On Wednesday, the S&P/ASX 200 Index (ASX: XJO) had another disappointing session and dropped into the red. The benchmark fell 0.5% to 7,199.2 points.

Will the market be able to bounce back from this on Thursday? Here are five things to watch:

ASX 200 expected to rebound

The Australian share market is expected to have a strong session on Thursday after a stellar night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 40 points or 0.55% higher this morning. In the United States, the Dow Jones rose 1.25%, the S&P 500 climbed 1.2% and the NASDAQ jumped 1.3%. Optimism over a US debt ceiling deal being reached gave stocks a boost.

Xero FY 2023 results

The Xero Limited (ASX: XRO) share price will be on watch today when the cloud accounting platform provider releases its full-year results. According to a note out of Goldman Sachs, its analysts are expecting FY 2023 revenue growth of 29% to NZ$1,410 million and EBITDA of NZ$295 million. It also expects “operating expenses (as % sale) to be lower end of 80-85% range (GSe 81.6%) and c.80% in 2H23 (GSe. 79.5%).” Goldman is then looking for FY 2024 guidance of 17% revenue growth to NZ$1.65 billion.

Oil prices jump

ASX 200 energy shares Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) could have a great session after oil prices stormed higher on Wednesday night. According to Bloomberg, the WTI crude oil price is up 2.7% to US$72.76 a barrel and the Brent crude oil price is up 2.7% to US$76.90 a barrel. The US debt ceiling deal optimism also boosted oil prices.

Virgin Money shares go ex-dividend

The Virgin Money UK PLC (ASX: VUK) share price is likely to trade lower on Thursday. That’s because the UK bank’s shares are going ex-dividend this morning for its interim dividend of 6.2 cents per share. Eligible shareholders can look forward to receiving this dividend in a little over a month on 21 June.

Gold price falls

ASX 200 gold shares Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) could have a subdued session after the gold price dropped overnight. According to CNBC, the spot gold price is down 0.3% to US$1,986.7 an ounce. Hawkish cues from US Fed officials put pressure on gold.

The post 5 things to watch on the ASX 200 on Thursday appeared first on The Motley Fool Australia.

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More reading

• How might this news out of China impact the oil price?
• Here are the top 10 ASX 200 shares today
• Top broker upgrades AGL share price by 19%
• Top broker forecasts 39% upside for this ASX 200 gold share
• Could ASX shares turn a $10,000 investment into $2,000,000?

Motley Fool contributor James Mickleboro has positions in Xero. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Xero. The Motley Fool Australia has positions in and has recommended Xero. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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If you’re looking for blue chip ASX 200 shares to buy, then you may want to check out the two listed below that brokers are particularly positive on.

Here’s what you need to know about them:

Goodman Group (ASX: GMG)

The first ASX 200 blue chip share to buy could be Goodman. It is a leading industrial property company with a world class portfolio of assets spanning the globe.

It has been growing at a strong rate for years and shows no signs of slowing. In fact, management recently upgraded its earnings guidance for FY 2023. This has been driven by ongoing tailwinds for industrial property underpinning strong market rent growth.

This went down well with Citi, which responded by retaining its buy rating with an improved price target of $24.30. Citi commented:

The update highlighted ongoing tailwinds for industrial with strong market rent growth improving the future rental upside on GMG’s book. Record low vacancy has driven ongoing development demand resulting in a strong development workbook with $13bn in WIP, with near-term growth in developments from less time taken to develop (which will boost annual earnings).

Telstra Corporation Ltd (ASX: TLS)

Another ASX 200 blue chip share that is rated highly by analysts is telco giant Telstra.

Morgans is very positive on the company due to favourable industry conditions and the potential for value to be unlocked from asset divestments. Its analysts currently have an add rating and $4.70 price target on its shares. The broker commented:

Telco has the strongest tailwinds in a decade with an increasingly rational market, price rises across the majors and the criticality of telco increasingly recognised. The last major mobile operator Vodafone/TPG increased mobile prices by ~$5 per month in January 2023 and all key players are behaving economically rational. This combines with catalysts including the potential for InfraCo value release following the legal restructure.

