XJO) is on fire on Tuesday and is storming notably higher. In afternoon trade the benchmark index is up an impressive 2.2% to 6,086.3 points.
Four ASX shares that have climbed more than most today are listed below. Here’s why they are racing higher:
Laybuy Holdings Ltd (ASX: LBY)
The Laybuy share price is up 2% to $1.47. This follows the announcement of the launch of its “globally unique and innovative digital BNPL Mastercard card” in Australia. This allows customers to purchase goods and services in-store using Laybuy with a simple tap of their smartphone.
Oil Search Limited (ASX: OSH)
The Oil Search share price has jumped 7.5% to $2.74. Investors have been buying Oil Search and other energy shares following a rebound in oil prices. Prices dropped to five month lows last week.
Pointsbet Holdings Ltd (ASX: PBH)
The PointsBet share price is up 6.5% to $10.44. The catalyst for this appears to have been a broker note out of Ord Minnett. Its analysts have upgraded the sports betting company’s shares to a buy rating with a $12.60 price target. It made the move in response to the release of it first quarter update. Based on the current PointsBet share price, this price target implies potential upside of over 20% for its shares over the next 12 months.
Webjet Limited (ASX: WEB)
The Webjet share price has stormed 8% higher to $3.74 despite there being no news out of the online travel agent. However, with its shares falling heavily in October, some investors may believe they had fallen into value territory. Webjet’s shares were among the worst performers on the ASX 200 last month after COVID-19 cases surged globally and led to concerns that travel markets might take longer to recover.
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Returns as of 6th October 2020
More reading
- ASX 200 has explosive start to trading ahead of RBA decision
- Why the Webjet (ASX:WEB) share price tumbled 12% lower in October
- 5 things to watch on the ASX 200 on Tuesday
- Meet Afterpay (ASX:APT)’s latest BNPL challenger
- These are the 10 most shorted shares on the ASX
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 Pointsbet Holdings Ltd. The Motley Fool Australia owns shares of and has recommended Webjet Ltd. The Motley Fool Australia has recommended Pointsbet Holdings Ltd. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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