Author: therawinformant

The Dubber Corp Ltd (ASX: DUB) share price is rocketing up 14.14% today to $1.66 as it closes in on its 52-week high of $1.675. The communication company’s share price has been on an upward trajectory in November, gaining more than 35% this month.

Why is the Dubber share price on the rise?

Dubber’s cloud-based software helps companies to transition away from traditional communications infrastructure to remote working arrangements. The business has benefited from the COVID-19 pandemic, with the company posting record growth customer acquisition numbers during FY20. This has resulted in its annualised recurring revenues jumping by 95% year-on-year in FY20 to $16.1 million.

The company has been able to expand rapidly through a series of capital raisings. In 2020 alone, it raised a total of $45 million from institutional investors. Earlier this month, Dubber also announced a $6 million share purchase plan (SPP), which was oversubscribed up to $33 million. The company eventually elected to keep just $10 million by scaling back its acceptance of SPP offers.

Big contract wins

Dubber has been dubbed a ‘disruptive innovator’ in the multi-billion dollar call recording industry. Its cloud-based technology removes the need for on-premise hardware, or costly and limited storage. 

IBM (NYSE: IBM) has taken note of Dubber’s technology. In early November, the ‘Big Blue’ selected Dubber to provide recording and data capture technology to support its newly launched service – the IBM Cloud for Telecommunication Services platform.

In this project, Dubber’s Unified Call Recording (UCR) solution would be used to integrate with the IBM Cloud for Telecommunications platform, and would enable IBM to offer solutions critical to their customers addressing compliance mandates, improving sales, and unlocking the critical information contained within voice data.

One month before the IBM project was announced, Dubber also unveiled the global launch of its unified recording and voice artificial intelligence solution for the Microsoft Corporation (NASDAQ: MSFT)’s Microsoft Teams platform. 

The Microsoft Teams platform has more than 75 million daily active users. Dubber’s technology would give companies on Teams more control to automate voice recording at scale, without the need for additional and expensive hardware.

About the Dubber share price in 2020

The Dubber share price started the year at $1.18, before plummeting to 39 cents in March. It has since regained its value to $1.66, a year-to-date gain of 38%. At this price, the company commands a market value of $396 million.

More reading

• Ask a fund manager: Totus Capital’s Sam Granger reveals the methods behind his outperforming High Conviction Fund
• I have too many tech shares: Do I sell, buy or hold?
• Here are the US shares that CommSec customers are buying
• What COVID-19? World’s 5 most valuable brands are up 54%
• Here are the shares Magellan has been buying recently

Teresa Kersten, an employee of LinkedIn, a Microsoft subsidiary, is a member of The Motley Fool’s board of directors. Eddy Sunarto has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and recommends Microsoft and recommends the following options: long January 2021 $85 calls on Microsoft and short January 2021 $115 calls on Microsoft. 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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Australia’s leading investment platform provider CommSec has released data on the most traded ASX shares on its platform from last week.

Once again, there were a number of familiar faces filling up the top five over the period.

Here’s the data:

Westpac Banking Corp (ASX: WBC)

The most popular share on the CommSec platform last week was this banking giant. Westpac shares accounted for 1.6% of trades on the platform, with 48% of them coming from buyers. Despite this even split between buyers and sellers, the Westpac share price recorded a sizeable 8.5% gain. This was driven by COVID-19 vaccine optimism and the improving outlook for bank dividends

Commonwealth Bank of Australia (ASX: CBA)

For the same reasons, Commonwealth Bank shares were also popular with investors and contributed 1.6% of total trades on CommSec. As with Westpac, the Commonwealth Bank share price was a strong performer and rose 10% over the five days. Surprisingly, despite this strong form, only 28% of these trades were attributable to buyers.

Flight Centre Travel Group Ltd (ASX: FLT)

The prospect of two (and now three) effective COVID-19 vaccines gave the travel industry a huge boost last week. Unsurprisingly, this meant that Flight Centre shares were popular with investors. They accounted for 1.6% of trades on CommSec, with a sizeable 63% coming from the buy side. The Flight Centre share price pushed higher, stretching its month to date gain to 42% at the end of the week.