The post 2 ASX 200 blue chip shares that brokers love appeared first on The Motley Fool Australia.

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More reading

• ‘Bright outlook’: 2 ‘high quality’ ASX 200 shares to pounce on now 
• Broker says mobile price increases are good news for the Telstra share price
• 5 things to watch on the ASX 200 on Tuesday
• I think this ASX 200 share is heavily underrated by the market
• 3 reasons I’m tipping the Telstra share price to keep rising in 2023

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 positions in and has recommended Telstra Group. The Motley Fool Australia has recommended Goodman Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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Australia and New Zealand Banking Group Ltd (ASX: ANZ) shares closed up 0.17% in trade on Wednesday.

Meanwhile, the S&P/ASX 200 Index (ASX: XJO) closed 0.49% lower today.

That’s today’s price action for you.

Now, will ANZ shares eventually include Suncorp Group Ltd’s (ASX: SUN) banking segment?

What’s happening with the Suncorp banking acquisition?

ANZ first announced its intention to acquire Suncorp Bank on 18 July. ANZ shares rallied in the days that followed.

But before the deal can go through it needs to be approved by a number of regulatory agencies, including the Australian Prudential Regulation Authority (APRA) and treasurer Jim Chalmers.

First on that list, however, is the Australian Competition and Consumer Commission (ACCC).

ANZ delivered its merger authorisation application to the ACCC on 2 December.

The ACCC stated:     

The test for merger authorisation is that the ACCC must be satisfied that either the transaction will not be likely to substantially lessen competition, or that the public benefits outweigh the public detriments

However, the initial applications may not have been sufficient to convince the regulator that the deal is in the companies’ and the public’s best interests.

As The Australian Financial Review reports, ANZ and Suncorp are redoubling their efforts for ACCC approval. They say that the higher funding costs faced by regional banks skew the field in favour of the bigger institutions.

Citing bank sources, who reported that the last round of submissions were lodged with the ACCC yesterday, the AFR said that banks hope to convince the regulator of the stiff competition in a sector dominated by the big four banks.

ANZ believes that the ACCC relied on out-of-date information when assessing the level of competition. And that the regulator didn’t properly take into account the ongoing banking crisis in the United States.

Suncorp was said to be pushing for the sale of its banking segment so it could fully focus on its insurance business.

Earlier in May, ANZ CEO Shayne Elliott said (quoted by the AFR):

I would expect that ACCC, if a big bank wants to buy a small bank, there would obviously be a whole range of things they should be concerned about. We are very firmly of the view that a lot of submissions were based on material that was very dated. We are confident we will be a more effective competitor.”

One way or another, investors should know whether ANZ shares will encompass the Suncorp banking segment in July when the ACCC is expected to report its decision.

How have ANZ shares been tracking?

Although ANZ shares are down 7.19% over the past 12 months, that’s still the best performance among the big four Aussie banks.

Year to date the ANZ share price is the only one of the big four in the green, up 2.48%.

The post Investing in ANZ shares? Here’s what’s happening with the bank’s $3.5 billion Suncorp acquisition appeared first on The Motley Fool Australia.

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More reading

• Citi says these ASX 200 dividend shares are buys for passive income
• Warren Buffett is dumping bank stocks. Should you?
• Here’s what Goldman Sachs is saying about the IAG share price
• Why ANZ, Elders, Nanosonics, and Pointsbet shares are falling today
• Why is the ANZ share price sinking on Monday?

Motley Fool contributor Bernd Struben 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 Scott Phillips.

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The S&P/ASX 200 Index (ASX: XJO) slumped once more on Wednesday, dropping 0.49% to close the session at 7,199.2 points.

It followed an equally disappointing session on Wall Street overnight. The Dow Jones Industrial Average Index (DJX: .DJI) fell 1% as most of Australia slept, while the S&P 500 Index (SP: .INX) dropped 0.6%, and the Nasdaq Composite Index (NASDAQ: .IXIC) slumped 0.2%.

The United States market struggled amid reports the nation’s government is approaching its debt ceiling, which carries the potential to spark a recession.

