Stock Pick

Author: therawinformant

  • Tech shares! Should we even invest in anything else?

    stock chart superimposed over image of data centre, asx 200 tech shares

    Shouldn’t we all just buy ASX tech shares from now on?

    Tech shares of all stripes have done remarkably well since the S&P/ASX 200 Index (ASX: XJO) market bottom – but it’s easy to forget just how well.

    Since 23 March, the ASX 200 has risen approximately 28% (even after today’s falls). But since the same date, the S&P/ASX All Technology Index (ASX: XTX) is up nearly 70%.

    Just look at shares like Afterpay Ltd (ASX: APT). Its shares have been truly phenomenal to watch over the past 2 months. After bottoming out at $8.90 on 23 March, Afterpay shares were at an all-time high this week, hitting $54.85 at one point. That’s a return of more than 500% – sensational stuff!

    It’s a similar story over in the United States for tech shares. Since 23 March (also the US market bottom), the Dow Jones Industrial Average has risen roughly 35%. But if you look at US tech shares like Apple (up nearly 50% since 23 March), Mastercard (up 43%), and Facebook (up nearly 52%), we can see a similar story playing out.

    So should we just give up on the blue chips of the world in favour of ASX tech shares? By blue chips, I’m referring to the likes of Commonwealth Bank of Australia (ASX: CBA), Woolworths Group Ltd (ASX: WOW) and Telstra Corporation Ltd (ASX: TLS). 

    A bull case for ASX tech shares

    Well, I think to ignore tech shares is to do so at our own peril. These are the companies that are shaping the future of business in my view. Thus, I think it’s imperative to at least consider some tech shares like Afterpay, or maybe Altium Limited (ASX: ALU) or NextDC Ltd (ASX: NXT) for one’s portfolio. If you’re aiming to build your wealth through ASX shares, you’ll want to find at least some companies that are growing quickly – and there’s nowhere better to find such companies than in the tech space, in my view.

    If you’re not confident investing in individual ASX tech shares, you can always look at exchange-traded funds (ETFs) instead. The Betashares Nasdaq 100 ETF (ASX: NDQ) is a great place to start. You can also have a look at the aptly tickered ETFS Morningstar Global Technology ETF (ASX: TECH).

    In saying this, I also think it’s a mistake to tar all ASX tech shares with the same brush. Like any other sector, there will be winners and losers. For every Afterpay, there’s another tech company with a ‘brilliant idea’ that won’t make it off the starter’s block.

    Furthermore, investors shouldn’t forget that having a diversified portfolio is always important. And only investing in tech isn’t diversified at all. The tech sector isn’t immune from the vicissitudes of life and faces some unique risks that merit the same level of balanced diversification as any other sector in your portfolio.

    For some more ASX shares you might want to check out today, take a look at the report below!

    3 “Double Down” stocks to ride the bull market higher

    Motley Fool resident tech stock expert Dr. Anirban Mahanti has identified three stocks he thinks can ride the bull market even higher, potentially supercharging your wealth in 2020 and beyond.

    Doc Mahanti likes them so much he has issued “double down” buy alerts on all three stocks to members of his Motley Fool Extreme Opportunities stock picking service.

    See the Double Down Stocks

    *Extreme Opportunities returns as of June 5th 2020

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    Randi Zuckerberg, a former director of market development and spokeswoman for Facebook and sister to its CEO, Mark Zuckerberg, is a member of The Motley Fool’s board of directors. Sebastian Bowen owns shares of Facebook, Mastercard, and Telstra Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and recommends Facebook and Mastercard. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of AFTERPAY T FPO, Altium, and ETFS Morningstar Global Technology ETF. The Motley Fool Australia owns shares of and has recommended BETANASDAQ ETF UNITS and Telstra Limited. The Motley Fool Australia owns shares of Woolworths Limited. The Motley Fool Australia has recommended Facebook and Mastercard. 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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  • Keep a watch on these 3 ASX trends next week

    plane flying across share markey graph, asx 200 travel shares, qantas share price

    As the market pulls back from recent highs I expect these 3 ASX trends to feature prominently next week. 

