Category: Stock Market

The S&P/ASX 300 Index (ASX: XKO) is set to finish the day lower, reversing all of yesterday’s gains.

At the time of writing, the ASX 300 is down 0.81% to 7,402 points.

Let’s take a look at which ASX companies are making moves on the ASX 300 chart.

PointsBet Holdings Ltd (ASX: PBH)

The PointsBet share price is roaring 6.05% higher to $9.74 despite no news out of the sports betting company today.

It appears its shares are rebounding after losing 4.37% on Thursday, hitting a 52-week low of $9.13. This came regardless of PointsBet announcing a partnership with Major League Soccer (MLS) team Austin FC.

Novonix Ltd (ASX: NVX)

The Novonix share price is also pushing ahead on Friday, up 6.25% to $5.95.

Investors appear to be bullish on the lithium company’s future prospects as the sector heats up.

The S&P Dow Jones announced changes in the S&P/ASX Indices earlier this month. As such, Novonix will be officially included in the ASX 300 Index prior to the market open on September 20.

Australian Strategic Materials Ltd (ASX: ASM)

Another significant mover today is the Australian Strategic Materials share price, up 4.66% to $11.23.

The rare earth metals company’s shares are recovering from dropping to a monthly low of $10.05 on Wednesday. The company released its full statutory accounts this week, providing information about its activities throughout the year.

Which ASX companies are heading the other way?

Fortescue Metals Group Limited (ASX: FMG)

The Fortescue share price is down a sizeable 11.13% to $15.33.

Investors are selling the company’s shares as the spot price of iron ore continues to slide. In May, the steel making ingredient was fetching for US$230 per tonne, but today’s prices are going for around US$107 per tonne.

Iress Ltd (ASX: IRE)

Also being weighed down by investors today is the Iress share price, down 9.31% to $12.27.

The financial technology company provided an update in regards to its failed takeover talks with EQT. It noted that discussions have since been concluded and that the parties have been unable to agree on a transaction.

The post Which ASX shares are looking to finish the week as the top movers on the ASX 300 today? appeared first on The Motley Fool Australia.

More reading

• Why Fortescue, IRESS, Newcrest, & Syrah shares are tumbling lower
• ASX 200 (ASX:XJO) midday update: Fortescue crashes, IRESS sinks
• Why the Fortescue (ASX:FMG) share price is down 8% today
• IRESS (ASX:IRE) share price sinks 13% after takeover talks end
• Fortescue (ASX:FMG) share price down as Chinese steel cuts speed up

Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Pointsbet Holdings Ltd. The Motley Fool Australia has recommended Pointsbet Holdings Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Chalice Mining Ltd (ASX: CHN) share price is plummeting today despite no news having been released by the company.

Though, the company’s share price might be suffering alongside the price of gold.

If that’s the case, Chalice isn’t alone in its struggles today. The ASX gold sector is a sea of red, with the Perseus Mining Limited (ASX: PRU) share price leading the plunge among the large caps, sporting a 6.6% fall.

The Chalice Mining share price is doing slightly better, having fallen 4.71% to trade at $7.48.

While Chalice Mining isn’t a pure-play gold producer, it currently holds a number of gold projects. However, it’s planning to spin off its Australian gold assets before the end of the year.

Let’s take a closer look at what could be weighing on the company’s share price today.

What’s weighing on Chalice’s stock?

The Chalice Mining share price is sliding today despite the company maintaining its silence. The company’s share price is seemingly being dragged down alongside the price of gold.

Over the last 24 hours, the price of gold has plunged from around US$1,795 an ounce to US$1,758.95 per ounce.

According to precious metal specialist and retailer Kitco, gold is struggling due to the United States’ retail sector gaining strength. The sector’s recovery could forebode a hawkish US Federal Reserve ahead of its upcoming interest rate announcement.

Though, Chalice’s struggles today could have more to do with market movements than the gold price’s dip.

Yesterday, the company was one of the S&P/ASX 300 Index‘s (ASX: XKO) best performers. The Chalice share price gained 6.3% yesterday for no obvious reason.

Today’s drop could be a correction following yesterday’s surge.

Chalice Mining share price snapshot

Despite today’s dip, the Chalice Mining share price has been performing well lately.

It has gained 74% since the start of 2021. It is also 377% higher than it was this time last year.

The post Why is the Chalice Mining (CHN) share price plunging on Friday? appeared first on The Motley Fool Australia.