Afterpay Ltd (ASX: APT)

This buy now pay later provider was popular with investors again and accounted for 1.5% of trades on the platform. Approximately 63% of these trades were from buyers. Unfortunately for these buyers, the Afterpay share price lost 4.2% of its value over the five days. This may have been due to concerns over the growth of its US business. Last week it revealed that Co-CEO Nick Molnar is planning to return to the US as soon as possible.

Zip Co Ltd (ASX: Z1P)

Fellow buy now pay later provider, Zip Co, was popular with investors as well. Its shares were responsible for 1.5% of trades on the CommSec platform. This time the buying and selling was evenly split, with 49% of trades coming from the buy side. They will be pleased to have seen the Zip share price rise 2% over the five days.

More reading

• Why the Afterpay (ASX:APT) share price is sliding lower
• Top brokers name 3 ASX shares to buy today
• Why the Webjet (ASX:WEB) share price is soaring 6%
• Why Origin, Qantas, Webjet, & Westpac shares are storming higher
• The 13 ASX shares that could have doubled your money in 2020

James Mickleboro owns shares of Westpac Banking. 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. The Motley Fool Australia has recommended Flight Centre Travel Group 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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The Whitehaven Coal Ltd (ASX: WHC) share price is storming higher today, despite no news out of the coal miner. Shares in the ASX mid cap are currently trading 10.36% above last night’s close.

Impressively, in intraday trade Whitehaven shares reached a 3-month high of $1.58 before settling to their current level of $1.54. These gains come on the back of a challenging few months for the Whitehaven share price. 

What’s driving its resurgence?

The NSW coal miner was recently added to the list of the 10 most shorted shares on the ASX. Whitehaven was a new entry in the top 10 with short interest of 7.7%. Traders were shorting the coal miner amid reports that China was going to ban purchases of Australian coal. However as these rumours have abated, the company has seen a dramatic change in fortunes.

Additionally, a recent report by Wood Mackenzie suggests that coal imports may actually increase in December in China. According to the report, thermal coal imports will grow from 9.5Mt to 20Mt, which is an increase of 111%. Mining accidents in Shanxi, Shaanxi and Inner Mongolia have prevented output from increasing and imports will have to fill the void.

Furthermore, the recent development of vaccines has continued to improve sentiment about the recovery from COVID-19, which has helped to lift the broader market. 

What now for the Whitehaven share price?

The uptick in share price will be a relief for shareholders, who have witnessed a decline in share price of almost 50% this year.

However, the Whitehaven share price will remain heavily reliant on China’s demand.

Also noteworthy is the fact that insider Fritz Kundrun recently sold a substantial portion of shares. The sale of the 12.7 million shares was completed below the current market price at $1.17, meaning Kundran pocketed just under $15 million. However, despite this being the largest insider sale this year, it was not a substantial part of Mr Kundrun’s holding in the company.

The Whitehaven share price is trading 10.36% higher at the time of writing.

More reading

• Why Aristocrat Leisure, Chalice Gold, Westpac, & Whitehaven Coal shares are charging higher
• ASX 200 up 0.35%: Aristocrat FY 2020 results, big four banks higher, a2 Milk update
• ASX 200 jumps 1.7%: REA Group surges to record high, bank shares push higher
• Why Platinum, ReadyTech, Tabcorp, & Whitehaven shares are dropping lower
• These are the 10 most shorted shares on the ASX

Motley Fool contributor Daniel Ewing 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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The Afterpay Ltd (ASX: APT) share price is slipping today, down nearly 4% in early afternoon trading as the company is drawing attention over its merchant fees.

That’s heading in the opposite direction of the wider S&P/ASX 200 Index (ASX: XJO), up 0.6% at time of writing. And it puts the Afterpay share price down 7.2% from its all-time high of $104.53 reached on 9 November.

Year to date, shareholders will have little to complain about though, with Afterpay shares up 217% since 2 January.

What does Afterpay do?

Afterpay operates in the buy now, pay later (BNPL) market. The company’s payment platform allows people to buy and receive goods and spread the cost of their purchase out over equal payments, without any interest or fees. Those fees are carried by the merchants.