    Index rebalancing

    S&P Dow Jones Indices has announced its quarterly Australian rebalancing. This cyclical ASX trend will bring several new Australian companies to prominence with foreign investors. In addition, dropping others at the same time. This provided a window for Seven Group Holdings Ltd (ASX: SVW) to take a significant stake in Boral Limited (ASX: BLD) last week. 

    Some of the more interesting changes are that mid-cap defence manufacturer, Electro Optic Systems Hldg Ltd (ASX: EOS) has been included into the S&P/ASX 300 (INDEXASX: XKO) and the S&P/ASX All Australian 200 (INDEXASX: XAT).

    Also, lithium miner, Pilbara Minerals Ltd (ASX: PLS) has been removed from the S&P/ASX 200 (INDEXASX: XJO). I think this marks a return to sanity amongst lithium investors.

    The gold boom never stopped

    In a typical ASX trend over the past two days, investors are rushing back into gold shares.

    Yesterday the 4 largest advances among large-cap shares were Northern Star Resources Ltd (ASX: NST), Newcrest Mining Limited (ASX: NCM), Saracen Mineral Holdings Limited (ASX: SAR) and Evolution Mining Ltd (ASX: EVN) in that order.

    From today I expect to see large inflows into gold mining shares again with lower tier. During the last mini-boom, one of the big winners was Gold Road Resources Ltd (ASX: GOR).

    The major ASX trend: travel and tourism 

    As sentiment turns there is a clear pull back from those companies that stand to benefit from open economies. Air New Zealand Limited (ASX: AIZ) share price has seen consecutive falls by 7% on Wednesday and 9.5% on Thursday.

    Likewise Scentre Group (ASX: SCG) in the real estate sector has seen share price falls of 4.4% on Wednesday and 8.1% on Thursday. Furthermore, the market is becoming increasingly sceptical about Australian real estate investment trusts (A-REITs), focussing on those with exposure to shopping centres after the GPT Group (ASX: GPT) announcement of a devaluation in their retail assets. 

    Foolish takeaway

    The market remains very febrile in the current economic environment. This will provide buying opportunities for those with the patience and nervous disposition to sit through any upcoming volatility.

    For cheap shares likely to grow in today’s market, check out our free report.

    5 ASX stocks under $5

    One trick to potentially generating life-changing wealth from the stock market is to buy early-stage growth companies when their share prices still look dirt cheap.

    Motley Fool’s resident tech stock expert Dr. Anirban Mahanti has identified 5 stocks he thinks 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

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    Motley Fool contributor Daryl Mather owns shares of Electro Optic Systems Holdings Limited. The Motley Fool Australia owns shares of and has recommended Electro Optic Systems Holdings Limited. The Motley Fool Australia has recommended Scentre 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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  • ASX 200 down 2.2%: Westpac tumbles, TPG reveals special dividend plans

    Female investor looking at a wall of share market charts

    At lunch on Friday the S&P/ASX 200 Index (ASX: XJO) is on course to follow the lead of U.S. markets and record a sizeable decline. The benchmark index is currently down 2.2% to 5,830.5 points.

    Here’s what has been happening on the market today:

    Westpac AUSTRAC update.

    The Westpac Banking Corp (ASX: WBC) share price is trading notably lower again on Friday. As well as being caught up in the market selloff, an AUSTRAC update could also be weighing on its shares. This morning Westpac revealed that AUSTRAC is further investigating matters that were brought to its attention by the bank recently. Westpac commented that the agency has advised that it may amend its statement of claim to include allegations arising from these investigations.

    ASX 200 quarterly rebalance

    This morning S&P Dow Jones Indices announced the June 2020 quarterly rebalance of the S&P/ASX Indices. The benchmark index will welcome Centuria Industrial REIT (ASX: CIP), Megaport Ltd (ASX: MP1), Mesoblast limited (ASX: MSB), Omni Bridgeway Ltd (ASX: OBL), and Perseus Mining Limited (ASX: PRU) to the illustrious index. Heading to the exits are Estia Health Ltd (ASX: EHE), Hub24 Ltd (ASX: HUB), Jumbo Interactive Ltd (ASX: JIN), Mayne Pharma Group Ltd (ASX: MYX), Pilbara Minerals Ltd (ASX: PLS), and Pinnacle Investment Management Group Ltd (ASX: PNI).

    TPG Telecom special dividend.

