At lunch on Thursday the S&P/ASX 200 Index (ASX: XJO) is on course to make it three days of gains in a row. The benchmark index is currently up 0.9% to 5,986.3 points.

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

Webjet boosts its liquidity.

The Webjet Limited (ASX: WEB) share price is dropping lower on Thursday after successfully pricing an offering of A$163.1 million convertible notes. The online travel agent’s Managing Director, John Guscic, explained that the offering was being undertaken to maintain a strong balance sheet as Webjet continues “to navigate the challenging operating environment caused by COVID-19.” Some of the funds may also be used for acquisitions in the future.

Big four banks on form.

The big four banks are on form again today and are playing a key role in driving the ASX 200 higher. At lunch all four banks are pushing higher, with the Westpac Banking Corp (ASX: WBC) share price leading the way. Its shares are currently up 1.4%. The laggard in the group is the Commonwealth Bank of Australia (ASX: CBA) share price with a gain of 0.6%.

Afterpay price target lifted.

The Afterpay Ltd (ASX: APT) share price is zooming higher on Thursday after being the subject of a positive broker note out of Citi. Although the broker has retained its neutral rating on its shares, it has lifted its price target materially. Citi has increased its price target by more than double to $64.25 after upgrading its earnings estimates.

Best and worst ASX 200 performers.

The best performer on the ASX 200 on Thursday has been the Afterpay share price with a gain of 6.5%. This follows the release of Citi’s broker note this morning. The worst performer on the index has been the NRW Holdings Limited (ASX: NWH) share price with a 4.5% decline. This is despite there being no news out of the mining services company.

More reading

• Why Afterpay, Bigtincan, Dicker Data, & NIB shares are racing higher
• Why De Grey, Resolute, Suncorp, & Webjet shares are dropping lower
• What’s next for WAAAX shares?
• Fund managers have been snapping up Sonic and these ASX 200 stocks
• Can the Afterpay share price climb another 150% in FY21?

Motley Fool contributor James Mickleboro owns shares of Westpac Banking. The Motley Fool Australia owns shares of and has recommended Webjet Ltd. The Motley Fool Australia owns shares of AFTERPAY T FPO. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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In late morning trade the S&P/ASX 200 Index (ASX: XJO) is on course to record its third consecutive gain. At the time of writing the benchmark index is up 0.95% to 5,991.2 points.

Four shares that have failed to follow the market higher today are listed below. Here’s why these shares are dropping lower:

The De Grey Mining Limited (ASX: DEG) share price is down 2% to 98.2 cents. This appears to be a case of profit taking after a very strong gain this week. Prior to today, the gold-focused mineral exploration company’s shares were up over 13% week to date. Investors have been buying its shares following impressive drilling results at the Hemi prospect.

The Resolute Mining Limited (ASX: RSG) share price is down 3.5% to $1.17. Investors have been selling the gold miner after a pullback in the price of the precious metal overnight. The gold price dropped lower after the release of stronger than expected economic data. It isn’t just Resolute on the slide. The S&P/ASX All Ordinaries Gold index is down 0.7% at the time of writing.

The Suncorp Group Ltd (ASX: SUN) share price is down almost 1% to $8.78. This morning Credit Suisse downgraded the insurance and banking giant’s shares to an underperform rating and cut the price target on them to $8.75. It made the move after downgrading its earnings estimates following yesterday’s new operating model announcement.

The Webjet Limited (ASX: WEB) share price is down 3% to $3.47. This decline appears to have been driven by the online travel agent’s decision to boost its liquidity further. Webjet is doing this through an offering of 100 million euros (A$163.1 million) convertible notes due in 2027. Webjet’s Managing Director, John Guscic, explained: “This Offering supports our ongoing focus on maintaining a strong balance sheet as we continue to navigate the challenging operating environment caused by COVID-19.”

More reading

• ASX 200 up 0.9%: Citi lifts Afterpay price target, Webjet boosts liquidity
• Fund managers have been snapping up Sonic and these ASX 200 stocks
• Webjet share price on watch after boosting its liquidity
• 5 things to watch on the ASX 200 on Thursday
• ASX 200 finishes 0.6% higher, Aussie house prices fall

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Webjet Ltd. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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WAAAX shares were hammered in the March downturn. Since then, WAAAX share prices have recovered to varying degrees, with some seeing massive gains, while others have experienced more moderate share price recoveries. The coronavirus pandemic has had a mixed impact on these companies. Some, such as Afterpay Ltd (ASX: APT) have benefitted, while others, such as Appen Ltd (ASX: APX) have seen minimal impacts.

