Stock Pick

  • 2 red hot ASX growth shares

    piles of wooden blocks with red arrows increasing, growth shares

    The coronavirus pandemic has presented investors with some tremendous investment opportunities. Following its steep decline earlier this year, the S&P/ASX 200 Index (ASX: XJO) has bounced more than 30% from its lows in March. Despite the volatility, quality shares with great, long-term growth potential have come out shining. Here are 2 ASX growth shares that have led the charge and could blossom even further in 2020 and beyond.

    Pointsbet Holdings Ltd (ASX: PBH)

    The PointsBet share price has bolted an astounding 450% from its lows in mid-March. Yesterday, PointsBet hit a new all time high of of $7.92 before falling back to $6.14 in today’s trade. PointsBet is a corporate bookmaker that offers wagering services for sports and betting products through its cloud-based platform. With local and international sport beginning to resume, investors have acknowledged the boost this will have on the business operations of PointsBet and, subsequently, the growth of the company’s share price.

    In a trading update last month, PointsBet highlighted that despite the disruptions of the coronavirus pandemic, the company managed to record ‘net wins’ for both February and March. PointsBet also provided an update on its Australian operations, with the company recording a net win of $18.2 million for the period 1 April to 25 May.

    Furthermore, PointsBet elaborated on its agreement to become the exclusive wagering partner for Fox Sports AFL (Fox Footy) for the 2020 season. The agreement highlights PointsBet’s continued approach to targeting media assets to build increased client acquisition and wagering volumes.

    Nanosonics Ltd. (ASX: NAN)

    The coronavirus pandemic has highlighted the need for better infection prevention and control in medical settings. My second growth share pick, Nanosonics, is a global provider of sterilisation devices to hospitals and healthcare centres. Investors have acknowledged the potential for the company to benefit from the growing demand in this field. This has seen the Nanosonics share price recover more than 50% from its March lows.

    Nanosonics boasts a solid revenue model and services a projected 20% of the global market. In addition to generating attractive margins from the sale of its ‘trophon’ devices, Nanosonics also generates recurring revenue from its patented consumable components.

    The company released a trading update in early April, informing the market that unaudited sales were significantly up from the prior corresponding period. In addition, Nanosonics also advised that the sale of its consumables were in line with pre-coronavirus expectations.

    Should you buy these potential growth shares?

    The coronavirus pandemic has put pressure on the earning prospects of many companies on the ASX. As a result, it would be wise for investors to exercise caution and not jump in and attempt to buy growth shares because they ‘look’ cheap. 

    However, in my opinion both the PointsBet and Nanosonics share prices have experienced growth because they boast business models capable of withstanding the economic downturn whilst also having great, long-term growth prospects. 

    Take a look at this free report to find more stocks that could blossom in 2020 and beyond

    5 stocks under $5

    We hear it over and over from investors, “I wish I had bought Altium or Afterpay when they were first recommended by The Motley Fool. I’d be sitting on a gold mine!” And it’s true.

    And while Altium and Afterpay have had a good run, we think these 5 other stocks are screaming buys. And you can buy them now for less than $5 a share!

    Learn More

    *Extreme Opportunities returns as of June 5th 2020

    More reading

    Nikhil Gangaram has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Nanosonics Limited and Pointsbet Holdings Ltd. The Motley Fool Australia has recommended Nanosonics Limited and 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.

    The post 2 red hot ASX growth shares appeared first on Motley Fool Australia.