The company was founded in 2015. It now operates in Australia, the United States and the United Kingdom, with current expansion plans into the wider European market. The Afterpay share price first began trading on the ASX in June 2017.

What’s pressuring the Afterpay share price?

Afterpay’s business model is based on consumers being able to pay for the goods and services they purchase over time without incurring any interest charges or other fees.

Of course, someone has to carry those fees. With Afterpay, and many BNPL shares, that someone is the merchant.

Afterpay charges merchants an average fee of 4% of the price of the items they sell via its payment platform. Crucially, the company doesn’t allow merchants to pass any of that cost on to their customers. That differs from credit cards, which generally charge merchants less than 1%, and also allow merchants to pass the cost along to customers if they choose.

According to the Australian Financial Review, merchant fees provide more than 80% of Afterpay’s revenue.

And Sebastian Siemiatkowski, CEO of Swedish-based Klarna – a direct competitor to Afterpay – says he’s surprised “people are celebrating the success of some of your local players when they are charging 400 basis points… To me, it’s not just about surcharging, it’s about capping – because that’s not a payments scheme any more, that’s an extortion scheme.”

A basis point, if you’re not familiar, is 0.01%. Hence 400 basis points is 4.0%.

Afterpay’s current business model may need to change next year. That’s when the Reserve Bank of Australia will decide whether or not merchants should be allowed to pass on the fees they incur from BNPL providers to their customers.

That decision is likely to have a material impact on the Afterpay share price.

More reading

• The 13 ASX shares that could have doubled your money in 2020
• Why has the Zip (ASX:Z1P) share price gone nowhere in 6 months?
• Tech shares could crash 40%, warns fundie
• 2 ASX small cap shares tipped for big things
• Are these the new paths for growth of the Afterpay (ASX:APT) share price?

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The stock market crash means there are a wide range of high-dividend-yield shares available to buy today. They could deliver impressive returns due to rising demand for income opportunities in a low interest rate environment.

Furthermore, their low valuations and potential to produce dividend growth may mean that they offer attractive capital growth. As such, buying a range of dividend stocks today could improve your chances of retiring early.

Low valuations after the stock market crash

The stock market crash has caused many dividend stocks to offer high yields and low valuations. In some cases, they may be warranted due to risks such as a company having a weak balance sheet that may inhibit its capacity to survive present economic woes. However, in other cases, weak investor sentiment towards a sector or industry may produce mispricings that can be exploited by long-term investors.

Furthermore, the past performance of the stock market shows that reinvested dividends have made up a large proportion of total returns. Buying high-quality companies while they offer attractive yields could be a means of obtaining a relatively impressive total return in the coming years. This may make income shares appealing for a wide range of investors – including those individuals who are seeking to generate capital growth from their portfolio.

A low interest rate environment

The stock market crash prompted policymakers across many major economies to put in place more accommodative monetary policies. As such, low interest rates could remain in place for a prolonged period of time as they try to stimulate economic growth.

Low interest rates reduce the amount of choice available to income-seeking investors. Products such as cash savings accounts and investment grade bonds now offer relatively low returns that may even struggle to keep pace with inflation. Similarly, high house prices in many locations may mean that property investment is no longer a viable choice for many income investors.

This could mean that demand for high-dividend-yield shares increases following this year’s stock market crash. They may be one of the few means of generating a high passive income. This may mean that their prices rise on the back of high demand among investors, thereby producing strong capital gains for their holders.

Financial strength

The prospects for many businesses have deteriorated following the stock market crash. Although dividends do not necessarily provide clear guidance on the financial position of a business, they can act as a useful guide in determining its financial strength and the confidence of its management team regarding future prospects.

Therefore, buying a range of income stocks with affordable dividends could be a means of lowering overall risk within your portfolio. Over time, they could produce high total returns that improve your financial prospects and even help you to retire early.