But that wasn’t the only news perused by investors today. Australia’s wage price index (WPI) was found to have risen 0.8% in the March quarter and 3.7% over the year, according to Australian Bureau of Statistics (ABS) data.

That likely saw many let out a sigh of relief as it came in below forecasts, suggesting the Reserve Bank of Australia could hold off on another rate hike for now, Reuters reports.

Leading the Aussie bourse today was the S&P/ASX 200 Information Technology Index (ASX: XIJ), gaining 0.9%. Meanwhile, the S&P/ASX 200 Materials Index (ASX: XMJ) weighed heaviest, falling 1%.

But which stock outperformed all others on Wednesday? Let’s take a look.

Top 10 ASX 200 shares countdown

The biggest gain on the ASX 200 today was posted by the Lake Resources N.L. (ASX: LKE) share price. The stock rose 5.7% to close at 64.5 cents on Wednesday.

These shares made today’s biggest gains:

ASX-listed company	Share price	Price change
Lake Resources N.L. (ASX: LKE)	$0.645	5.74%
Life360 Inc (ASX: 360)	$6.84	5.72%
United Malt Group Ltd (ASX: UMG)	$4.45	2.3%
Domain Holdings Australia Ltd (ASX: DHG)	$3.36	2.13%
AGL Energy Limited (ASX: AGL)	$9.01	1.92%
Xero Limited (ASX: XRO)	$94.10	1.85%
James Hardie Industries plc (ASX: JHX)	$37.43	1.71%
Ampol Ltd (ASX: ALD)	$30.72	1.59%
ARB Corporation Ltd (ASX: ARB)	$31.33	1.46%
Kelsian Group Ltd (ASX: KLS)	$6.55	1.39%

Our top 10 shares countdown is a recurring end-of-day summary to let you know which companies were making big moves on the day. Check in at Fool.com.au after the weekday market closes to see which stocks make the countdown.

The post Here are the top 10 ASX 200 shares today appeared first on The Motley Fool Australia.

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More reading

• Top brokers name 3 ASX shares to buy today
• Why Life360, Pointsbet, Serko, and Temple & Webster shares are racing higher
• This ASX 200 stock is gaining after its dividend was binned. Here are all the details
• Top broker upgrades AGL share price by 19%
• 3 ASX 300 shares just upgraded by top brokers

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 positions in and has recommended ARB Corporation, Life360, and Xero. The Motley Fool Australia has positions in and has recommended Xero. The Motley Fool Australia has recommended ARB Corporation. 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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Are you on the lookout for generous dividend yields? Well, I have good news if you are!

Two ASX dividend stocks that have been named as buys and are expected to provide big yields are named below. Here’s what analysts are forecasting:

Healthco Healthcare and Wellness REIT (ASX: HCW)

Healthco Healthcare and Wellness could be an ASX dividend stock to buy according to analysts at Morgans.

It is a real estate investment trust that invests in healthcare and wellness assets such as hospitals, aged care, childcare, and primary care properties.

Morgans is a fan of the company and is forecasting some attractive dividend yields in the coming years. It expects dividends per share of approximately 8 cents in both FY 2023 and FY 2024. Based on the current Healthco Healthcare and Wellness REIT unit price of $1.36, this will mean yields of 5.9% for investors.

Morgans has an add rating and $2.05 price target on its shares.

National Australia Bank Ltd (ASX: NAB)

Another ASX dividend stock that has been named as a buy is big four bank, NAB.

The team at Goldman Sachs is positive on the bank in the current environment. Its analysts note that this is because they see “volume momentum over the next 12 months as favouring commercial volumes over housing volumes and we believe NAB provides the best exposure to this thematic.”

Overall, the broker is expecting this exposure to underpin fully franked dividends of $1.66 per share in FY 2023 and FY 2024. Based on the current NAB share price of $26.19, this implies yields of 6.3% in both years.

Goldman Sachs has a buy rating and $30.69 price target on its shares.

The post These ASX dividend stocks have been tipped to offer big yields appeared first on The Motley Fool Australia.