More reading

• Why ASX 200 gold shares are sinking on Friday
• Here are the top 10 ASX shares today
• Which ASX shares are leading the way on the ASX 300?
• Which ASX shares are the top movers in the ASX 300 today?
• ASX 200 (ASX:XJO) midday update: Sydney Airport jumps, Qantas falls

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned.

The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The S&P/ASX 200 Index (ASX: XJO) is falling lower towards the end of the week and ASX 200 gold shares are among the losers. Shares in some of Australia’s largest gold miners are sharply down amid falling commodity prices.

Why ASX 200 gold shares are sinking on Friday

Gold prices fell to a one-month low overnight, falling below US$1,800 per ounce. It came as demand for the US dollar rebounds with investors expecting a US Federal Reserve tapering program and rising US Treasuries yields.

That has been reflected in ASX 200 gold shares on Friday. The Newcrest Mining Ltd (ASX: NCM) share price has fallen 2.9% at the time of writing to $23.83 per share. Shares in the Aussie gold and copper miner are now trading 3.3% above their 52-week low of $23.08 per share.

Newcrest is far from the only gold producer under pressure in the final trading session of the week. The Northern Star Resources Ltd (ASX: NST) share price has slumped 3.9% to $9.17 per share on Friday. Northern Star shares are now down 31.1% since the start of the year.

Evolution Mining Ltd (ASX: EVN) hasn’t been able to escape the losses either. The ASX 200 gold share is down 3.1% at the time of writing to $3.80 per share. That has seen Evolution’s market capitalisation edge below $7 billion on Friday afternoon.

On the smaller end, Chalice Mining Ltd (ASX: CHN) shares have been hit hard. The Chalice share price is down 4.6% on Friday afternoon but remains up an impressive 377% in the past 12 months.

Foolish takeaway

A number of ASX 200 gold shares are under pressure on Friday. It looks as though tumbling gold prices amid stronger US dollar demand has hurt the commodity-based shares heading into the weekend.

The post Why ASX 200 gold shares are sinking on Friday appeared first on The Motley Fool Australia.

More reading

• Why is the Chalice Mining (CHN) share price plunging on Friday?
• Why Fortescue, IRESS, Newcrest, & Syrah shares are tumbling lower
• ASX 200 (ASX:XJO) midday update: Fortescue crashes, IRESS sinks
• 5 things to watch on the ASX 200 on Friday
• Here are the top 10 ASX shares today

Motley Fool contributor Ken Hall has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week in the red. At the time of writing, the benchmark index is down 0.7% to 7,405.6 points.

Four ASX shares that are falling more than most today are listed below. Here’s why they are tumbling lower:

Fortescue Metals Group Limited (ASX: FMG)

The Fortescue share price has fallen 11% to $15.33. This has been driven by a pull back in the iron ore price overnight and a broker note out of UBS this morning. In respect to the latter, the broker has downgraded the iron ore producer’s shares to a sell rating and cut the price target on them from $18.00 to $15.00. UBS made the move on the belief that iron ore prices will fall to US$70 to US$80 a tonne.

IRESS Ltd (ASX: IRE)

The IRESS share price is down almost 10% to $12.22. Investors have been selling the financial technology company’s shares after takeover talks with EQT collapsed. IRESS advised that discussions between it and EQT have now concluded and the parties have been unable to agree a transaction. Last month EQT tabled a non-binding offer to acquire the company for $15.91 cash per share.

Newcrest Mining Ltd (ASX: NCM)

The Newcrest share price is 3% lower at $23.86. Investors have been selling gold miners today after the price of the precious metal dropped to a one-month low. According to CNBC, the spot gold price is down 2.3% to US$1,754.10 an ounce. This was driven by better than expected economic data in the US.

Syrah Resources Ltd (ASX: SYR)

The Syrah share price is down 4% to $1.21. This follows news that the graphite producer has been struggling to ship its product from the Balama Graphite Operation in Mozambique due to container ship shortages. Approximately 12kt of natural graphite sales from Balama were planned to ship from the Port of Nacala in late September. However, container shipping market disruption means that this has been delayed to October.

The post Why Fortescue, IRESS, Newcrest, & Syrah shares are tumbling lower appeared first on The Motley Fool Australia.

More reading

• ASX 200 (ASX:XJO) midday update: Fortescue crashes, IRESS sinks
• Why the Fortescue (ASX:FMG) share price is down 8% today
• Why the Syrah (ASX:SYR) share price is tumbling 7% lower today
• IRESS (ASX:IRE) share price sinks 13% after takeover talks end
• 5 things to watch on the ASX 200 on Friday

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Whitehaven Coal Ltd (ASX: WHC) share price is sinking in afternoon trade today. This comes as the coal miner faces backlash over its Vickery coal project extension that was approved yesterday.