More reading

• IOOF (ASX:IFL) accused of butchering its share price
• Pro Medicus (ASX:PME) share price tumbles 4% after AGM
• Top brokers name 3 ASX shares to buy today
• Why the Webjet (ASX:WEB) share price is soaring 6%
• Why Origin, Qantas, Webjet, & Westpac shares are storming higher

Motley Fool contributor Peter Stephens 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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IOOF Holdings Limited (ASX: IFL) has faced a furious annual general meeting (AGM) today. Shareholders have accused the company of overpaying for its $1.44 billion MLC acquisition from National Australia Bank Ltd (ASX: NAB). The IOOF share price has fallen by 11.7% since the announcement of this deal on 31 August. Criticism to date has focused on the headline price paid for MLC. In particular, activist shareholder, Stephen Mayne, relentlessly accused the company of overpaying, highlighting the wealth destroying impact this can have. 

Mr. Mayne asked repeatedly who registered the 17% proxy vote against the acquisition. Nonetheless, IOOF chair, Allan Griffiths, would not be drawn on the issue. Instead deferring it until analysis could be undertaken. Surprisingly, the IOOF share price is up by nearly 3% today, at the time of writing. 

Another shareholder expressed his outrage, telling Mr. Griffiths “I vote against all resolutions, and will continue to do that as I think the handling of the MLC purchase was a disgrace.” He went on to state “You have butchered the share price.”

The growing rebellion in the ranks

A group was reported to be planning to vote against IOOF’s provision of operating funds for MLC subsidiaries. As a result, the company saw protest votes on all resolutions including, in particular, the reappointment of two directors. Elizabeth Flynn, recorded a 24.8% vote against her. Meanwhile, John Selak saw a 17% vote opposing his re-appointment. 

Shareholders have expressed frustration over the price of and approach to the MLC deal. In particular, they believe the company used a COVID-19 waiver to issue 300 million additional shares on the basis of a non-COVID-related issue. However, an ASX spokesman responded that the rules were not limited to raisings under the health crisis. In addition, many critics are skeptical about claims by IOOF CEO, Renato Mota, that the MLC acquisition would add 20% to the company’s earnings per share (EPS). 

Stephen Mayne pointedly questioned the chair’s competence to be running IOOF. Particularly as he has spent his career in unlisted financial services companies and has no additional directorships. He referred several times to the fall in the IOOF share price.

Mr. Griffiths pointed out he has only been chair for 18 months, during which time he had reset relationships with regulators, is implementing recommendations from the Hayne Royal Commission, and enjoys the full support of the board.

The falling IOOF share price

Since October 2017, the IOOF share price has fallen by over 60% during the heat of the Hayne Royal Commission. In the wake of the commission’s findings Mr. Mota confirmed to a questioner that conflicts of interest were always front of mind. As the four large banks have divested themselves of wealth management assets in response to the royal commission, IOOF has capitalised on this opportunity to propel itself past its longtime rival AMP Ltd (ASX: AMP) with regard to its funds under management.

In year-to-date trading, the IOOF share price remains down by more than 47%.

More reading

• ASX 200 events this week that could move the market
• 3 ASX dividend shares rated as buys by brokers
• AMP (ASX:AMP) asset sales part of wealth sector transformation

Motley Fool contributor Daryl Mather 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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The Pro Medicus Limited (ASX: PME) share price is falling today after the company held its AGM. Shares in the ASX imaging provider are currently trading 4.53% lower, down to a price of $29.72.

The drop marks the 10th straight day of declines for Pro Medicus. It has lost 14% since its November highs. This is despite the renewal of a large contract with Zwanger-Pesiri on 19 November.

What was covered at the AGM?

Pro Medicus chairman Peter Kempen updated shareholders on the company’s current and future market positions. Welcoming strong results despite the impacts of COVID-19, he said many of the goals the company set itself in the strategic plan of August 2018 had now been achieved.

Pro Medicus highlighted strong performance during FY20 through numerous contract wins. These included Ohio State university, Nines and the largest deal of the year, NorthWestern Memorial HealthCare.

Management noted that Pro Medicus was “working on a significant number of new opportunities” and its pipeline continued to be strong. Furthermore, the group “remains in an excellent position to continue to capitalise on these opportunities as they present”.

About the Pro Medicus share price

The Pro Medicus share price is falling despite a successful year for the imaging provider. In what marks the 20th year since publicly listing, Pro Medicus achieved strong financial results.