    from Motley Fool Australia https://ift.tt/2AqeOEg

  • Oil Set for First Weekly Drop Since April on Second-Wave Fears

    Oil Set for First Weekly Drop Since April on Second-Wave Fears(Bloomberg) — Oil is heading for the first weekly loss since late April in New York on fears a second wave of U.S. infections could derail a fragile recovery, while swelling stockpiles raised fresh concerns about excess supply.The market has shrugged off a pledge by OPEC+ over the weekend to extend its output cuts, with sentiment souring this week after U.S. inventories climbed to a record high and the Federal Reserve warned of longer-lasting damage to the economy by the pandemic. Oil has also been swept up in a broader market rout triggered by a surge in infections, with prices heading back below $35 a barrel.Crude has rallied since plunging below zero in April as production cuts trimmed a global glut and the easing of lockdowns boosted fuel consumption. However, the recovery is expected to be uneven, with Goldman Sachs Group Inc. this week turning bearish on oil in the short term due to poor returns from refining.While Treasury Secretary Steven Mnuchin said the U.S. shouldn’t shut down the economy again even if there is another jump in coronavirus cases, more than 2 million Americans have now been infected. Localized surges have raised concerns among experts even as the nation’s overall case count early this week rose just under 1%, the smallest increase since March.“The oil market has been overdue a pullback, with prices getting somewhat ahead of actual fundamentals,” said Warren Patterson head of commodities strategy at ING Bank NV in Singapore. “While the market is moving from a surplus to deficit environment, inventories remain at elevated levels and refinery margins are still very weak.”U.S. crude stockpiles unexpectedly expanded last week to 538.1 million barrels, the Energy Information Administration reported Wednesday, the highest level in data compiled by Bloomberg since 1982. The increase underlines the difficulty facing OPEC and its allies in their efforts to balance the market.Meanwhile, in a positive sign, demand in the U.K. has been steadily recovering in recent weeks, according to government data. Fuel consumption is now about 35% lower than pre-lockdown levels, compared with as much as 70% in April.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

    from Yahoo Finance https://ift.tt/2Uz6BVc

  • EUR/USD Forecast: Is Losing Its Bullish Stance And About To Pierce The 1.1300 Figure

    EUR/USD Forecast: Is Losing Its Bullish Stance And About To Pierce The 1.1300 FigureEUR/USD Current Price: 1.1294 * Risk-aversion took over as the Fed sees a long path towards recovery. * US Initial Jobless Claims hit 1.54 million in the week ended June 5. * EUR/USD is losing its bullish stance and about to pierce the 1.1300 figure.The EUR/USD pair has spent this Thursday consolidating below 1.1400, falling to fresh daily lows by the end of the day below 1.1300 as risk-off dominated the financial scene. Following the US Federal Reserve monetary policy announcement on Wednesday, equities entered a selling spiral that continued throughout the different sessions. The fact that the Fed will maintain rates at current lows at least through the next two years, among other things, sounded the alarm on those thinking on a soon-to-come economic recovery. The dollar benefited to a different extent against its major rivals from this risk-averse sentiment.The macroeconomic calendar had little to offer, as there were no data releases coming from the EU. The US, on the other hand, published the Initial Jobless Claims for the week ended June 5, which were slightly better-than-expected, as 1.54 million Americans filed for unemployment. Continuing Jobless Claims, however, edged higher to roughly 21 million in the week ended May 29. This Friday, the EU will unveil April Industrial Production, seen down by 20% in the month, while the US will publish the preliminary estimate of the June Michigan Consumer Sentiment Index, foreseen at 75 from 72.3 in the previous month.EUR/USD short-term technical outlook The EUR/USD pair is trading below 1.1300 as the day comes to an end, losing its bullish stance. In the 4-hour chart, it has pierced a bullish 20 SMA, which continues advancing above also bullish larger moving averages. Technical indicators have turned south, the Momentum holding within positive levels, but the RSI already below its 50 line. The decline could extend once below the 1.1300 figure towards 1.1260, a more relevant support level.Support levels: 1.1260 1.1225 1.1170Resistance levels: 1.1310 1.1350 1.1390View Live Chart for the EUR/USDSee more from Benzinga * AUD/USD Forecast: Firmly Above 0.7000 And Heading Towards The 0.7100 Price Zone * EUR/USD Forecast: Nearing The Multi-Week High At 1.1384 * EUR/USD Forecast: Bulls Keep Buying On Dips(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

    from Yahoo Finance https://ift.tt/2XUHs9J

The Latest

  • U.S. health secretary expresses confidence in Abbott’s fast COVID-19 test

    ·

  • The Daily Biotech Pulse: Co-Diagnostics Earnings, NantKwest Plans Pancreatic Cancer Study, ADC Therapeutics IPO

    ·

  • Mesa Air Group, Inc. Just Missed EPS By 41%: Here’s What Analysts Think Will Happen Next

    ·

  • Novavax, Inc. (NASDAQ:NVAX) Just Reported First-Quarter Earnings And Analysts Are Lifting Their Estimates

    ·