Author: therawinformant

At lunch on Friday the S&P/ASX 200 Index (ASX: XJO) has failed to follow the lead of U.S. markets and looks set to end the week with a decline. The benchmark index is currently down 0.45% to 6,014.5 points.

Here’s what is happening on the market today:

REA Group result impresses.

The REA Group Limited (ASX: REA) share price is pushing higher on Friday after investors responded positively to the property listings company’s full year result. Despite facing significant headwinds during FY 2020, REA Group battled through to deliver revenue of $820.3 million and EBITDA of $492.1 million. This was a 6% and 5% year on year decline, respectively. The company’s EBITDA was ahead of the analyst consensus estimate of $468 million.

Insurance Australia profit slump.

The Insurance Australia Group Ltd (ASX: IAG) share price has dropped lower today after the release of the insurance giant’s full year results. For the 12 months ended 30 June 2020, IAG reported a 5.2% increase in revenue to $18,576 million but a 49.6% decline in net profit from continuing operations to $439 million. A material narrowing in its insurance margins was responsible for the profit slump. No final dividend will be paid to shareholders.

Broker downgrades.

A couple of popular shares are dropping lower today after being downgraded by brokers. The ResMed Inc. (ASX: RMD) share price is lower after Morgan Stanley downgraded the medical device company to an equal-weight rating with a price target of $25.40. And the TPG Telecom Ltd (ASX: TPG) share price is also tumbling lower after UBS downgraded the telco to a sell rating with a lowered price target of $7.20.

Best and worst ASX 200 performers.

The best performer on the ASX 200 on Friday has been the Domain Holdings Australia Ltd (ASX: DHG) share price with a 5.5% gain. Investors have been buying its shares following the strong result release from rival REA Group. Going the other way, the worst performer is the Virgin Money UK PLC (ASX: VUK) share price with a 4% decline. Earlier this week the UK-based bank was downgraded to a reduce rating by analysts at Morgans.

More reading

• Worley share price jumps on contract win and is my key pick in the sector
• Which 3 ASX tech shares are investing in long-term growth?
• Why Australian Ethical, Northern Star, ResMed, & TPG Telecom are dropping lower
• Why Coca-Cola Amatil, REA Group, Redbubble, & Sezzle shares are storming higher
• Earnings: News Corp share price up 5% today despite posting major loss

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended REA Group Limited and ResMed Inc. 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 ASX 200 down 0.45%: REA Group impresses, IAG profit slump, ResMed downgraded appeared first on Motley Fool Australia.

from Motley Fool Australia https://ift.tt/33ADru8

The S&P/ASX 200 Index (ASX: XJO) is on course to finish the week with a day in the red. In late morning trade the benchmark index is down 0.45% to 6,015.6 points.

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

The Australian Ethical Investment Limited (ASX: AEF) share price has crashed 15% lower to $5.09. This follows an announcement by IOOF Holdings Limited (ASX: IFL) which revealed that it has sold down its stake in the ethical investment company. IOOF offloaded 14.2 million shares or 72% of its shareholding for a total consideration of $74.5 million. This represents an average of $5.25 per share, which was a 12.5% discount to Australian Ethical’s last close price.

The Northern Star Resources Ltd (ASX: NST) share price is down 2% to $1.97. A number of Australian gold miners have come under pressure today despite the gold price pushing higher overnight. At the time of writing the S&P/ASX All Ordinaries Gold index is down 1.5%.

The ResMed Inc. (ASX: RMD) share price has fallen 2% to $25.38. This appears to have been driven by a broker note out of Morgan Stanley this morning. Following the release of its full year results on Thursday, the broker has downgraded ResMed’s shares to an equal-weight rating with a reduced price target of $25.40. It made the move partly on valuation grounds after strong share price gains year to date.

The TPG Telecom Ltd (ASX: TPG) share price is down 2.5% to $8.04. The catalyst for this appears to be a broker note out of UBS this morning. Its analysts have downgraded the telco to a sell rating with a lowered price target of $7.20. It believes TPG’s shares are overvalued and shouldn’t be trading at such a premium currently. Especially given its upcoming special dividend payment.