Let’s take a look at how WAAAX shares are performing and their outlook going forward.

WiseTech Global Ltd (ASX: WTC)

The WiseTech share price is up 77% from its March low of $10.48 but remains 36% below its high for the year of $29.44. The share price fell earlier this week when founder Richard White sold $46 million of WiseTech shares, cashing in on the share price recovery. WiseTech shares were trading as high as $38 last year before short-sellers took aim at the company, questioning its accounting methods. According to the Australian Financial Review, short-seller J Capital had previously estimated that insiders have sold $259 million worth of shares in WiseTech since it listed.

WiseTech had been reporting impressive rates of growth, driven by the company’s many acquisitions over recent years. In FY19 alone, WiseTech made 15 acquisitions across Europe, Asia, Australasia and the United States. In May, WiseTech announced it had agreed to replace cash earn-out payments with equity across 17 of its acquired businesses in order to strengthen its balance sheet and liquidity. Richard White has said the business continues to demonstrate resilience in the current environment. Digital transformations are expected to accelerate, driving demand for global technology and integrated platforms such as WiseTech’s CargoWise.

Afterpay Ltd 

The Afterpay share price has surged an incredible 600% since its March low of $8.90. Shares are currently trading at $62.24, surpassing previous highs. Demand for the buy-now-pay-later (BNPL) provider’s solutions has actually increased with the coronavirus-linked economic downturn. Last month Afterpay reached 5 million active customers in the US, with 1 million new customers joining the platform during the 10 weeks to 20 May. More than 15,000 US retailers are offering, or are in the process of offering, Afterpay to customers, with the company processing $2.4 billion in the year to Q3 FY20, a 354% increase over the same period in FY19.    

Tencent Holdings Ltd (HKG: 0700) became a substantial shareholder in Afterpay in May, giving a vote of confidence to the business model. Tencent’s Chief Strategy Officer, James Mitchell said Afterpay’s service “Aligns so well with consumer trends we see developing globally….we look forward to a deep and long-term business partnership between Tencent and Afterpay.” Afterpay has continued to grow throughout the pandemic, with March the company’s third-highest underlying sales month on record.

Altium Limited (ASX: ALU)

The Altium share price has gained 31% since its March low of $24.67 and is currently trading at $32.30. Although the share price has yet to regain its 2020 high of $42.63, the company is predicting growth in revenue over the full year, albeit at a level below recent analyst consensus. Historically, Altium closes a significant amount of its second-half business in the last 2weeks of June. As announced last week, this June the run-rate has been impacted by the recent lockdown in Beijing and COVID-19 infection rates in the United States.

Altium is seeing strong seat growth through its offering of extended payment terms to support customers during COVID-19. This will get the company close to or just surpass the key target of 50,000 subscribers. This strategy will, however, have a revenue impact. Although Altium is expected to deliver solid revenue growth it is set to land marginally behind recent analyst consensus. A market update of headline sales and revenue results for FY20 is expected early this month.

Appen Ltd 

The Appen share price has gained more than 100% since its March low of $17.14. Appen shares have surpassed previous highs and are currently trading at $34.45. The pandemic is expected to have a negligible impact on the company based on currently available information. Appen has also affirmed its full-year FY20 guidance. Revenue plus orders in hand for delivery were $350 million at May 2020. Full-year underlying EBITDA for the year ending 31 December 2020 is expected to be between $125 million–$130 million.

Appen operates in the high growth artificial intelligence space, providing essential data for AI development and maintenance. Global spending on AI systems is predicted to reach $97.9 billion in 2023, up from $37.5 billion in 2019. This gives a compound annual growth rate of 28.4% for 2018–2023. Appen grew revenue by 47% in 2019 thanks to strong organic growth. Existing customers are underpinning revenue growth with increased demand for existing and new projects. Appen has also made substantial investments in sales and marketing in FY20 to lay the foundation for future growth.

Xero Limited (ASX: XRO)

The Xero share price has gained 54% from its March low of $58.75. The share price has now surpassed previous highs to trade at $91.35. The accounting software company reported strong financial results for the New Zealand financial year ended 31 March 2020. Operating revenue grew 30% to NZD$718.2 million with subscriber numbers growing 26% to 2.285 million. Annualised monthly recurring revenue grew 29% to $820.6 million as a result of the increase in subscriber numbers. Xero saw its first full-year NPAT of $3.3 million in FY20. This was an improvement of $30.5 million from a $27.1 million loss in FY19.

While the WAAAx share performed strongly in FY20, New Zealand’s FY21 early trading has been impacted by COVID-19. Xero is vulnerable to the current economic downturn, due to holding many small and medium business customers.

