The S&P/ASX 300 Index (ASX: XKO) is rebounding in positive territory on Thursday, after losing ground from yesterday’s weak performance.

At the time of writing, the ASX 300 is up 1.06% to 7,355.3 points. This means that the index is hovering around 2% higher in the past 5 trading days.

Let’s take a look at which ASX companies are making headlines today.

Netwealth Group Ltd (ASX: NWL)

The Netwealth share price is surging 15.75% to $16.54 in mid-afternoon trade.

The fintech company released its September quarterly update, highlighting record numbers for its funds under administration (FUA).

Netwealth reported that it held $52 billion in FUA, an increase of a mammoth 52.7% over the prior corresponding period.

Looking ahead, the company upgraded its FUA net inflow guidance for FY22 to $12.5 billion. This is a 25% jump from the previous $10 billion forecasted.

Liontown Resources Limited (ASX: LTR)

Another big mover on the ASX 300 is the Liontown share price, up 12.86% to $1.58.

The emerging lithium producer hasn’t reported anything today, however, its demerger with Minerals 260 Ltd (ASX: MI6) has been completed.

Liontown Resources is now focusing on developing its wholly-owned world-class Kathleen Valley Lithium Project. The asset is considered a tier-1 battery metals site with excellent grade and scale in one of Western Australia’s best mining districts.

Perseus Mining Limited (ASX: PRU)

Adding gains to the ASX 300 is the Perseus share price, up 9.68% and nearing its multi-year high of $1.70.

The gold miner provided investors with its successful exploration drilling results at the Yaoure Gold Mine in Cote d’Ivoire.

The infill drilling campaign confirmed the strong potential for further mineral resources beneath the currently operating CMA open pit. This will be used to upgrade the current Inferred Mineral Resource estimate to Indicated status.

It is expected that a Pre-Feasibility Study (PFS) for an underground mining operation will be completed by late June 2022.

And which ASX 300 companies are heading the other way?

Redbubble Ltd (ASX: RBL)

In decline today is the Redbubble share price, down 12.61% to $3.985.

The e-commerce company’s shares are coming under pressure following a disappointing trading update.

Redbubble announced that its trading performance in the first quarter came in line with expectations, despite losses across key metrics.

Total revenue fell by 28% to $126.7 million for the 3 months ending 30 September. This predominately led to gross profit sinking 34% to $42.4 million.

The company is forecasting a slow and steady return to pre-COVID 19 levels during the backend of FY22.

Coronado Global Resources Inc (ASX: CRN)

Also being weighed down by investors today is the Coronado share price, down 5.18% to $1.465.

The coal miner hasn’t reported any price-sensitive news since its half-year results in mid-August. However, it appears investors are taking profit after its shares reached a 52-week high of $1.68 on Tuesday.

The post Which ASX 300 shares are the major movers on Thursday? appeared first on The Motley Fool Australia.

More reading

• Why A2 Milk, HUB24, Netwealth & Perseus shares are storming higher
• Redbubble (ASX:RBL) share price sinks 13% following trading update
• Why Adriatic Metals, Platinum, Redbubble, & Whitehaven Coal are dropping
• ASX 200 (ASX:XJO) midday update: HUB24 & Netwealth impress, A2 Milk surges again
• Netwealth (ASX:NWL) share price jumps 10% following record quarter

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 Netwealth. The Motley Fool Australia owns shares of and has recommended Netwealth. 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 having a pretty top day of trading on the share market this Thursday so far. At the time of writing, the ASX 200 is up a healthy 1.05% to 7,349 points. But let’s dig a little deeper and check out which ASX 200 shares are topping the charts today so far in terms of trading volume, according to investing.com.

3 most active ASX 200 shares by volume today

A2 Milk Company Ltd (ASX: A2M)

Our first ASX 200 share up today is the dairy company A2 Milk. This Thursday has seen a robust 16.13 million A2 Milk shares change hands so far. This appears to be a byproduct of what we’ve seen with the A2 Milk share price today.

A2 Milk shares are currently up a healthy 4.86% at $6.90 a share. However, this company was up as high as $7.23 (or 7% or so) in early trade – a multi-month high for A2.

My Fool colleague Mitchell looked into this rise in more detail earlier this morning, but this share price jump is almost certainly what’s behind A2’s elevated trading volume today.