More reading

• ASX 200 down 0.45%: REA Group impresses, IAG profit slump, ResMed downgraded
• Australian Ethical share price crashes 15% lower after IOOF selldown
• ASX 200 rises 0.7%, ResMed result disappoints
• ASX 200 up 0.6%: ResMed & Scentre tumble, big four banks rise
• Why Advance NanoTek, ELMO Software, ResMed, & Scentre shares are dropping lower

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 Australian Ethical Investment Ltd. The Motley Fool Australia has recommended Australian Ethical Investment Ltd. and ResMed Inc. 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 Why Australian Ethical, Northern Star, ResMed, & TPG Telecom are dropping lower appeared first on Motley Fool Australia.

from Motley Fool Australia https://ift.tt/3a4FtnE

In late morning trade the S&P/ASX 200 Index (ASX: XJO) is on course to end the week with a decline. At the time of writing the benchmark index is down 0.5% to 6,011.7 points.

Four shares that are not letting that hold them back are listed below. Here’s why they are storming higher:

The Coca-Cola Amatil Ltd (ASX: CCL) share price is up 2% to $8.51. Investors have been buying the beverage company’s shares after they were upgraded by analysts at Goldman Sachs. According to the note, the broker has upgraded Coca-Cola Amatil’s shares to a buy rating with a $9.30 price target. Goldman made the move largely on valuation grounds, noting that it trades at a significant discount to some consumer staples peers.

The REA Group Limited (ASX: REA) share price is up 3% to $114.55. This follows the release of a robust full year result by the property listings company this morning. REA Group battled through very difficult trading conditions to deliver revenue of $820.3 million and EBITDA of $492.1 million. This was a 6% and 5% year on year decline. Pleasingly, the company’s EBITDA was ahead of the analyst consensus estimate of $468 million.

The Redbubble Ltd (ASX: RBL) share price has zoomed 11% higher to $3.30. This morning the ecommerce company revealed that strong face mask demand had helped drive stellar revenue growth in FY 2020 and early in FY 2021. Redbubble recorded full year marketplace revenue of $368 million, up 43% on FY 2019’s marketplace revenue. Pleasingly, this strong form has continued in the first quarter. Redbubble’s marketplace revenue was $49 million in July, up a massive 132% on the prior corresponding period.

The Sezzle Inc (ASX: SZL) share price is up 5% to $7.53. This morning the buy now pay later provider announced the successful completion of its share purchase plan. Sezzle raised the $7.2 million it was targeting, but revealed valid applications totalling over $78 million. Combined with its placement, the company believes it is now well capitalised to accelerate its growth strategy.

More reading

• Earnings: News Corp share price up 5% today despite posting major loss
• Earnings preview: What to expect from the Coca-Cola Amatil half year result
• Redbubble share price on watch after COVID face mask demand drives sales surge
• REA Group share price on watch after robust FY 2020 result
• 5 things to watch on the ASX 200 on Friday

James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. recommends Sezzle Inc. The Motley Fool Australia has recommended REA Group Limited and Sezzle Inc. 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 Why Coca-Cola Amatil, REA Group, Redbubble, & Sezzle shares are storming higher appeared first on Motley Fool Australia.

from Motley Fool Australia https://ift.tt/2XDkpj3

The News Corporation (ASX: NWS) share price is on the rise this morning following the release of its fourth quarter and full year financial results. The News Corp share price was up 5% to $19.42 in mid-morning trade today, despite reporting a significant drop in revenues for FY 2020.

Revenues are down

News Corp reported full year total revenues of $9.01 billion for the 12 months to June 30 2020. This result was a significant 11% decline compared to the year prior.

The drop was mainly due to a 4% negative impact from the coronavirus pandemic and the divesture of New Corp’s News America Marketing division. The negative impact of foreign currency fluctuations as well as a reduction in revenues from the group’s Foxtel division also had an impact on the bottom line.

In contrast, growth subscription revenues from New Corp’s Dow Jones segment impacted positively on the company’s overall revenue growth.