CEO Steve Vamos said:

“Many of our customers and partnerships are having to adapt the way they operate while investing enormous effort to survive this difficult time. Helping them is our immediate priority.”

More reading

• Can the Afterpay share price climb another 150% in FY21?
• 10 FY21 ASX share picks revealed by Bell Potter
• Should ASX investors be worried about insider selling?
• These 2 ASX tech shares show stellar growth prospects
• Why Avita, Brickworks, Fisher & Paykel Healthcare, & WiseTech Global are tumbling lower

Kate O’Brien owns shares of Altium and Appen Ltd. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Altium and Xero. The Motley Fool Australia owns shares of AFTERPAY T FPO, Appen Ltd, and WiseTech Global. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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After shooting up by 30.7% yesterday on the back of a business update, the Family Insights Group Ltd (ASX: FAM) share price has since plummeted by 20.59% at the time of writing, dropping back to $0.027 in morning trade.

Yesterday’s announcement included an update on the company’s business development, commercialisation activities and its retail data platform capabilities.

What was included in the Family Insights announcement?

The announcement outlined that Family Insights Group had successfully completed a comprehensive retail data project with leading online pet supplies company, Pet Circle. While the project was not financially material according to Family Insight Group’s directors, they did consider it a milestone for the company. Following the successful completion of this project, Family Insights Group has been invited to submit a further project proposal to Pet Circle with the prospect of ongoing commercial work. 

Family Insights Group also announced that it is involved in multiple tender processes with major Australian grocery retailers for the provision of retail data.

Additionally, the company announced that it had received grocery and product pricing from Coles and Woolworths for a period of 12 months, allowing for critical year-on-year pricing and promotional analytics.

Family Insights Group CEO Mr Sean Smith stated:

With data acquisition activities having commenced in June last year the company has now acquired over 12 months of grocery product and pricing data from Coles and Woolworths. This plays critical importance in the commercialisation of the company’s grocery pricing and promotional analytics capability as retailers and suppliers planning activities and pricing strategies are often structured based on year on year cycles. We are delighted with the results of our first trial and are now ideally positioned to expand business development activities.

The company also confirmed that its main analytics product, Infocus Analytics, continues to be developed and improved in tandem with Family Insights’ commercial activities.

About the Family Insights share price

The Family Insights Group provides data driven products, insights and behavioural research through cloud based mobile and web solutions.

The group released a business update in April outlining the recent performance of the business. It reported that its grocery comparison app ‘frugl’ was market ready and indicated that it believed frugl’s cost-savings ability will be highly relevant during the developing economic crisis engulfing Australia.

It also announced that the company was undergoing a restructure and had implemented austerity measures in order to strengthen its ability to continue operations during the economic fallout of the COVID-19 pandemic. The group indicated that it expected its austerity measures to reduce monthly operational expenditure by approximately $93,000 per month.

The company’s cash balance was down $448,000 in the March quarter to $198,000. Family Insights has since raised $660,000 in a capital raising at $0.02 cents per share, which took place in April.

The Family Insights Group share price is up 35% from its 52 week low of $0.02, but is down 46% since the beginning of the year. The Family Insights Group share price is also down 46% since this time last year.

More reading

• What’s next for WAAAX shares?
• Dicker Data share price surges higher after revealing strong first half profit growth
• Fund managers have been snapping up Sonic and these ASX 200 stocks
• NIB share price storms higher on market update
• The impact of housing figures on real estate shares

Motley Fool contributor Chris Chitty has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The Dicker Data Ltd (ASX: DDR) share price has been a standout performer on the ASX on Thursday.

In morning trade the shares of the wholesale distributor of computer software and hardware are up over 8% to $7.59.

Why is the Dicker Data share price storming higher?

Investors have been fighting to get hold of Dicker Data’s shares after the release of a first half market update.

According to the release, Dicker Data’s strong performance continued in the second quarter and led to solid sales and profit growth during the first half.

The company has recorded over $1 billion of unaudited revenue during the half, which represents an 18.3% increase over the prior corresponding period.

Almost a quarter of this revenue was generated in the final month of the half. Dicker Data delivered record revenue for June of $224 million.

Things were even better on the bottom line during the half. The widening of its margins led to its unaudited net profit before tax coming in at approximately $40 million for the six months. This represents a 25% jump on its profit before tax during the first half of FY 2019.

What has driven this strong half?

Today’s update was short on detail, but it is likely that the same drivers of its strong first quarter carried over into the second quarter.

In the first quarter, management advised that strong demand for remote working solutions was a key driver of its sales growth.