Pilbara Minerals Ltd (ASX: PLS)

Pilbara Minerals is our second ASX 200 share to look at today. This lithium producer has seen a hefty 18.05 million of its shares bought and sold on the share market thus far. There is not much in the way of news or announcements out of Pilbara this Thursday.

However, we have seen a big rise in the Pilbara share price today, which probably explains this elevated trading volume. At the present time, Pilbara shares are up by 4.85% to $2.05.

South32 Ltd (ASX: S32)

Another ASX 200 resource — diversified miner South32 — rounds out our list. We have seen a sizable 21.19 million of this miner’s shares trade owners so far today.

This comes after the company hit a 4-year high this morning of $4.07 a share. Before market open, South32 announced it has entered into a conditional agreement to purchase a 45% stake in a Chilian copper mine from the Sumitomo Corporation for US$1.55 billion.

This has clearly excited investors, with the South32 share price still up a pleasing 5.34% to $3.84 a share at the time of writing. This announcement and share price move are probably behind this company’s elevated trading volume today. 

The post These 3 ASX 200 shares are topping the volume charts this Thursday appeared first on The Motley Fool Australia.

More reading

• Why A2 Milk, HUB24, Netwealth & Perseus shares are storming higher
• Why is the A2 Milk (ASX:A2M) share price leaping again today?
• ASX 200 (ASX:XJO) midday update: HUB24 & Netwealth impress, A2 Milk surges again
• Why the South32 (ASX:S32) share price is jumping 11% to a multi-year high
• Why did the A2 Milk (ASX:A2M) share price have such a great FY22 first quarter?

Motley Fool contributor Sebastian Bowen owns shares of A2 Milk. 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 A2 Milk. 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 Suncorp Group Ltd (ASX: SUN) share price is in the red today, down 0.7% to $12.68 per share.

The S&P/ASX 200 Index (ASX: XJO), meanwhile, is shaking off its 3-day losing streak and currently up 1%.

But don’t place too much weight on a single day’s price action. Over the past 12 months, 6 months, and 1-month the Suncorp share price has handily beaten the returns from the ASX 200.

We’ll take a brief look at how the insurance and financial services company has performed below. But first…

Why this fund manager is bullish on the Suncorp share price

Earlier this month, The Motley Fool interviewed Andrew Martin – principal portfolio manager of the Alphinity Australian Share Fund and Alphinity Concentrated Australian Share Fund.

(You can find the full interview here.)

Martin told us that his funds focus on companies that are getting consistent earnings upgrades.

That means he typically concentrates on individual shares rather than looking at things from a broader sector viewpoint.

However, he added, “One of the few sectors left getting earnings upgrades is insurance.”

The insurance industry is experiencing some of the best conditions since the early 2000s, Martin told us. “A much better pricing environment coming through is helping grow the top line, and then you get this expansion in margin.”

Suncorp was one of the companies Martin was bullish on.

After experiencing some issues in recent years, he said:

There’s a bit of a turnaround happening that’s just starting to bite. And it also gets a bit of benefit from COVID lockdowns. When fewer people drive their cars, fewer people crash. And when more people are at home, fewer houses get burgled.

Suncorp snapshot

As mentioned up top, the Suncorp share price has significantly outperformed the ASX 200 over the past year. Suncorp’s shares are up 43% in 12 months compared to a 19% gain on the ASX 200.

Year-to-date, Suncorp is up 28%.

The company pays a 5.2% trailing dividend yield, fully franked.

At the current Suncorp share price, the company has a market cap of approximately $16.2 billion.

The post Why this fund manager is bullish on the Suncorp (ASX:SUN) share price appeared first on The Motley Fool Australia.

More reading

• The most important catalyst for outperforming ASX shares: fund manager
• The ASX 200 banks may be in danger as half of mortgage-stressed households have “borrowed to the hilt”
• Confirmed: APRA is planning action on home loans, ASX 200 banks drop
• Here’s why the Suncorp (ASX:SUN) share price is lifting today
• Here’s why ASX 200 insurers are underperforming the market this Wednesday

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 Coles Group Ltd (ASX: COL) share price has been on form over the last six months.

During this time, the supermarket operator’s shares have climbed 11% to $17.53.

Could the Coles share price climb to $20.00 by the end of the year?