    The TPG Telecom Ltd (ASX: TPM) share price is pushing higher on Friday after providing an update on its special dividend plans. If its merger with Vodafone Australia completes successfully, TPG Telecom plans to pay a fully franked special dividend in the range of 49 cents per share to 52 cents per share.

    Best and worst ASX 200 performers.

    The best performer on the ASX 200 has been the TPG Telecom share price with a 2% gain. This follows its special dividend update. The worst performer has been the Platinum Asset Management Ltd (ASX: PTM) share price with a massive 12% decline. Investors may be concerned that Platinum’s fund outflows will accelerate again because of the market volatility.

    5 ASX stocks under $5

    One trick to potentially generating life-changing wealth from the stock market is to buy early-stage growth companies when their share prices still look dirt cheap.

    Motley Fool’s resident tech stock expert Dr. Anirban Mahanti has identified 5 stocks he thinks 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

    James Mickleboro owns shares of Westpac Banking. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and recommends Jumbo Interactive Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of MEGAPORT FPO. The Motley Fool Australia has recommended Jumbo Interactive Limited and MEGAPORT FPO. 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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  • Estia Health share price tumbles after being cut from the ASX 200

    The Estia Health Ltd (ASX: EHE) share price is tumbling lower today as the ASX responds to bleak trading in the US overnight.

    At the time of writing, Estia shares are down 8.39% while the S&P/ASX 200 Index (ASX: XJO) sits 3.10% lower.

    Estia Health shares have been included in the benchmark index since March 2015. However, this is set to soon come to an end.

    The S&P Dow Jones Indices announced the June 2020 quarterly rebalance of the S&P/ASX Indices this morning. And with a current market capitalisation of just $370 million, it comes as no surprise that Estia didn’t make the cut.

    As a result, Estia will cease being part of the benchmark index from the market open on 22 June 2020.

    What’s going on with the Estia Health share price?

    Estia Health shares were sold-off alongside the rest of the market earlier this year, falling to a 52-week low of 90 cents at the bottom of the March bear market. 

    Since then, despite positive investor sentiment driving the market higher, Estia’s rebound has been relatively subdued. Accordingly, the Estia share price is still down more than 40% for the year.

    The company’s most recent update was delivered in late May. In the release, Estia shed some light on trading conditions and its financial position.

    At the time of the announcement, the aged care provider assured investors that none of its residents had tested positive for COVID-19. However, the company had 3 confirmed cases within its workforce of around 7,500 staff which occurred in March and April.

    In terms of operations, occupancy in mature homes fell during the early stages of lockdown restrictions from 93.8% on 17 March to 91.7% on 26 April.

    The company attributed the reduction to a number of factors, including the cancellation of travel and elective surgeries, and visitor restrictions.

    Nonetheless, Estia Health has been buoyed by government support. At the beginning of May, the government announced a one-off payment to residential aged care providers of either $900 or $1,350 for each resident, depending on the location. As a result, Estia expects the payments to contribute up to $5.2 million of additional revenue in FY20.

    Financial position

    Looking to the balance sheet, net bank debt at 22 May 2020 stood at $108.5 million. This was an increase of $11.9 million since 31 December 2020. Estia noted that it expects to remain in full compliance with its banking covenants at 30 June 2020 and hasn’t sought covenant relief.

    In terms of expenses, the company flagged an increase in staff costs and costs associated with supplying personal protective equipment and other medical supplies. However, as part of its approach to capital management in response to COVID-19, Estia made the move to temporarily defer several refurbishment and development projects.

    Prior to this announcement in late May, Estia provided its first COVID-19 update in mid-March and delivered its first-half FY20 results in late-February.

    While Estia is exposed to ageing population tailwinds, I believe there are better options out there for income and growth.

    For starters, I’m much more interested in the ASX growth shares below!

    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

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    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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  • 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.

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  • 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.

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  • 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.

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  • Australian dollar plunges lower as uncertainty floods markets

    Australian dollar plunges lower as uncertainty floods marketsPosted by OFX AUD – Australian Dollar The Australian dollar plunged through trade on Thursday as investors' appetite for risk soured, prompting a flight to haven assets. Having touched early morning highs just shy of 0.70 US cents the AUD came under sustained selling pressure throughout the day as investor optimism surrounding … Continue reading "Australian dollar plunges lower as uncertainty floods markets"The post Australian dollar plunges lower as uncertainty floods markets appeared first on .