News Corp recorded an overall net loss of $1.55 billion for the full year. This compared with an overall net income of $228 million in FY 2019. The net loss was largely attributed to $1.69 billion in non-cash impairment charges relating mainly to its Foxtel and North America Marketing segments.

Total EBITDA fell by 19% to $1.01 billion for the full year. News Corp estimated that the total negative impact from the coronavirus pandemic on total EBITDA amounted to between $55 million and $70 million.

Big impact on fourth quarter profits 

The coronavirus hit News Corp’s fourth quarter revenues particularly hard, dropping them by a very high 22%. Total Segment EBITDA fell even more sharply by 28%. The worst hit segment was News Media, which saw a 41% decline in revenue for the fourth quarter and an 18% drop for the full year.

Subscription Video Services also took a significant hit during the fourth quarter, due mainly to falling residential broadcast subscribers. Foxtel had subscribers totalling 2.777 million at the end of the financial year. This was a very sharp 12% decline on 12 months prior.

Digital Real Estate Services Revenues – attributable to News Corp’s part ownership in REA Group Limited (ASX: REA) –declined by 8% during the final quarter.

News Corp share price trends

The News Corp share price was hit during the early phase of the pandemic recording a 52-week low of $13.10 in early April. Since then the News Corp share price has made a partial recovery and is trading at $19.42 at the time of writing.

More reading

• Why Coca-Cola Amatil, REA Group, Redbubble, & Sezzle shares are storming higher
• REA Group share price on watch after robust FY 2020 result
• 5 things to watch on the ASX 200 on Friday
• The best blue chip ASX shares to buy today
• House prices are falling – which ASX shares are in the firing line?

Motley Fool contributor Phil Harpur owns shares of REA Group Limited. The Motley Fool Australia has recommended REA 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.

The post Earnings: News Corp share price up 5% today despite posting major loss appeared first on Motley Fool Australia.

from Motley Fool Australia https://ift.tt/3fC9dcu

The Link Administration Holdings Ltd (ASX: LNK) share price is today on watch following news that the company has decided on a new CEO. The share price is currently trading up 3.27% to $4.26 on the news

What does Link do?

Many of our readers may be familiar with the name Link Administration, as the company provides investor services to many prominent companies on the ASX. 

Link Group connects millions of people with their assets including equities, pension and superannuation, investments, property and other financial assets. This is done by partnering with thousands of financial market participants to deliver services, solutions and technology platforms. Link aims to enhance the user experience and make scaled administration simple.

New CEO

Link has today announced that Vivek Bhatia is set to succeed John McMurtrie as Link Group Managing Director and CEO. Mr McMurtrie, will retire as managing director of Link Group in early 2021, after almost 2 decades of service to the company.

The Link Group Board determined Mr Bhatia, currently QBE Insurance Group Ltd (ASX: QBE) CEO, was the standout candidate from an extensive international executive search as part of a planned succession process.

In order to facilitate a smooth transition Mr McMurtrie will work with Mr Bhatia over the coming months.

Who is Vivek Bhatia?

Vivek Bhatia is an experienced chief executive, having led a number of businesses during his 22-year career in financial services, government and management consulting. He has been CEO of QBE since 2018. In this role, he delivered a significant improvement in financial results, customer, broker and partner satisfaction scores and employee engagement.

For his services Mr Bhatia will receive payment of $1.3 million per year.

What now for Link?

The company has been hard hit by COVID-19, with the Link share price down by 27% so far this year. Furthermore, in worrying news for shareholders recent reports suggest the market wants to get rid of the current CHESS ownership system. This will have a significant impact on share registry companies such as Link and Computershare Limited (ASX:CPU), which derive business through this system. 

Mr McMurtrie will present the full year results for Link on 27 August.

More reading

• All Technology Index celebrates 6 months with stunning outperformance
• Leading brokers name 3 ASX shares to buy today
• These were the ASX 200’s biggest share gainers last week
• ASX 200 Weekly Wrap: ASX has week of high volatility
• 5 things to watch on the ASX 200 on Monday

Motley Fool contributor Daniel Ewing has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Link Administration Holdings Ltd. The Motley Fool Australia has recommended Link Administration 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 Link share price buoyed by appointment of new CEO appeared first on Motley Fool Australia.

from Motley Fool Australia https://ift.tt/3gzjis4

The Coca-Cola Amatil Ltd (ASX: CCL) share price is pushing higher on Friday morning.

