At lunch on Monday the S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a very strong gain. The benchmark index is currently up 1.6% to 6,816.4 points.
Here’s what is happening on the market today:
Tech shares climb higher
The Australian tech sector is rebounding after a strong night of trade on the Nasdaq index on Friday. The likes of Afterpay Ltd (ASX: APT) and Appen Limited (ASX: APX) are recording solid gains and are helping drive the S&P/ASX All Technology Index (ASX: XTX) higher. The technology index is up 1.6% at the time of writing.
ALS announces acquisition
The ALS Ltd (ASX: ALQ) share price is charging higher today after announcing a new acquisition. According to the release, the testing services company has acquired Investiga for an undisclosed fee. Investiga is a pharmaceutical testing business with operations in Brazil and the east coast of the United States. It specialises in the cosmetic and personal care market, providing services to a portfolio of major global clients. Investiga generated A$20 million of revenue in FY 2020.
Woolworths upgraded
The Woolworths Group Ltd (ASX: WOW) share price is outperforming today. This has been driven by a broker note out of Goldman Sachs this morning. According to the note, the broker has upgraded the retail giant’s shares to a buy rating with a $43.60 price target. Goldman notes that Woolworths’ shares were trading at a 7% discount to the Industrials ex. Financials index. This compares to a longer term average premium of +12%.
Best and worst ASX 200 performers
The best performer on the ASX 200 on Monday has been the Treasury Wine Estates Ltd (ASX: TWE) share price with a 7% gain. This appears to have been driven by speculation the wine company could be takeover target. Going the other way, the Smartgroup Corporation Ltd (ASX: SIQ) share price is the worst performer on the index with a decline of 4%. This has been driven by its shares trading ex-dividend this morning for its 32 cents per share fully franked final dividend.
Where to invest $1,000 right now
When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*
Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.
*Returns as of February 15th 2021
More reading
- Why the Woodside (ASX:WPL) share price is climbing today
- Why Afterpay, Alkane, ALS, & Woodside shares are storming higher
- Here’s why Biden’s stimulus is pushing the ASX 200 higher today
- Why this new app has brokers excited for the Afterpay (ASX: APT) share price
- Why the Santos (ASX:STO) share price is down this morning
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 and Appen Ltd. The Motley Fool Australia owns shares of and has recommended Treasury Wine Estates Limited. The Motley Fool Australia owns shares of Woolworths Limited. The Motley Fool Australia has recommended SMARTGROUP DEF SET. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
The post ASX 200 up 1.6%: Appen rebounds, ALS acquires Investiga, Woolworths upgraded appeared first on The Motley Fool Australia.
from The Motley Fool Australia https://ift.tt/3c7U6Ih
Leave a Reply