Whitehaven shares are currently changing hands at $2.83 apiece, an 8.71% drop from the market open.

This is a complex issue with a lot of moving parts – but we’ve done the analysis for you. Here are the details.

Let’s set the scene quickly

In order to grasp the situation fully, it’s important to realise the backdrop here.

The Vickery colliery, located around 20km north of Gunnedah in NSW, was originally owned by Rio Tinto Limited (ASX: RIO) before its closure in 1998. Whitehaven then acquired the mine and was granted a restart approval in 2020.

It has since been a messy road for the project’s upstart, as several climate activist groups have come out against the mine’s go-ahead.

For instance, a group of eight students unsuccessfully sought an injunction against the Vickery extension in May of this year.

However, a Federal Court agreed that the federal environment minister, Sussan Ley, did have a responsibility to ensure no harm was caused to the future of young people as a result of the decision.

The Federal Court ordered the minister to at least factor this into any decision making, before approving the project.

Whitehaven’s Vickery extension project gains approval

Alas, Ley used ministerial powers entrusted by the cabinet and yesterday approved the controversial plans to extend open-cut operations at Vickery. This appears to have had a negative effect on the Whitehaven Coal share price.

The minister has subsequently appealed the Federal Court’s ruling as well.

Ley’s decision is still subject to a series of assessments on environmental conditions, a water management plan, and how the coal giant intends to offset any destruction to the local habitat.

However, in a statement released late Thursday afternoon, Ley indicated that contingencies and restrictions imposed by NSW authorities on the site would mitigate any risk posed to the future of children, or humans in general.

Ley also indicated that if the mine wasn’t approved, a new coal resource, either in Australia or abroad, “will be developed to take its place”. She referenced the work of Professor Will Steffen, of the Australian Department of Climate Change, in her findings.

As such Ley determined there was no harm to humans, now or in the future, that could arise from approving Whitehaven’s $600 million expansion project.

Unsurprisingly, Whitehaven Coal welcomed the decision, which completed an “exhaustive process” that spanned 5 years. The Whitehaven Coal share price also ended Thursday’s session in the green.

Yet, the approval has faced severe backlash, with investors, politicians, and community members alike voicing their distaste for Ley’s decision.

Australian Greens party environment spokesperson Sarah Hanson-Young took to Twitter to say: “Once again, Sussan Ley proves she’s the minister AGAINST the environment, not for.”

“Expanding coal in the middle of the climate crisis is madness,” Hanson-Young added. “Approving a new coal mine just weeks before the world’s climate summit in Glasgow is poor form from Australia.”

Whitehaven Coal share price snapshot

Some investors appear to hold the same sentiment as the Greens. At one stage today the Whitehaven Coal share price sunk as low as $2.77 but is now at $2.83 — down 8.71% on the day.

The miner’s shares are still up more than 70% this year, and 227% over the past 12 months.

The post Why the Whitehaven Coal (ASX:WHC) share price is tumbling 8% today appeared first on The Motley Fool Australia.

More reading

• Why Anteotech, API, Myer, & Whitehaven Coal shares are charging higher
• Here’s why the Whitehaven Coal (ASX:WHC) share price is rising today
• Here are 2 ASX mining shares up 25% in the past month
• Why the Whitehaven (ASX:WHC) share price is gaining on Friday
• Here are the 3 most heavily traded ASX 200 shares today

The author Zach Bristow has no positions in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Commonwealth Bank of Australia (ASX: CBA) share price is down 0.2% in early afternoon trade.

The S&P/ASX 200 Index (ASX: XJO) is down 0.7% at this same time.

If the CBA share price closes in the red today, it will make 3 days of gains for the week and 2 of losses. Wednesday was the only other day shares closed lower, down 0.2% to $101.41 per share.

Below we take a look at what’s been happening with CommBank over the week.

CBA share price shrugs off defamation allegations

The CBA share price closed up 0.2% on Monday, despite news that Colcambios Australia, a remittance company, had accused the big 4 bank of defamation.

Colcambios makes use of cryptocurrencies to transfer pesos and Aussie dollars between Columbia and Australia for its customers.

Concerned that money in its customers’ accounts could stem from fraudulent activities, CommBank wrote letters saying they may “have fallen victim to a scam”.