Despite trading 3.89% lower today, the company has gained 20% this year. This comes as it reported NPAT growth of 21% up to a total of $23 million in its FY20 results. Pro Medicus increased its dividend to 12 cents a share. Cash on hand also grew, rising from $32 million to $43 million, while continuing to be cash flow positive.

What Now

In October, the board met with the global management team to discuss the next phase of its strategic direction. A follow up meeting will be held before the end of the calendar year to assess strategic goals and objectives.

Mr Kempen predicts:

Another strong year with the majority of growth occurring in the second half of the financial year. The budget for the current financial year has been determined recognising continuing strong growth, with examination volumes returning to more normal levels. I am pleased to advise that results to date are ahead of budget, notwithstanding the impact of the falling US dollar.

More reading

• ASX 200 events this week that could move the market
• Pro Medicus (ASX:PME) share price drops despite inking new contract
• This cheap ASX share is supplying US giants: fundie
• 2 ASX growth shares to buy this month
• These were the best performing ASX 200 healthcare shares in October

Daniel Ewing owns shares of Pro Medicus Ltd. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. recommends Pro Medicus Ltd. The Motley Fool Australia owns shares of and has recommended Pro Medicus 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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Many of Australia’s top brokers have been busy adjusting their financial models again, leading to the release of a large number of broker notes this week.

Three broker buy ratings that have caught my eye are summarised below. Here’s why brokers think these ASX shares are in the buy zone:

Bravura Solutions Ltd (ASX: BVS)

According to a note out of Macquarie, its analysts have retained their outperform rating but trimmed the price target on this financial technology company’s shares to $5.00. The broker made the move after Bravura revealed that its sales cycle is lengthening because of the pandemic. In light of this, management warned that its FY 2021 earnings, which it expects to be flat, will be skewed 80% to the second half. Macquarie isn’t sure Bravura will deliver on its guidance and is now forecasting a 10% decline. Despite this, it remains very positive on its longer term prospects and therefore retains its outperform rating. The Bravura share price is trading at $3.39 this afternoon.

TechnologyOne Ltd (ASX: TNE)

Analysts at Morgans have retained their add rating and lifted the price target on this enterprise software company’s shares to $9.99. This follows the release of the company’s FY 2020 result earlier this week. Morgans notes that TechnologyOne delivered a better than expected result and its outlook for FY 2021 looks positive. The broker is expecting more strong annual recurring revenue (ARR) growth over the next 12 months. The TechnologyOne share price is changing hands for $9.02 on Wednesday.

Zip Co Ltd (ASX: Z1P)

Another note out of Morgans reveals that its analysts have retained their add rating and lifted the price target on this buy now pay later provider’s shares to $9.80. The broker was impressed with Zip’s trading update and notes that October was another record month. Morgans was also pleased with the performance of its US business, which saw its growth accelerate last month. The Zip Co share price is currently fetching $5.97.

More reading

• Why Mesoblast, Temple & Webster, Xero, & Zip shares are dropping lower
• Why has the Zip (ASX:Z1P) share price gone nowhere in 6 months?
• Why Coles and this ASX dividend share are buys for income investors
• ASX 200 rises more than 1% on Tuesday
• Here’s why the Bravura Solutions (ASX:BVS) share price raced higher today

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 and has recommended Bravura Solutions 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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Webjet Limited (ASX: WEB) shares are rising today, as airlines and travel-related shares on the ASX flew higher on the back of optimism that the soon-to-be available COVID-19 vaccines will restart international travel. At the time of writing, the Webjet share price has today jumped by 6.42% to $5.97. The broader S&P/ASX 200 Index (ASX: XJO) has also erased its losses for 2020 this morning, as it closes in on the 6,700 level. The ASX 200 is currently sitting at 6,698.90, up by 0.64% today.

The move in the ASX 200 follows the rise in United States stocks overnight, where the Dow Jones Industrial Average Index (DJX: .DJI) hit a record 30,000 level for the first time ever. 

Other ASX travel shares rising today

Along the with the Webjet share price, the Qantas Airways Limited (ASX: QAN) share price is also rising, currently up by nearly 2% to $5.68.  