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• Is it time to be a bull or a bear on NAB shares?
• Warren Buffett is dumping bank stocks. Should you?
• 2 ASX 200 dividend stocks brokers rate as top buys
• Bank of Queensland is offering the highest savings interest rate of any ASX bank. What might this mean for shareholders?
• NAB share price up amid following the leader on cashbacks

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 Scott Phillips.

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It turned out to be a fairly depressing Wednesday for ASX shares and the All Ordinaries Index (ASX: XAO) thus far. After bouncing around a fair bit over the course of the session, the All Ords ended the day’s trading in the red, recording a loss of 0.47%.

But let’s talk about one All Ords share that experienced something rather different.

Cettire Ltd (ASX: CTT) shares had a cracking day. This All Ords online luxury retail share closed at $1.78 a share yesterday. But this Wednesday saw the company add a pleasing 13.17% and finish up at $2.02 a share.

So what happened with Cettire that prompted investors to flood into this company today, all while flooding out of most other All Ords shares?

Why is the Cettire share price rocketing 13% today?

Well, it’s probably down to a couple of factors. The first is the trading update that Cettire released yesterday.

As we covered at the time, this revealed that the company was able to bring in sales worth $141.4 million over the first four months of 2023, up 122% on its 2022 numbers for the same period. April sales alone delivered a 160% rise over the same month last year. The company also reported adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) of “at least” $7 million.

Investors didn’t seem too impressed with these figures yesterday, though, and sent the Cettire share price down by 4.28%. That was despite the company being up by 11% at one point yesterday.  Perhaps the market had a change of mind today.

But the other factor that we have to consider was the ASX announcement Cettire released today.

It was short and sweet, so here it is in its entirety:

Cettire Limited… refers to recent press speculation in The Australian on 16 May 2023 relating to a potential sale of shares in the company by Founder and CEO Dean Mintz.

The Board has been informed by Mr Mintz that this speculation is unfounded and that he does not have any intention to sell shares in the company at the current time.

So perhaps investors were spooked by the prospect of the company’s CEO selling shares yesterday afternoon. With this statement, the market certainly seems to have gotten its mojo back regarding the Cettire share price.

The post All Ords share surges 13% after founder confirms no intention to sell stock appeared first on The Motley Fool Australia.

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• Guess which ASX All Ords share is rocketing 16% following a doubling in sales?

Motley Fool contributor Sebastian Bowen 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 recommended Cettire. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The S&P/ASX 200 Index (ASX: XJO) had yet another day in the red on Wednesday. After only eking out a 0.1% gain on Monday and falling 0.4% yesterday, the ASX 200 recorded another loss for ASX investors today.

At market close, the Index finished down by a notable 0.49% at just under 7,200 points.

But let’s not allow that to get us down! It’s time for a distraction with a look at the shares that dominated the ASX 200’s share trading volume charts on Wednesday, according to investing.com.

The 3 most traded ASX 200 shares by volume this Wednesday

Sayona Mining Ltd (ASX: SYA)

First up today is the ASX 200 lithium stock Sayona Mining. This hump day has seen a decent 26.33 million Sayona shares swapped on the ASX.

There wasn’t any news out of Sayona itself this session that might easily explain why so many shares were flying around. However, there was a big move in the lithium stock’s share price that might explain it.

Sayona suffered a nasty fall today, dropping 4.44% to 21.5 cents a share. That’s despite the company making gains at one point today This drop, as well as the volatility we have seen, probably explains the high volume.

Pilbara Minerals Ltd (ASX: PLS)

Next up we have another ASX 200 lithium share in Pilbara Minerals. Sayona’s stablemate saw a sizeable 27.77 million of its shares change hands. Again, this looks like a byproduct of some serious volatility in the Pilbara share price.

Pilbara didn’t fare as badly as Sayona though but still nursed a 1.04% loss to $4.74 a share. However, Pilbara dropped as low as $4.70 a share this morning, before briefly rising into positive territory around midday. No wonder so many shares have been flying around.