In its defence, CBA said it didn’t mention Colcambios Australia by name, and that it was acting in accordance with its perceived legal duties.

Green loans

CBA’s share price closed up 0.3% on Tuesday.

That was the day it revealed it had acted as the sole financier and “green coordinator” for Charter Hall Group‘s (ASX: CHC) Melbourne based development. Once completed, the development will serve as the new headquarters for Australia Post.

CommBank said the $202 million construction facility is Australia’s maiden Climate Bond Initiative-certified Green Development Loan.

More legal woes

Thursday’s news that the Australian Securities and Investments Commission (ASIC) had filed 30 charges against the bank didn’t deter investors, who sent the CBA share price up 1.4% yesterday.

As my Foolish colleague, Tony Yoo noted, “The matters relate to CBA’s promotion and sales of add-on insurance products CreditCard Plus and Loan Protection.”

The bank is accused of “false or misleading representations” to some customers.

CommBank said it accepted that its prior behaviour was not acceptable and reported that it no longer sells these products. The bank will plead guilty and has already compensated 165 customers. It faces a maximum potential penalty of $1.7 million for each of the 30 offences.

CBA share price snapshot

The CBA share price is up 22% year-to-date, compared to a gain of 11% posted by the ASX 200.

Over the past month CBA’s shares are up 3%.

The post What’s happening with the CBA (ASX:CBA) share price this week? appeared first on The Motley Fool Australia.

More reading

• This year’s ASX 200 Santa Rally to get a whopping $84bn cash boost
• Commonwealth Bank (ASX:CBA) faces 30 criminal charges
• How has the CBA (ASX:CBA) share price performed since reporting results?
• Could liar loans crash the housing market?
• How these 4 ASX 200 bank shares have performed since reporting results

The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Qantas Airways Limited (ASX: QAN) share price is gaining today and the company has completed a $500 million bond refinancing.

The bond offer resulted in 6 times as many subscriptions as were available, according to the company’s statement.

Qantas said this is the strongest response to a bond offer in its history. The company said this reflects the market’s confidence in its recovery plan and market position.

Qantas released the non-price sensitive news after the ASX closed yesterday. Right now, the Qantas share price is $5.50, which is 0.92% higher than its previous close.

Let’s take a closer look at yesterday’s announcement from Australia’s largest airline.

Qantas secures $500 million of debt

The Qantas share price is gaining today on news of the company’s latest bond refinancing.

The 7-year $500 million unsecured bond was issued to refinance an existing $300 million bond. The original bond is due to mature in May 2022.

According to Qantas, it initially planned to simply replace the $300 million bond. However, it boosted the offer by $200 million after it was heavily oversubscribed.

In fact, the bond offer was 6 times oversubscribed, boasting a bookbuild of about $1.9 billion.

The bond will give the company more cheap debt to put towards increasing its liquidity, repaying maturing debt, and repairing its balance sheet.

The unsecured bond has a rate of 3.15%. That’s significantly less than the 7.75% rate of the maturing bond.

The airline expects that both domestic and international travel restrictions will begin to ease before the end of 2021.

It’s planning to start taking off to some international destinations in December. The Qantas share price has gained 12.9% since it announced its plan to restart international flights.

Qantas hopes the resulting income will help it get back to its target net debt range by the end of this financial year.

Qantas share price snapshot

The Qantas share price is 12% higher than it was at the start of 2021. It has also gained 38.9% since this time last year.

The post Qantas (ASX:QAN) share price lifts on oversubscribed bond refinance update appeared first on The Motley Fool Australia.

More reading

• Qantas (ASX:QAN) share price reverses day’s losses as first international flights scheduled
• Qantas (ASX:QAN) share price slips as buyers line up for land package
• Lithium surge, Sydney Airport takeover, ACCC torches Qantas deal. Scott Phillips on Nine’s Late News
• ASX 200 (ASX:XJO) midday update: Sydney Airport jumps, Qantas falls
• Qantas (ASX:QAN) share price down after major blow from ACCC

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned.

The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Washington H. Soul Pattinson and Co. Ltd (ASX: SOL), AKA Soul Patts, share price is currently down more than 3% today.

That means it has declined by around 9% since Tuesday. The S&P/ASX 200 Index (ASX: XJO) has only fallen around 1% in that same time period.

As an investment conglomerate, the underlying portfolio value of Soul Patts can be influenced by the changing values of its investments.