The good news for investors is that it may not be too late to buy Coles shares.

According to a recent note out of Morgans, its analysts have an add rating and $19.80 price target on its shares.

Based on the current Coles share price, this implies potential upside of 13% for investors before dividends.

And with Morgans forecasting a fully franked 61 cents per share dividend in FY 2022, the potential return on offer stretches to over 16%.

In light of the above, the team at Morgans appear to believe there’s a chance the Coles share price could be trading around the $20.00 level by the end of the year.

Why is Morgans positive on the company?

Morgans is positive on the Coles share price due to its belief that it offers far more value than Woolworths Group Ltd (ASX: WOW). Its analysts also believe that Coles is well-placed to benefit from a number of COVID tailwinds such as working from home.

The broker recently commented: “While vaccines are being rolled out across Australia, we think people will continue to spend more time at home due to the ongoing risk of COVID flare-ups with the working-from-home trend also likely to stay for some time. This will be beneficial for the major supermarket operators. We continue to see COL as offering better value than WOW.”

“COL is a defensive business with strong market positions and a healthy balance sheet. Trading on 24.6x FY22F PE and 3.3% yield we continue to see the stock as offering good value and maintain our Add rating,” Morgans also stated.

The post Could the Coles (ASX:COL) share price hit $20 by the end of 2021? appeared first on The Motley Fool Australia.

More reading

• Coles (ASX:COL) share price lifts amid CEO’s forecast of record Christmas
• 2 ASX dividend shares analysts love
• 2 high quality ASX 200 shares named as buys
• Why this broker sees 17% upside for the Coles (ASX:COL) share price
• 2 highly rated ASX dividend shares to buy

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 owns shares of and has recommended COLESGROUP DEF SET. 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 Fortescue Metals Group Ltd (ASX: FMG) share price is rallying together with the broader S&P/ASX 200 Index (ASX: XJO) today despite a fall in iron ore prices.

At the time of writing, the Fortescue share price is up 2.86% to $14.40 while the ASX 200 is up 1% to 7,343 points.

Fortescue share price rallies against all odds

Competitors edge lower in overnight trade

Fortescue shrugged off a weak overnight performance from BHP Group Ltd (ASX: BHP) and Rio Tinto Limited (ASX: RIO) and its counterparts listed on the New York Stock Exchange.

Shares in the iron ore majors tipped a respective 0.59% and 0.35% lower despite all three major US indices closing in positive territory.

Iron ore prices weak after recent bounce

The Fortescue share price is also rallying despite weaker iron ore prices.

According to Fastmarkets, spot prices fell US$4.83 or 3.7% to US$124.17 a tonne on Wednesday.

In addition, Chinese iron ore futures on the Dalian Commodity Exchange opened lower this morning. The most active futures contracts for January 2022 delivery are currently down 3.1% to about 730 yuan (US$113) a tonne.

China’s property debt crisis intensifies

Evergrande missed another round of interest payments worth US$150 million this week, after missing two other payments in September.

Reuters flagged that China’s property debt crisis is now far-reaching, with players such as Evergrande’s mid-sized rival Fantasia missing a payment and Modern Land and Sinic Holdings seeking to delay payment deadlines.

These concerns have had a flow-on effect on China’s housing prices. Home values in 11 key cities fell 1.1% month-on-month in August and 1.6% in September.

According to Yuantalks, these falls represent the steepest drops since late 2019.

Beijing Winter Olympics weigh on steel output

Steel mills in almost 30 cities in Northern China will face production cuts between November and March 2022 to ensure the skies are clear for the Winter Olympic Games in Beijing and the neighbouring Hebei province, according to Bloomberg.

China’s strict mandate on steel production and emissions was a driving force behind the Fortescue share price sell-off between August and late September.

The post Fortescue (ASX:FMG) share price up 3% against all odds appeared first on The Motley Fool Australia.

More reading

• 3 reasons why the Fortescue (ASX:FMG) share price could be a buy
• Fortescue (ASX:FMG) share price down 5% as iron ore retreats
• Why Bank of Queensland, Fortescue, Liontown, & Pact shares are dropping
• Here’s why ASX hydrogen shares are leaping higher today
• Why did the Fortescue (ASX:FMG) share price have such a lousy FY22 first quarter?