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  • Hertz Proposes $1 Billion Stock Sale to Capitalize on Odd Rally

    Hertz Proposes $1 Billion Stock Sale to Capitalize on Odd Rally(Bloomberg) — Hertz Global Holdings Inc. is asking a bankruptcy judge to let it take advantage of the quixotic surge in its stock by selling up to $1 billion of new shares.Stocks of bankrupt companies typically get wiped out, but after an enormous two-week rally, the car rental giant envisions offering as many as 246.78 million common shares with help from Jefferies LLC, according to a court filing. Judge Mary Walrath set a hearing for Friday to consider the idea.Investors are bidding up Hertz and other bankrupt companies on optimism that the economy and specifically air travel is poised to rebound. Hertz might also benefit from prices of used cars at auctions coming all the way back from a mid-April collapse.Hertz based its request to the court on a nearly tenfold increase in its stock from 56 cents on May 26 to $5.53 on Monday, according to the filing. While the stock has slid to less than half that level, Hertz said a sale of its unissued shares still could help cover its debts.“The recent market prices of and the trading volumes in Hertz’s common stock potentially present a unique opportunity for the debtors to raise capital on terms that are far superior to any debtor-in-possession financing,” the company said, referring to a traditional bankruptcy loan.A share offering would avoid new interest, fees and restrictions on Hertz’s finances and wouldn’t impose any claims from a bankruptcy loan that would outrank existing creditors, the company said.Hertz said it would warn any potential buyers “the common stock could ultimately be worthless.”Lawyers asked for an emergency ruling “given the volatile state of trading in Hertz’s stock.” Indeed, the shares had fallen to $2.06 by the end of Thursday’s session, cutting Hertz’s potential windfall closer to half a billion dollars.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.

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  • Why Jumbo, Santos, Westpac, & Zip Co shares are crashing lower

    Share price plummet

    It has been another disappointing day for the S&P/ASX 200 Index (ASX: XJO). Concerns over a potential second wave of COVID-19 in the United States has led to the index crashing 2.4% lower to 5,818 points.

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

    The Jumbo Interactive Ltd (ASX: JIN) share price is down over 7% to $10.60. As well as being caught up in the market selloff, this morning S&P revealed that the lottery ticket seller would be dumped out of the ASX 200 at the next quarterly rebalance. Jumbo will cease being part of the benchmark index from the market open on 22 June 2020.

    The Santos Ltd (ASX: STO) share price is down 4% to $5.37. Investors have been selling Santos and other energy shares on Friday after a collapse on oil prices overnight. Concerns over a potential second wave of coronavirus in the United States has spooked traders. If people are forced into lockdown again, demand for oil could take a major hit.

    The Westpac Banking Corp (ASX: WBC) share price has fallen almost 5% to $17.65. Investors have been selling the banks again on Friday after Wall Street’s heavy decline. In addition to this, the banking giant revealed that AUSTRAC is further investigating matters that were brought to its attention by the bank recently. The financial intelligence agency has warned that it may amend its statement of claim to include allegations arising from these investigations.

    The Zip Co Ltd (ASX: Z1P) share price has dropped 6% to $6.12 despite releasing another positive trading update. The payments company’s update revealed that its strong growth continued in May. During the month, Zip recorded monthly transaction volume of $189.3 million and revenue of $15.6 million. This was a 63% and 78% increase, respectively, over the same period last year.

    Need a lift after these declines? Then you won’t want to miss the recommendations below…

    3 “Double Down” Stocks To Ride The Bull Market

    Motley Fool resident tech stock expert Dr. Anirban Mahanti has stumbled upon three under-the-radar stock picks he believes could be some of the greatest discoveries of his investing career.

    He’s so confident in their future prospects that he has issued “double down” buy alerts on each of these three stocks to members of his Motley Fool Extreme Opportunities stock picking service.

    See the Double Down Stocks

    *Extreme Opportunities returns as of June 5th 2020

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    James Mickleboro owns shares of Westpac Banking. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and recommends Jumbo Interactive Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of ZIPCOLTD FPO. The Motley Fool Australia has recommended Jumbo Interactive 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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