Looking at some its biggest investments today, there are declines across the board.

The TPG Telecom Ltd (ASX: TPG) share price is down 0.2%, the Brickworks Limited (ASX: BKW) share price is down 2% and the New Hope Corporation Limited (ASX: NHC) share price has fallen 2.2%.

What else could be influencing the Soul Patts share price this week?

One of the other larger investments in the Soul Patts portfolio is a holding of Australian Pharmaceutical Industries Ltd (ASX: API) shares.

API featured in the news this week after receiving a bigger takeover bid from Wesfarmers Ltd (ASX: WES) which, at this stage, it intends to accept. The revised offer is $1.55 per share, a 37% premium to API’s one-month volume weighted average price $1.133 per share to 9 July 2021, prior to the initial offer by Wesfarmers.

Soul Patts has agreed to vote its 19.3% shareholding in API in favour of Wesfarmers’ revised proposal. The investment conglomerate has also granted a call option for its API shares in favour of Wesfarmers.

FY21 profit update

The Soul Patts share price is now essentially back to where it was on 6 September 2021. What’s special about that date? It’s when the ASX 200 company announced an update regarding its FY21 regular profit.

Within that, there were three mentions of profit growth and one detractor.

First, Soul Patts referenced that New Hope disclosed in its latest quarterly report that the miner expects to make earnings before interest, tax, depreciation and amortisation (EBITDA) of $372 million for FY21, primarily as a result of thermal coal prices currently being at a 10-year high.

Second, Brickworks is expecting to report record earnings from its property division, driven by the value of its property trust.

Finally, Round Oak, a wholly owned mining business, is expected to report a regular net profit for FY21 of between $64 million to $68 million. Management described this expected result as a significant improvement on the FY20 net loss of $43 million. There were two factors for this turnaround. One, commodity prices (mostly zinc and copper) have improved. Second, the company moved from development into production at a number of its mines.

Soul Patts is expecting FY21 regular net profit to be in the range of $316 million to $336 million, up from $170 million in FY20.

However, TPG will provide a reduced contribution after the merger between TPG and Vodafone in July 2020. The investment conglomerate will no longer equity account for its share of TPG’s net profit. Soul Patts also noted it only received one dividend from TPG in FY21, amounting to $18 million (compared to the equity accounted profit of $72 million in FY20).

Soul Patts dividend yield snapshot

At the current Soul Patts share price, it currently has a grossed-up dividend yield of 2.4%.

The post The Soul Patts (ASX:SOL) share price is down 3% on Friday appeared first on The Motley Fool Australia.

More reading

• ASX 200 (ASX:XJO) midday update: Fortescue crashes, IRESS sinks
• 5 things to watch on the ASX 200 on Friday
• Here are the top 10 ASX shares today
• This year’s ASX 200 Santa Rally to get a whopping $84bn cash boost
• These 3 ASX 200 shares are the most heavily traded so far this Thursday

Motley Fool contributor Tristan Harrison owns shares of Washington H. Soul Pattinson and Company Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Brickworks. The Motley Fool Australia owns shares of and has recommended Brickworks, Washington H. Soul Pattinson and Company Limited, and Wesfarmers Limited. The Motley Fool Australia has recommended TPG Telecom Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Audinate Group Ltd (ASX: AD8) share price is edging higher in today’s session.

Shares in the audio tech company are currently up 0.19% to $10.56. This comes after the company released its annual report earlier today.

Let’s take a closer look at what’s buoying the Audinate share price.

What did Audinate announce?

Shares in Audinate are rising after the company released its annual report for FY21.

The company’s management lauded Audinate’s emergence from the uncertainty of the COVID-19 pandemic.

However, Audinate said supply chain uncertainties could impact the first half of FY22. As of 30 June 2021, the company noted record backlogs due to the temporary shutdown of its manufacturing line in Malaysia.

Despite the disruptions, Audinate does not expect new product delays to impact revenue given the ongoing strong demand from end-users.

For FY22, the company highlighted several priorities including;

• Driving further design wins for Dante video and next generation software products;
• Launching new Dante video software and cloud services products;
• Improving adoption of Dante by non-English speakers; and
• Implementing business scalability initiatives.

The positive annual report follows Audinate’s strong full-year report released late last month.

How did Audinate perform in FY21?

The Audinate share price bolted higher after the release of the company’s full-year results for FY21.

The company’s result was highlighted by a 22.5% increase in revenue of $33.4 million.