Incitec Pivot Ltd (ASX: IPL)

Finally this Wednesday, let’s take a look at ASX 200 explosives and fertiliser manufacturer Incitec Pivot. A whopping 30.28 million Incitec shares were bought and sold on the ASX share market today.

This is almost certainly a result of the nasty share price drop we saw Incitec shares suffer. The company lost a meaty 7.84%, finishing the day at $2.94 a share. Incitec even got down to a new 52-week low of $2.86 earlier in the day as well.

This dramatic crash comes after Incitec Pivot released its latest half-year earnings. As we covered this morning, these earnings revealed an 8% slump in net profits and a 6% slide in earnings per share (EPS). It’s clear investors weren’t too impressed.

 

The post Here are the 3 most heavily traded ASX 200 shares on Wednesday appeared first on The Motley Fool Australia.

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• Why Appen, Best & Less, Incitec Pivot, and Weebit Nano shares are falling
• Incitec Pivot results: Here’s why this ASX 200 share is sinking 10% today
• Are ASX 200 lithium shares approaching a ‘tipping point’ for ripper revenues?
• 5 things to watch on the ASX 200 on Wednesday
• Here are the 3 most heavily traded ASX 200 shares on Tuesday

Motley Fool contributor Sebastian Bowen 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 Scott Phillips.

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Rio Tinto Ltd (ASX: RIO) shares not only offer the potential for capital gains, but they can provide a pretty handy passive income stream to boot.

On the capital gains front, Rio Tinto shares are up 2% over the past 12 months. That compares to a one-year gain of 1% for the S&P/ASX 200 Index (ASX: XJO).

Of course, the above chart doesn’t include the passive income shareholders will have received from dividends.

Rio Tinto shares delivered a fully franked interim dividend of $3.837 per share, paid out on 22 September. Rio’s final dividend of $3.265 landed in shareholders’ bank accounts on 20 April.

At the current share price of $108.59, the ASX 200 miner trades at a trailing yield of 6.5%.

Or $327 in passive income from a $5,000 investment at today’s share price.

But what if you’d bought late in February 2022, shortly before Rio Tinto traded ex its final dividend for the year?

How much passive income have Rio Tinto shares delivered since February 2022?

Rio Tinto shares traded without rights to the final dividend on 10 March 2022.

On the back of soaring iron ore prices and frothy profits, passive income investors were rewarded with a record high final dividend of $6.628 per share. That was paid out on 21 April 2022.

If you’d bought $5,000 worth of shares a few weeks before the miner traded ex-dividend you would have banked that passive income as well.

On 25 February, the stock closed at $108.59.

That would have enabled you to buy 46 shares with enough change left over for some coffee.

You would also be eligible for all three dividend payments made over the past 16 months.

So, let’s work the numbers.

Each Rio Tinto share will have delivered a total of $13.73 in dividends.

So, your $5,000 investment last February would have returned a very tidy $631.58 in passive income already, with potential tax benefits from the franking credits.

The post Bought $5,000 worth of Rio Tinto shares last February? Guess how much passive income you’ve already grabbed? appeared first on The Motley Fool Australia.

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More reading

• How does the Fortescue dividend stack up against BHP and Rio?
• How big will the Rio Tinto dividend be next year?
• Could the iron ore price slide below $100 US dollars in 2023?
• Why are ASX 200 mining stocks having such a shocking end to the week?
• This ASX small-cap lithium share is leaping 13% on a deal with Rio Tinto

Motley Fool contributor Bernd Struben 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 Scott Phillips.

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record another decline. At the time of writing, the benchmark index is down 0.45% to 7,202.5 points.

Four ASX shares that are not letting that stop them from rising today are listed below. Here’s why they are racing higher:

Life360 Inc (ASX: 360)

The Life360 share price is up 3.5% to $6.70. Investors have been buying this location technology company’s shares after brokers responded positively to its first-quarter update. One of those was Bell Potter, which reiterated its buy rating with an improved price target of $9.00.

Pointsbet Holdings Ltd (ASX: PBH)

The Pointsbet share price is up 4% to $1.42. This appears to have been driven by a positive broker note out of Ord Minnett. According to the note, the broker has upgraded this sports betting company’s shares to a buy rating with a $1.70 price target. This follows news that the company is selling its US business to Fanatics Betting and Gaming for US$150 million.