Management commented: “With many organisations enabling their workforces to work remotely we have seen a surge in demand for remote working solutions across both our hardware and software portfolios, highlighting IT distribution’s role as an essential component for business continuity.”

The increased sales led to operating cost leverage being achieved, which was also supported by savings in finance costs as a result of the lower interest rate environment.

Dividend.

No update was given in relation to its dividend plans. This appears to indicate that it continues to expect to pay an interim fully franked 7.5 cents per share dividend for the first half.

After which, management has guided to a full year dividend of 35.5 cents per share fully franked. This represents a 31.5% increase on FY 2019’s dividend.

More reading

• These 2 ASX tech shares show stellar growth prospects
• Why Fortescue and these ASX dividend shares could be top income options
• 3 quality ASX shares offering shareholders generous dividends
• Beat low interest rates with Telstra and these ASX dividend shares
• 3 high quality dividend shares to buy instead of the big four banks

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Dicker Data Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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Fund managers have been snapping up ASX shares with their average cash balance dropping again in May to a more than two-year low.

This is usually a bullish sign for the S&P/ASX 200 Index (Index:^AXJO), although most of the latest buying is focused on defensive ASX stocks, according to JP Morgan.

The broker undertakes a monthly survey of fund managers and it found that the average cash holdings have dropped by a “remarkable” 120 basis points since the peak of the COVID-19 mayhem in March.

Putting cash to work

Fundies are now holding around 4.8% of their assets in cash as they bought shares in healthcare, telecoms and utilities.

“For the first time since January, Financials benefited from inflows (+15bp), which aligns with our analysis in last month’s [survey], in which we pointed to the need to “risk manage” the deep UW [underweight] that the majority of Australian institutions run on the sector,” said the broker.

A hot favourite in May

One stock that these professional investors have been buying in May was Sonic Healthcare Limited (ASX: SHL).

The medical diagnostic group is the latest member of JP Morgan’s “love index”, which ranks the top 30 stocks on the ASX 200 to the number of shares held by fund managers.

Other well-loved stocks include Telstra Corporation Ltd (ASX: TLS), BHP Group Ltd (ASX: BHP), Rio Tinto Limited (ASX: RIO), AMCOR PLC/IDR UNRESTR (ASX: AMC), Suncorp Group Ltd (ASX: SUN) and QBE Insurance Group Ltd (ASX: QBE).

Gaming machine maker Aristocrat Leisure Limited (ASX: ALL) is also in the group, although fundies have been taking some profit on the stock two months ago.

Falling out of love

Meanwhile, stocks that dropped into the “neutral” zone in May are National Australia Bank Ltd. (ASX: NAB), Coles Group Ltd (ASX: COL) and A2 Milk Company Ltd (ASX: A2M).

There are also some notable large caps that have fallen into the “unloved” or underheld category. Blood products maker CSL Limited (ASX: CSL) is one, which may not come as a surprise as its share price has been underperforming in recent times after it surged well over $300.

Another is stock market operator ASX Ltd (ASX: ASX) and the two stocks join the likes of Transurban Group (ASX: TCL), Insurance Australia Group Ltd (ASX: IAG) and Woolworths Group Ltd (ASX: WOW).

Foolish takeaway

Getting a sense of what the professionals are doing and thinking can provide clues to where the market is heading, but remember the data is around two months old – and that’s a long time in markets.

Some of these positions could have changed since, although I suspect defensive stocks will remain in vogue as the Australia and the world grapples with the risk of a second wave coronavirus outbreak.

More reading

• The Marley Spoon share price is up 588% in 2020. Will it keep delivering?
• Down 32% in FY20, is the NAB share price a buy this year?
• 5 things to watch on the ASX 200 on Thursday
• Should you buy Coles or Woolworths shares?
• ASX 200 finishes 0.6% higher, Aussie house prices fall

Brendon Lau owns shares of Aristocrat Leisure Ltd., BHP Billiton Limited, National Australia Bank Limited, Rio Tinto Ltd., Telstra Limited, and Woolworths Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of CSL Ltd. The Motley Fool Australia owns shares of and has recommended Amcor Limited and Telstra Limited. The Motley Fool Australia owns shares of A2 Milk, COLESGROUP DEF SET, Transurban Group, and Woolworths Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The NIB Holdings Limited (ASX: NHF) share price is pushing higher on Thursday after the release of an announcement.

At the time of writing the private health insurer’s shares are up 3% to $4.77.

What did NIB announce?

This morning NIB responded to an announcement by the Australian Prudential Regulation Authority’s (APRA) which urged private health insurers to provision in FY 2020 for a presumed catch up in treatment and claims post-pandemic.