The move in the Qantas share price follows a comment by its chief, Alan Joyce, who said yesterday he believes “all Aussies could be travelling back and forth to New Zealand in the early New Year”. Joyce also said that July 2021 will be the turning point for international travellers, and that Qantas expects to have reactivated its long haul international aircrafts by that time.

Trade Minister, Simon Birmingham, meanwhile offered a more cautious outlook, saying that future travel hinges on the effectiveness of the vaccine. He said the manufacturing, distribution and all the other factors surrounding the vaccine will determine whether Australia could turn things around in the next 12 months. Flight Centre Travel Group Ltd (ASX: FLT) and Corporate Travel Management Ltd (ASX: CTD) shares are also marching higher today.

Optimism in the United States

The news of President Trump’s concession to the new Biden administration has also paved the path for a smooth transition of power in the world’s largest economy. The expectation of a more stable political environment in the US, along with the vaccines, has given a degree of stability and confidence back to the market. 

Global market strategist at Invesco Ltd (NYSE: IVZ), Brian Levitt, says, “The market is focusing beyond the next few weeks and is pricing in a recovery as 2021 progresses. What you’ll end up having is an environment that over the next couple of years should be good for risk assets.” 

The market was also boosted by a comment from Bill Gates who said he is “optimistic that by February, it’s very likely that all three vaccines will prove very efficacious and safe.”

However, Gates provided caution for the next 6 months, saying that the daily death rate from the virus could possibly top 2,000 per day for much of the winter. 

More reading

• Why Origin, Qantas, Webjet, & Westpac shares are storming higher
• ASX stock winners from the $23 billion Victorian state budget
• Qantas (ASX:QAN) adds 360 flights a week
• Why fund manager optimism is at almost 3-year highs
• Why Brickworks, Mesoblast, Qantas, & Telix shares are storming higher

Motley Fool contributor Eddy Sunarto has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Corporate Travel Management Limited and Webjet Ltd. The Motley Fool Australia has recommended Flight Centre Travel Group 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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In afternoon trade the S&P/ASX 200 Index (ASX: XJO) is on course to record another solid gain. The benchmark index is currently up 0.85% to 6,700 points.

Four shares that have climbed more than most today are listed below. Here’s why they are storming higher:

Origin Energy Ltd (ASX: ORG)

The Origin Energy share price is up 4.5% to $5.28. Investors have been buying the energy company’s shares after oil prices jumped higher overnight. According to Bloomberg, on Tuesday night the WTI crude oil price climbed 4.3% to US$44.92 a barrel and the Brent crude oil price rose 3.8% to US$47.81 a barrel. Prices were given a boost by vaccine hopes and news that President Trump will allow the transition of the Biden administration to commence.

Qantas Airways Limited (ASX: QAN)

The Qantas share price is up 2% to $5.68. With three potentially effective COVID-19 vaccines on the way, investors appear to believe travel markets will recover quicker than anticipated. Pleasingly, Qantas is ready to meet this expected demand. On Tuesday the airline revealed that it would be adding 360 flights to its weekly schedule after border restrictions eased.

Webjet Limited (ASX: WEB)

The Webjet share price has jumped 6.5% to $5.98. As with Qantas, this appears to have been driven by hopes that the COVID-19 vaccines will underpin a quick recovery in the travel market. In addition to this, the reopening of borders between Queensland and New South Wales should be a major boost for Webjet’s domestic business.  

Westpac Banking Corp (ASX: WBC)

The Westpac share price is up almost 2.5% to $20.92. Investors have continued to pile into the banks again as the rotation away from COVID winners gathers pace. This latest gain means the Westpac share price is now up by an impressive 17% since the start of the month. It isn’t just Westpac on the rise today. All the big four banks are outperforming and helping drive the ASX 200 into positive territory for 2020.

More reading

• Could these ASX renewable energy shares benefit from the Biden win?
• ASX stock winners from the $23 billion Victorian state budget
• Qantas (ASX:QAN) adds 360 flights a week
• ASX energy shares surge ahead as oil rises to 9-month high
• Why fund manager optimism is at almost 3-year highs

Motley Fool contributor James Mickleboro owns shares of Westpac Banking. The Motley Fool Australia owns shares of and has recommended Webjet 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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