At the time of writing the beverage company’s shares are up 1.5% to $8.47.

Why is the Coca Cola Amatil share price pushing higher?

Investors have been buying the company’s shares this morning after they were upgraded by a leading broker.

According to a note out of Goldman Sachs, it has upgraded Coca-Cola Amatil’s shares to a buy rating with a $9.30 price target ahead of its half year results release later this month.

It made the move largely on valuation grounds and notes that at 14.4x FY 2022 earnings, it is trading at a notable discount to consumer staple peers Coles Group Ltd (ASX: COL) and Woolworths Group Ltd (ASX: WOW).

In addition to its buy recommendation, the broker has laid out its expectations for Coca-Cola Amatil during the first half of FY 2020.

What does Goldman expect from the company in the first half?

When Coca-Cola Amatil reports its half year results on 20 August 2020, Goldman is expecting the company to report sales of $2.21 billion. This is an 8.9% decline year on year, but ahead of the consensus estimate of $2.1 billion.

Underlying earnings before interest and tax (EBIT) is expected to decline at a sharper rate. Goldman expects first half EBIT to come in at $215.8 million, down 25.6% year on year. However, this is a sizeable 11.5% higher than the analyst consensus estimate.

The company’s key Australia segment is expected to be a drag on its results. Goldman commented: “We expect 1H20 volumes to be down -9.5% in Australia, reflecting the weak trading during COVID-19 lockdowns. Sales are forecast to be at A$1,111mn for the period, -8.6% yoy. However, EBIT declines are forecast to be stronger at -20.3%, resulting from weaker EBIT margins (-170bps) due to the impact of operating leverage being partially offset by cost savings initiatives.”

The broker expects it to be a similar story in the Indonesia and PNG region. It explained: “Indonesia and PNG region is forecast to have seen the biggest COVID19 related impact due to the lockdowns overlaying key sales periods like Ramadan. We forecast sales volume to be down -17% in this region for 1H20, but expect revenue to be only down -12.1% yoy to A$512mn, due to a significant FX benefits expected in this half. Management has already guided that the group lost operational scale in the region. We forecast EBIT to be A$23.6mn for 1H20, implying margins down -435bps, after the impact of cost outs.” 

More reading

• Why Coca-Cola Amatil, REA Group, Redbubble, & Sezzle shares are storming higher
• Top brokers name 3 ASX shares to buy next week
• ASX 200 rises 0.3%, investors bet on Tabcorp
• ASX 200 up 0.4%: Banks lower, Newcrest impresses, Coca-Cola Amatil jumps
• Why Coca-Cola Amatil, Newcrest, QBE, & Tabcorp shares are pushing higher

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of COLESGROUP DEF SET and Woolworths 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.

The post Earnings preview: What to expect from the Coca-Cola Amatil half year result appeared first on Motley Fool Australia.

from Motley Fool Australia https://ift.tt/2EZhN8O

The Magellan Financial Group Ltd (ASX: MFG) share price has slumped lower this morning despite the Aussie wealth manager reporting strong inflows for July 2020.

What did Magellan announce?

Magellan’s funds under management (FUM) update contained some positive numbers for shareholders.

Magellan’s overall FUM climbed 1.4% higher to $98,526 million as at 31 July 2020.

That was despite retail FUM edging 0.7% lower to $26,585 million with institutional FUM climbing 2.2% higher to $71,941 million.

Magellan also reported strong net inflows during the period, totalling $769 million. That figure comprised net retail inflows of $269 million with net institutional inflows of $500 million.

Asset allocation remained broadly unchanged with global equities comprising 75.9% of FUM, and infrastructure equities (16.8%) and Australian equities (7.2%) making up the remainder.

How has the Magellan share price performed this year?

Despite the coronavirus pandemic spooking investors this year, the Magellan share price has climbed higher.