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. 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 Red Dirt Metals Ltd (ASX: RDT) share price soared to a new all-time high today after the company released news from its Mt Ida Project. However, it has since plunged into the red.

At the time of writing, Red Dirt Metals’ shares are trading for 82.5 cents, 0.6% lower than they were at the end of yesterday’s session.

However, earlier today, the company’s share price took off to reach 92.5 cents. That’s a new record high for the company’s stock and an 11.4% gain on its previous closing price.

So, what news inspired such a dramatic movement from Red Dirt Metals shares on Thursday? Let’s take a look.

Spodumene found at Mt Ida Project

The Red Dirt Metals share price hit new heights after the company announced it had struck spodumene at its Mt Ida Project.

Semi-quantitative XRD analysis completed on one of the Western Australia project’s drill holes found a pegmatite interval with up to 63% spodumene.

Of four samples taken from drill hole IDDD002, 1 housed 63% spodumene and another housed 52% spodumene. Additional results are still pending.

The company says the results are “an excellent beginning” to its understanding of the project.

Another drilling program is expected to start at the Mt Ida Project next week. Initially, the company is planning for it to be a 25,000-metre program. It will be completed with a mix of reverse cycle and diamond drilling.

Commentary from management

Red Dirt Metals’ CEO Matthew Boye commented on the news that drove the company’s share price to new heights today, saying:

Having now confirmed what we originally identified visually as spodumene being the dominant lithium bearing mineral from within the sampled interval in hole IDDD002 and that the mineral distribution fits an idealised pegmatitic model we are confident we are exploring a system with huge potential.

Red Dirt Metals share price snapshot

The Red Dirt Metals share price has been performing brilliantly on the ASX lately.

It is currently 203% higher than it was at the start of this year. It has also gained 256% since this time last year.

The post The Red Dirt Metals (ASX:RDT) share price just hit an all-time high. Here’s why appeared first on The Motley Fool Australia.

More reading

• Why is the Red Dirt Metals (ASX:RDT) share price soaring 19% today?
• Red Dirt Metals (ASX:RDT) share price launches 45% on lithium update

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 Silver Lake Resources Limited. (ASX: SLR) share price is gaining ground this afternoon and now trades 5% higher on the day at $1.65.

That caps off an impressive week for the gold-copper miner, having climbed a further 10% into the green this past week, ahead of the S&P/ASX 200 index (ASX: XJO)’s return of 1.89% in the same time.

What’s pushing Silver Lake shares higher today?

Whilst there’s been no market-sensitive information for the company today, Silver Lake shares have been on the move since late September, coming off a low of $1.28 near month’s end.

This uptrend has continued until today. Consequently, the company now trades back at its June-July 2021 price levels.

In the absence of any price-sensitive news, we have to look to the underlying commodity markets the company has exposure to in order to understand what might be fuelling this momentum.

Silver Lake’s main revenue stream is the sale of gold and gold-copper concentrate in Australia – the latter of which is used to derive both gold and the base metal copper.

As such, it is considered a price taker that must accept the going rates of the markets it sells into.

In the world of the commodity markets, this is often determined by the unseen forces of supply and demand, plus some fundamental factors – not too dissimilar from the financial markets.

However, specific to gold, this also has to do with the yellow metal’s status as a safe-haven asset in times of economic uncertainty.

Traditionally, in times of market turbulence, downturn, and so on, investors flock to open positions in the precious golden metal– either buying the bullion itself, futures contracts, or equities in gold mining companies – in a part of what is known as a “flight to quality”.

We’ve seen the culmination of these forces begin to take effect over the last month or so, particularly with the tapering of the US Federal Reserve bond purchase program; inflationary pressures induced from the pandemic; and the energy crisis that has begun to plague the UK and Europe.

As such, the price of gold has crept up from a previous low of US$1,726/t.oz on 29 September to now trade at US$1,789/t.oz at last check.

This upward move in gold pricing appears to have inflected positively on the broader ASX gold sector, with the S&P/ASX All Ordinaries Gold Index (XGD) also climbing 3.5% and 8.5% today and in the past week respectively.

That’s well ahead of the benchmark index’s paltry 1.8% return in this time.

In light of these relationships, and strengths in the broad ASX gold sector, the picture starts to form as to what is driving the Silver Lake share price today.

