The MoneyMe Ltd (ASX: MME) share price has raced out of the gates to be up by as much as 18.63% in early trade. This morning, the company provided a market update on its business operations and also announced the forthcoming launch of a new product offering.

MoneyMe is still relatively new to the ASX after publicly listing in December last year at an initial public offering price of $1.25. The company is a digital consumer credit business, leveraging its Horizon Technology Platform and big data analytics to deliver an innovative loan offering to online-ready consumers.

May 2020 business update

This morning, MoneyMe revealed that its diversified customer base and target orientation growth strategy continues to minimise COVID-19 credit risk. As a result, the company has seen a continuing downward trend of payment requests due to the pandemic.

The majority of customers who previously sought hardship relief have resumed making repayments, with only 1.7% of receivables having payments deferred.

MoneyMe also remains confident in establishing a new funding facility. If secured, the facility will help to support asset growth and lower funding costs. However, timing is a slight sticking point. The execution of a new facility is likely to be delayed to the first quarter of FY21 due to circumstances relating to COVID-19.

In the meantime, the company has secured a further 18 months of continued access to its existing trust funding facilities to provide funding certainty through to November 2021. MoneyMe notes that its existing facilities and cash on hand leave the company well-placed for origination funding and growth opportunities.

New product launch

Along with the business update, MoneyMe also announced that a new product offering, RentReady, will be officially launched in June. RentReady is a first-to-market product designed to support landlords with capital spend requirements and any short-term rent or operational requirements.

The product features a line of credit of up to $15,000 administered by property managers for landlords, with repayment over a period of 24 months. The credit can be used by landlords for a number of different options, including general service, maintenance, and improvement spend, as well as to cover shorter-term rent shortfalls – a timely option in the current environment.

MoneyMe highlighted the highly complementary nature of RentReady to another of its key offerings, ListReady, which assists residential property vendors with the costs of marketing their home for sale. ListReady has more than 240 agencies and 1,500 agents signed up to support vendor sales.

At the time of writing, the MoneyMe share price is currently sitting 10.45% higher for the day at $1.22, reducing its year-to-date fall to 15.86%.

More reading

• ASX small-cap sector rallies strongly during April

Motley Fool contributor Cathryn Goh has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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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If I were buying ASX blue chips today I’d want to buy ones that have long-term growth potential.

Shares have the potential to create really nice returns over the years if you invest in the right shares.

Some ASX blue chips may actually face poor returns over the coming years. For example, I’m not confident about the growth potential of banks such as Australia and New Zealand Banking Group (ASX: ANZ). From this share price I’m not sure that BHP Group Ltd (ASX: BHP) would be a good choice either.

But there are some blue chips I wouldn’t mind buying today within the ASX 50:

APA Group (ASX: APA)

APA is one of the biggest infrastructure businesses on the ASX, it’s my preferred pick for both infrastructure and energy exposure.

It owns a vast network of 15,000km of natural gas pipelines around Australia with a presence in every mainland state and the Northern Territory. It also owns or has interests in gas storage facilities, gas-fired power stations and renewable energy generation (wind and solar farms). APA owns, or manages and operates, a portfolio of assets worth more than $21 billion and delivers half the nation’s natural gas usage.

It’s one of the few businesses within the ASX 50 that should be relatively unaffected by the coronavirus impacts during this period. Reliability is valuable over the next 12 months. I think it’s a really good ASX blue chip.

Over the longer-term the business continues to look for investment opportunities both here and also in the US.

Macquarie Group Ltd (ASX: MQG)

Macquarie is one of my favourite financial businesses on the ASX. The global investment bank is one of the biggest asset managers in the world, which generates attractive fees. This division will be important during the coronavirus.

One of the main reasons why I’m attracted to Macquarie is its quality and price. Over the past decade it has grown wonderfully and invested into a number of different attractive areas. It has high quality management and having the ability to grow anywhere in the world is a great feature. Over the long-term I think it will be one of the best ASX 20 blue chips.

The Macquarie share price is currently down 31% from 21 February 2020. But don’t forget that interest rates are now incredibly low and there’s a lot of global central bank support.

Amcor Plc (ASX: AMC)

Amcor is one of the few businesses to upgrade its profit guidance for FY20. It’s now expecting adjusted earnings per share (EPS) growth in constant currency terms of 11% to 12%.

The global packaging business’ merger with Bemis is going well with year to date benefits of $55 million.

In the nine months to 31 March 2020 Amcor generated ‘generated’ free cash flow of $367 million, which was up by $217 million. Amcor is repurchasing shares and its dividend remains solid. It’s a great ASX blue chip for this situation.

Foolish takeaway

Each of these ASX blue chips have promising long-term futures. At the current prices I think Amcor would probably be the best pick, but I really like APA for its defensive distribution.

More reading

• How to invest $1,000 in ASX 200 shares like Warren Buffett today
• Is the Macquarie share price a buy?
• Is it time to buy ASX banks?
• Macquarie picks the best stocks to buy for the post COVID-19 rebound
• 3 Warren Buffett ASX dividend shares to buy right now

Motley Fool contributor Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Amcor Limited and Macquarie Group Limited. The Motley Fool Australia owns shares of APA Group. 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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It has been a volatile day of trade for the S&P/ASX 200 Index (ASX: XJO) on Friday. At the time of writing the benchmark index is trading a fraction lower at 5,545.2 points.

Four shares that have fallen more than most today are listed below. Here’s why they are dropping lower:

The Downer EDI Limited (ASX: DOW) share price is down 2.5% to $4.23. This morning Downer EDI revealed that its Spotless business has settled a class action that was commenced against it in the Federal Court. The company advised that the settlement is without admission of liability and remains subject to Federal Court approval. If approved, the pre-tax impact on Downer EDI’s results for FY 2020 will be $35 million.

The InvoCare Limited (ASX: IVC) share price has dropped almost 2.5% to $11.02. Earlier this week the funerals company issued the shares from its $74 million share purchase plan. These funds were raised at a discount of $10.40 per share. This could mean that some shareholders have decided to take a bit of profit off the table today.

The NRW Holdings Limited (ASX: NWH) share price has fallen 4% to $2.10. This decline appears to be down to profit taking after the infrastructure contractor’s shares rocketed significantly higher on Thursday. Investors were buying the company’s shares after it revealed unaudited revenue of $1.6 billion for the 10 months to April 30. This is greater than any revenue it has achieved during a full 12 months. 

The Whitehaven Coal Ltd (ASX: WHC) share price has come under pressure and is down 3% to $1.69. Investors have been selling the coal miner’s shares on Friday amid concerns that it could get caught up in an Australia-China trade spat. This follows reports that some Chinese power plant operators have been instructed to not buy Australian coal.

More reading

• Has China banned Australian coal?
• ASX 200 down 0.2%: Afterpay hits a record high, Aristocrat Leisure update disappoints
• ASX 200 mining services share storms 27% higher on record revenue result
• Why Afterpay, AMA, NRW, & Santos shares are racing higher
• Why this ASX funeral share is well positioned for future growth

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended InvoCare Limited. 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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