In fact, shares in the Aussie wealth manager are up 7.0% in 2020 while the S&P/ASX 200 Index (ASX: XJO) has fallen 9.7% as at this morning’s open.

Market volatility has proven to be a good thing for Magellan, which has seen strong inflows in recent months.

The Magellan share price opened down 0.7% in early trade as investors digest this morning’s update.

However, there are many big-name shares within the ASX Financials sector that have also slumped lower this morning.

Which other ASX shares are falling?

The big banks have been leading the ASX 200 benchmark index in a soft start to the trading day.

Commonwealth Bank of Australia (ASX: CBA) shares have fallen 0.6% lower, but it hasn’t been all bad news.

Shares in some fellow wealth managers have gained in early trade. For instance, the Pinnacle Investment Management Group Ltd (ASX: PNI) share price has jumped 0.7% higher this morning.

Leading the ASX gainers list this morning is REA Group Limited (ASX: REA) following the release of its full-year results.

More reading

• Earnings: IAG share price on watch after 50% profit slump
• The next ASX stocks to beat expectations during this reporting season
• Is there a bull trap ahead for ASX shares like Webjet?
• 5 things to watch on the ASX 200 on Friday
• ASX 200 rises 0.7%, ResMed result disappoints

Motley Fool contributor Ken Hall has no position in any of the stocks mentioned. The Motley Fool Australia has recommended REA 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.

The post Magellan share price falls despite strong July inflows appeared first on Motley Fool Australia.

from Motley Fool Australia https://ift.tt/3a0eR7k

The Australian Ethical Investment Limited (ASX: AEF) share price has come under pressure on Friday.

In morning trade the ethical investment company’s shares are down over 15% to $5.06.

Why is the Australian Ethical share price tumbling lower?

The Australian Ethical share price has dropped lower today after one of its major shareholders offloaded the majority of its holding.

According to an announcement by IOOF Holdings Limited (ASX: IFL), the financial services company has sold approximately 14.2 million shares or 72% of its shareholding of 19.7 million shares in the investment company.

This sale has reduced the company’s stake to approximately 5.5 million shares, which equates to a 4.9% interest in Australian Ethical.

IOOF sold the shares for a total consideration of $74.5 million, which represents an average of $5.25 per share. This compares to the last close price of $5.99, which is implying a sizeable 12.5% discount.

It is also significantly lower than the 52-week high of the Australian Ethical share price. It reached a high of $9.07 in mid-June.

Why is IOOF selling Australian Ethical shares?

IOOF’s Chief Executive Officer, Renato Mota, revealed that the sale was part of the company’s plan to simplify its business.

He commented: “Our investment in Australian Ethical has realised significant returns for our shareholders. This sale aligns to our transformation strategy which includes simplification of our business. We remain committed to providing access to ethical investment for the benefit of our clients as well as society generally.”

“Australian Ethical’s award winning funds will remain available alongside several other ethical investment options on our platforms,” he added.

The company advised that the proceeds from the divestment will be used to reduce its debt and provide strategic flexibility for growth opportunities. The impact on its underlying net profit after tax will not be material.

More reading

• These were the worst performing shares on the ASX 200 last week
• IOOF share price drops 5% following business update
• Why IOOF, IGO, Janus Henderson, & Qantas shares are dropping lower
• Why these 9 ASX shares have doubled in value in the past year
• ASX 200 jumps almost 2% today, Afterpay rises

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 Australian Ethical Investment Ltd. The Motley Fool Australia has recommended Australian Ethical Investment 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 Australian Ethical share price crashes 15% lower after IOOF selldown appeared first on Motley Fool Australia.

from Motley Fool Australia https://ift.tt/31rJsqj

With the interest rates on offer with most savings accounts just 0.05%, I believe income investors are better off skipping them and focusing on dividend shares if they have no immediate use for these funds.

But which dividend shares should you invest in? Two dividend shares that I think would be great options are listed below:

Aventus Group (ASX: AVN)

The first ASX dividend share I would suggest investors look at is Aventus. I think it is fair to say that the pandemic has hit retail property companies incredibly hard. In light of this, I can understand why investors may wish to stay clear of the sector right now. However, I’m optimistic that Aventus will be a lot less impacted than others.