As the price of gold continues to gain strength in the near term, it appears investors who are bullish on gold are concurrently bidding up the gold miner’s share price.

Silver Lake share price snapshot

Despite rallying 20% in the last month and its past week’s gain, the Silver Lake share price has had a difficult year to date.

It has posted a loss of 8% since January 1, extending its bloodbath over the past 12 months to a loss of 31.5%.

These results are well behind the broad index’s return of around 19% in that time.

The post The Silver Lake (ASX:SLR) share price is up 10% in the last week appeared first on The Motley Fool Australia.

More reading

• Which shares are the biggest winners and losers on the ASX 300 today?
• ASX 200 (ASX:XJO) midday update: Afterpay & Zip sink, energy shares rise
• ASX 200 (ASX:XJO) midday update: Gold miners jump, Pro Medicus wins contract

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 S&P/ASX 200 Index (ASX: XJO) is back on form and charging higher on Thursday. In afternoon trade, the benchmark index is up 1.1% to 7,352.8 points.

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

A2 Milk Company Ltd (ASX: A2M)

The A2 Milk share price is up 3.5% to $6.81. This infant formula company’s shares were given a boost this week by a positive update from Bubs Australia Ltd (ASX: BUB). That update revealed strong sales growth during the first quarter, which appears to indicate that the worst could be behind the infant formula market.

HUB24 Ltd (ASX: HUB)

The HUB24 share price is up 9% to $31.27. This follows the release of the investment platform provider’s first quarter update this morning. According to the release, HUB24 achieved record net inflows of $3 billion for the three months ended 30 September. As a result, at the end of the period, total FUA reached $63.2 billion.

Netwealth Group Ltd (ASX: NWL)

The Netwealth share price has jumped 16% to $16.55. As with HUB24, this strong gain has been driven by the release of this investment platform provider’s first quarter update. According to the release, Netwealth reported record net inflows of $4 billion for the quarter. This took Netwealth’s FUA to $52 billion, which represents an increase of 10.2% for the quarter.

Perseus Mining Limited (ASX: PRU)

The Perseus Mining share price is up almost 10% to $1.70. Investors have been buying the gold miner’s shares following the release of an update on exploration activities at its Yaouré Gold Mine in the Ivory Coast. The release reveals that recent results from infill drilling at Yaouré confirms strong potential for further mineral resources beneath the currently operating CMA open pit.

The post Why A2 Milk, HUB24, Netwealth, & Perseus shares are storming higher appeared first on The Motley Fool Australia.

More reading

• Why is the A2 Milk (ASX:A2M) share price leaping again today?
• ASX 200 (ASX:XJO) midday update: HUB24 & Netwealth impress, A2 Milk surges again
• Why did the A2 Milk (ASX:A2M) share price have such a great FY22 first quarter?
• Netwealth (ASX:NWL) share price jumps 10% following record quarter
• HUB24 (ASX:HUB) share price on watch after record Q1 performance

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. owns shares of and has recommended Hub24 Ltd and Netwealth. The Motley Fool Australia owns shares of and has recommended Netwealth. The Motley Fool Australia has recommended A2 Milk and Hub24 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 Redbubble Ltd (ASX: RBL) share price is having a horrific afternoon on Thursday following the company’s latest trading update.

At the time of writing, the e-commerce company’s shares are down a sizeable 13.16% to $3.96. In contrast, the All Ordinaries Index (ASX: XAO) is up 1.14% to 7,658 points.

How did Redbubble perform?

In today’s release, Redbubble announced the results for its first quarter of the 2022 financial year.

The company reported a disappointing set of numbers across key metrics, despite improving performance from July to September. On the back of the results, the Redbubble share price tanked as low as $3.82 during the first hour of morning trade.

For the period ending 30 September, total revenue fell by 28% to $126.7 million. This predominantly came from marketplace revenue which also dropped by 28% to $105.9 million. Excluding mask sales, Redbubble achieved a lift from negative 11% in July to negative 2% in September.

Gross profit sank by 34% to $42.4 million, despite efforts to continue delivering initiatives to drive growth. Key strategic themes included:

• Launch of Afterpay for customers in the US, Canada, UK, and Australia;
• 13 loyalty experiments completed with 7 showing early positive retention signals;
• Introduced search and recommendation experiment to improve discoverability of new artists and works; and
• 18 new products and line extensions brought to market such as dad hats, baseball caps, desk mats, mouse pads, and iPhone 13 cases.