Other highlights included:

• Gross profit increased 23.1% to US$19.2 million compared to prior year;
• Earnings before interest, tax, depreciation, and amortisation (EBITDA) of A$3 million, up 50.1%;
• Bottom line losses narrowed to A$3.4 million, a 17% improvement on FY20; and
• Expanded into video products with launch of Bolin Technology and Patton Electronics.

Audinate attributed its strong report to a 62% surge in revenue from its software products. Additionally, the company also reported narrowing losses on its bottom line.

Snapshot of the Audinate share price

Audinate specialises in hardware and software solutions for the audio-visual (AV) market. The company’s flagship and award-winning Dante program is a global leader in AV connectivity.

Since the start of the year, shares in Audinate have soared by around 29%.

The Audinate share price is bucking the trend of the broader market today. At the time of writing, the All Ordinaries Index (ASX: XAO) is down 0.56%, while Audinate shares are up 0.19%.

The post Audinate (ASX:AD8) share price lifts on annual report appeared first on The Motley Fool Australia.

More reading

• 3 growing mid cap ASX shares named as buys
• Brokers think these 2 top ASX shares are buys in September 2021
• Audinate (ASX:AD8) share price climbs as FY21 revenue surges 22%
• The Audinate (ASX:AD8) share price tanked 7% last time the company reported
• Brokers name 2 mid cap ASX shares as buys

Motley Fool contributor 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 and has recommended AUDINATEGL FPO. The Motley Fool Australia owns shares of and has recommended AUDINATEGL FPO. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The S&P/ASX 200 Index (ASX: XJO) is selling off on Friday, down 0.5% to 7,421 at the time of writing. In morning trade, it dipped as low as 7,382 points.

Amid the red, the S&P/ASX Information Technology (INDEXASX: XIJ) index stands tall, up 1.43%. Its performance is headlined by none other than the Afterpay Ltd (ASX: APT) share price.

At the time of writing, shares in the ASX’s largest tech stock are up 2.9% to $127.12.

How come the Afterpay share price is shooting green on Friday?

Nasdaq finishes mixed overnight session in positive territory

The ASX 200 might be influenced by the mixed overnight performance of Wall Street.

The Dow Jones Industrial Average and S&P 500 both fell 0.18% and 0.15% respectively, while the tech-heavy Nasdaq rose 0.13%.

The Nasdaq managed to stay in positive territory, supported by the likes of Amazon.com, Inc (NASDAQ: AMZN), Microsoft Corporation (NASDAQ: MSFT), Netflix Inc (NASDAQ: NFLX) and Tesla Inc (NASDAQ: TSLA) all eking out small gains of less than 1%.

Afterpay’s US-listed rival is surging

Perhaps more relevant for the Afterpay share price was the overnight performance of Affirm Holdings Inc (NASDAQ: AFRM).

Affirm shares rallied 7.13% overnight and have surged more than 75% since 27 August.

On 9 September, Affirm released its fourth-quarter results. Its revenue jumped 70.7% year-on-year to US$261.8 million vs. consensus expectations of US$225 million, according to CNBC.

In addition, the company gave encouraging guidance for the current quarter. It expects revenue to be between US$240 million and US$250 million.

This could be a positive takeaway for the Afterpay share price, given Affirm is the largest BNPL provider in the United States.

Square share price lifts overnight

The Square Inc (NASDAQ: SQ) share price also rallied overnight, up 2.53% to US$255.09.

The Afterpay share price has largely been tracking the performance of Square ever since the $39 billion takeover offer on 2 August.

The scheme implementation deed will see Afterpay shareholders receive a fixed exchange ratio of 0.375 shares of Square Class A common stock for each Afterpay share they own on the record date.

After Square’s overnight performance, this values the Afterpay share price at approximately $122.57 at today’s exchange rates. That’s up from yesterday’s $119.58.

The post ASX 200 tumbles but the Afterpay (ASX:APT) share price is green? appeared first on The Motley Fool Australia.

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John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. Teresa Kersten, an employee of LinkedIn, a Microsoft subsidiary, is a member of The Motley Fool’s board of directors. Motley Fool contributor Kerry Sun has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended AFTERPAY T FPO, Affirm Holdings, Inc., Amazon, Microsoft, Netflix, Square, and Tesla. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended the following options: long January 2022 $1,920 calls on Amazon and short January 2022 $1,940 calls on Amazon. The Motley Fool Australia owns shares of and has recommended AFTERPAY T FPO. The Motley Fool Australia has recommended Amazon and Netflix. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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