This is because it specialises in large format retail parks and has a large proportion of its tenancies weighed towards everyday needs. This includes high quality retailers such as ALDI, Bunnings, Officeworks, and The Good Guys. I believe this leaves it better positioned than most to ride out the storm. As a result, I estimate that Aventus shares could provide investors with a dividend yield of over 6% for FY 2021.

Dicker Data Ltd (ASX: DDR)

Another dividend share to consider buying is Dicker Data. It is a wholesale distributor of computer hardware and software across the ANZ region. It has been one of only a handful of companies that have accelerated their growth during the pandemic. During the first half of FY 2020, Dicker Data reported half year revenue above $1 billion for the first time. 

But even better was its bottom line performance. Thanks to solid top line growth and further margin expansion, Dicker Data recorded a 30.4% lift in net profit before tax to $42 million. In light of this, the company is on course to increase its dividend by 31% to 35.5 cents per share this year. Based on the current Dicker Data share price, this represents a generous fully franked 4.7% dividend yield.

More reading

• 3 ASX shares with generous dividend yields to buy today
• Buy these ASX dividend shares if the RBA cuts rates
• Top ASX Stock Picks for August 2020
• Buy these ASX dividend shares before the RBA meeting
• 3 quality ASX shares to add to your portfolio

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Dicker Data Limited. The Motley Fool Australia has recommended AVENTUS RE UNIT. 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 Skip savings accounts and buy these ASX dividend shares appeared first on Motley Fool Australia.

from Motley Fool Australia https://ift.tt/3iewmUg

The good news continues to roll in for Pointsbet Holdings Ltd (ASX: PBH). I think the Pointsbet share price is one to watch this morning after a third consecutive day of updates.

What did Pointsbet announce this morning?

Pointsbet has announced a new partnership with leading Denver, Colorado-based Kroenke Sports & Entertainment, LLC (KSE) this morning.

The new multi-year agreement will see Pointsbet become the official and exclusive gaming partner of the Denver Nuggets of the National Basketball Association.

Pointsbet will also become an exclusive parter of the National Hockey League’s Colorado Avalanche, National Lacrosse League’s Colorado Mammoth and their home arena, Pepsi Center.

The Pointsbet share price will be one to watch this morning as the company’s impressive growth continues.

What else has Pointsbet been doing?

Today’s announcement is the third straight day of new announcements for the Aussie wagering group.

The Pointsbet share price has climbed 3.7% higher since Monday after the strong news week.

Yesterday, Pointsbet secured an arrangement with Twin River Management Group, Inc. to provide online iGaming/online casino in New Jersey, USA.

That’s a potentially lucrative market given the strict gambling rules in the United States.

Wednesday saw another sports-related update from Pointsbet. The Aussie wagering group secured a multi-year agreement to become the Official Sports Gaming Partner of the Indiana Pacers in the NBA.

That’s good news for the Pointsbet share price, particularly with the NBA restarting in the Orlando, Florida bubble in recent weeks.

How is the Pointsbet share price performing?

The Pointsbet share price has been one of the top performers in 2020.

Shares in the wagering group are up 24.9% for the year, but that doesn’t tell the full story.

Pointsbet shares were smashed in the March bear market. Investors were spooked by sporting shutdowns across the world due to the coronavirus pandemic.

However, it’s been good news for shareholders ever since. In fact, the Pointsbet share price is up 456.4% from its 52-week low in March.

After today’s announcement, it could be headed even higher in early trade.

More reading

• Pointsbet share price edges higher on new market opportunity
• Why Mesoblast, Northern Star, PointsBet, & Splitit shares are racing higher
• PointsBet share price jumps 4% on new US deal
• Short-sellers are targeting these ASX stocks ahead of the reporting season
• Why Bubs, PointsBet, Perpetual, & Waypoint shares are dropping lower

Ken Hall 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 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.

The post Pointsbet share price on watch after ANOTHER new partnership appeared first on Motley Fool Australia.

from Motley Fool Australia https://ift.tt/2XDA81H