Further dragging down the overall result, earnings before interest, tax, depreciation and, amortisation (EBITDA) plummeted 85% to $3.9 million.

At the end of the quarter, Redbubble declared a cash balance of $109 million.

While the company noted the performance was in line with expectations, shareholders didn’t take the result too kindly, pushing the Redbubble share price into negative territory.

What’s ahead for Redbubble?

Looking towards the remainder of the financial year, Redbubble is forecasting a slow and steady return to pre-COVID 19 levels.

As such, FY22 marketplace revenue is forecasted to be a tad higher than FY21, mainly weighted towards the backend.

Furthermore, targeted investments are expected to affect gross margin, marketing, and operating expense lines. EBITDA margin as a percentage of marketplace revenue is projected to be in the mid-single-digit range for FY22.

Redbubble remains confident the medium to longer-term opportunity will enable it to accelerate its presence online.

About the Redbubble share price

Over the past 12 months, the Redbubble share price has tumbled by about 17%. It is also down around 30% year to date.

Redbubble has a market capitalisation of roughly $1.09 billion and has almost 296 million shares outstanding.

The post Redbubble (ASX:RBL) share price sinks 13% following trading update appeared first on The Motley Fool Australia.

More reading

• Why Adriatic Metals, Platinum, Redbubble, & Whitehaven Coal are dropping
• Redbubble (ASX:RBL) share price on watch after first quarter update
• 3 reasons why the Redbubble (ASX:RBL) share price could be a top buy
• Top brokers name 3 ASX shares to buy next week
• 2 impressive ASX shares that could be buys in October 2021

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. 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 enjoying a solid day of gains on the ASX boards so far this Thursday. At the time of writing, the ASX 200 is up a healthy 1.05% to 7,348 points. But that’s not quite as good as the Xero Limited (ASX: XRO) share price today.

Xero shares are currently up a pleasing 5% on the dot at the time of writing to $142.66 a share. That’s obviously a strong outperformance of the ASX 200 today. So why are Xero shares giving investors such strong gains?

Well, it’s not immediately clear what’s pushing Xero shares up so enthusiastically today. There are no news or announcements out of the company as of yet.

Xero shares join ASX tech surge

However, Xero is slotting into a clear trend that we are seeing on the share market this Thursday. Whilst the ASX 200 is in the green, it is ASX tech shares that seem to be doing most of the heavy lifting. Together with the ASX gold sector, tech shares are dominating the ASX 200’s gains today. The S&P/ASX All Technology Index (ASX: XTX) is up a robust 2.46% so far, with major constituents like Afterpay Ltd (ASX: APT) and WiseTech Global Ltd (ASX: WTC) all enjoying strong gains.

Afterpay and WiseTech Global in particular are very hot this Thursday. Afterpay shares are presently up by 4.73% to $120.96, an eerily similar figure to Xero. WiseTech is doing even better. This fellow WAAAXer is enjoying a massive 7.37% boost to $53.61 at the current time.

Despite all of these strong performances, there is not much in the way of major news out of any of them. This may indicate that we are seeing a market-wide appetite for ASX tech shares like Xero today. This sector did take the brunt of the market sell off we saw earlier this week. In fact, as my Fool colleague Kerry covered only back on Tuesday, these companies were all shedding between 3-6% on both Monday and Tuesday.

As tech shares, including the Xero share price often experience, it seems investors have gone from wanting nothing to do with them on Monday, to being desperate to add them by Thursday. Such is life on the ASX, one could say.

At Xero’s current share price, this cloud-based accounting software provider has a market capitalisation of $21.17 billion and a price-to-earnings (P/E) ratio of 1,095.

The post Why is the Xero (ASX:XRO) share price leaping 5% today? appeared first on The Motley Fool Australia.

More reading

• These ASX tech shares are lighting up the ASX 200 today
• Why ASX 200 tech shares are struggling this week
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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. owns shares of and has recommended AFTERPAY T FPO, WiseTech Global, and Xero. The Motley Fool Australia owns shares of and has recommended AFTERPAY T FPO, WiseTech Global, and Xero. 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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