In a letter to private health insurers, APRA directed capital requirements allow (as a general liability) an expectation of hospital and allied treatment deferred during the course of COVID-19 to now occur during FY 2021.

In response to this, NIB has confirmed that its forecast capital position remains well ahead of regulatory requirements, internal targets, and allows for APRA’s announcement.

The company’s Managing Director, Mark Fitzgibbon, commented: “The impact of COVID-19 on healthcare treatment and claims remains unclear and we’ll only be in a position to finalise an estimate of a liability once FY20 actual claims experience is clearer. Nevertheless, we’ve modelled APRA’s direction and expect to have a level of retained capital well ahead of APRA’s minimum capital requirement as well as nib’s own internal target.”

The managing director was supportive of APRA’s conservative position on the pandemic and noted that “COVID-19 was having an ongoing impact upon a range of factors beyond that encountered in April and May when medical and other clinical activity was at its nadir.”

Mr Fitzgibbon explained: “Yes we saw a significant drop off in hospital and allied treatment, most of which will return or is already returning this current financial year. Yet we suspect an underlying impact on what we would normally expect in treatment volumes.”

“First, there are possible limitations on the healthcare system’s capacity in FY21 to accommodate the additional deferred treatment. Second, we suspect there may be an aversion to treatment and especially hospitalisation while ever the threat of COVID-19 survives. Only time will tell,” he concluded.

What about NIB’s dividend?

NIB may have paid an interim dividend in April, but its final dividend remains uncertain.

The company advised that its final dividend will only be considered by the board once its accounts for FY 2020 were finalised.

More reading

• The better ASX buy: NIB vs Medibank shares
• Can these 5 FY20 dogs of ASX 200 bounce back in the new financial year?
• NIB Holdings and 1 other ASX share which I would consider buying for growth and income

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended NIB Holdings Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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Real estate shares are in a very strange place right now. After months of speculation, the real estate market seems to have finally taken a dive in the past month. A recent building approval report from The Australian Bureau of Statistics shows that for new house approvals for May were softer at 4.4% from April’s figures. Private sector dwellings excluding houses were down a massive 34.9%. The number of total dwellings was down by 16.4% compared to April. 

The value of total building approved fell 13.5% in May, in seasonally adjusted terms. The value of residential building fell 17.3% while non-residential building declined 7.1%.

The ABS goes on to point out that due to the lag in the process, the May data likely reflects applications and levels of demand prior to the introduction of major restrictions. 

Real estate shares impacted

While this lag means the worst is yet to come in terms of figures, the market expects the government HomeBuilder stimulus to cushion the blow significantly.

Mirvac Group (ASX: MGR) has worked with an estimated value of $18.8 billion in progress, with a further $2 billion planned. According to the company’s H1 Analyst toolkit, they have only settled 37% of these houses. The company has entered into $810 million of new debt facilities over 3–4.5 years. This has provided the group with cash and undrawn debt facilities in excess of $1.3 billion with only $200 million of debt due for repayment between now and early 2022.

Stockland Corporation Ltd (ASX: SGP) has 76,000 lots remaining with an estimated market value of $21.7 billion according to its 30 June 2019 portfolio. However, the company has reported a level of pent up demand. Notably, since mid-May residential real estate has recovered to above pre-COVID levels. Moreover, this has translated into an accelerated pace of net sales achieved. 

On Wednesday the 2 real estate shares saw increases. The Mirvac share price rose by 1.8% and the Stockland share price rose by 4.2%.

Foolish takeaway

At the same time that the ABS data has shown a very steep decline in approvals of new dwellings; houses and apartments, house prices have also started to fall. I think there are several ways that this can play out.

The HomeBuilder stimulus is going to have a positive impact on new houses and it is likely the lag time in the market that has obscured this. However, the banks are unlikely to allow for a stay of housing loan repayments beyond September. In fact, the Commonwealth Bank of Australia (ASX: CBA) has already stated it wouldn’t extend COVID-19 support beyond 30 June. 

There is simply no doubt that we live in interesting times. Even if the Prime Minister was to extend JobKeeper and/or Homebuilder, which is now a rapidly growing expense to future generations, it is only part of the picture. Residential real estate-exposed shares are far too uncertain for me, and not somewhere I would currently invest in.

More reading

• 5 things to watch on the ASX 200 on Monday
• Why top brokers are urging you to buy SEEK and these other ASX stocks today
• Leading brokers name 3 ASX 200 shares to sell today
• The next ASX sector at risk of cutting dividends
• Cheap ASX 200 shares I’d buy for less than $10

Motley Fool contributor Daryl Mather has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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