Serko Ltd (ASX: SKO)

The Serko share price is up 29% to $2.73. This has been driven by the release of the travel technology company’s full-year results. Serko reported a 154% increase in total income to NZ$48 million. Pleasingly, another strong year is expected in FY 2024, with management guiding to total income of NZ$63 million to NZ$70 million. This represents an increase of 31% to 46% year over year.

Temple & Webster Group Ltd (ASX: TPW)

The Temple & Webster share price is up over 18% to $4.48. Investors have been buying this online furniture retailer’s shares following the release of a trading update. Temple & Webster revealed that its sales were up 10% over the prior corresponding period during the last four weeks. This is a big improvement on recent sales trends.

The post Why Life360, Pointsbet, Serko, and Temple & Webster shares are racing higher appeared first on The Motley Fool Australia.

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Motley Fool contributor James Mickleboro has positions in Life360. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Life360, PointsBet, Serko, and Temple & Webster Group. The Motley Fool Australia has recommended PointsBet, Serko, and Temple & Webster Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The Tyro Payments Ltd (ASX: TYR) share price is in the green today.

Tyro shares are up 1%, currently fetching $1.515 each. For perspective, the S&P/ASX 200 Financials Index (ASX: XFJ) share price is 0.83% lower in afternoon trading.

Let’s take a look at what’s been happening at Tyro and the news out of Apple Pay today.

What’s going on?

Tyro is a fintech company developing payment solutions for businesses — online or in person.

ASX fintech companies are slightly up or down today, but not making any groundbreaking moves. For example, EML Payments Ltd (ASX: EML) shares are down 0.79%, while Zip Co Ltd (ASX: ZIP) shares are up 0.91%. Block Inc (ASX: SQ2) shares are sliding 1.08% at the time of writing.

In news today, Apple has introduced Tap to Pay for iPhone in Australia.

Local businesses — from market stall holders to retail stores and hospitality companies — will now be able to take in-person contactless payments via iPhones.

Apple vice president Jennifer Bailey said:

The convenience of Tap to Pay on iPhone empowers Australian businesses to offer easy, secure, and private contactless payment experiences to their customers, and help them run and grow their business.

Tyro Payments and Westpac Banking Corporation (ASX: WBC) are the first payment platforms delivering Tap to Phone on iPhone to customers.

Commenting on the news, Tyro CEO Jon Davey said:

Tap to Pay on iPhone is a fantastic, simple, and secure way for new or existing Tyro customers to accept payments using only their iPhone, anytime, anywhere — without the need for additional hardware.

We are excited to introduce this new offering to our customers, providing greater flexibility when staff are working onsite or are on the move. It couldn’t be simpler. Just download the Tyro BYO App to start accepting customer payments on your iPhone in minutes.

In December last year, Westpac pulled out of a takeover bid for Tyro, saying at the time: “Westpac has now undertaken due diligence on Tyro and has decided that submitting an offer is not in the best interests of Westpac shareholders at this time”.

However, Tyro said at the time it was still open to takeover talks provided it “represents compelling value”.

Tyro upgraded its full-year profit and earnings before interest, tax, depreciation and amortisation (EBITDA) guidance earlier this week. The company is now forecasting gross profit of between $192 million and $194 million for financial year 2023. The company’s EBITDA is tipped to be between $41 million and $43 million.

Share price snapshot

The Tyro share price has soared nearly 44% in the last 12 months. In the last week, it has dropped around 3.5%.

Tyro has a market capitalisation of about $783 million based on the latest share price.

The post Tyro share price leaps amid Apple Pay news appeared first on The Motley Fool Australia.

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More reading

• Tyro share price slumps despite cost reductions delivering earnings guidance upgrade

Motley Fool contributor Monica O’Shea has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Apple, EML Payments, Tyro Payments, and Zip Co. The Motley Fool Australia has recommended Apple, Tyro Payments, and Westpac Banking Corporation. 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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