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The Coda Minerals Ltd (ASX: COD) share price has enjoyed a day in the green. Coda’s shares are up 16.11% at the time of writing, having earlier posted gains of more than 20%.

Below, we take a look at the ASX resource explorer’s latest drill results that appear to be driving investor interest.

What drill results were announced?

Coda Minerals’ share price is surging after the company reported promising results from its ongoing drilling program at Emmie Bluff Deeps, located in South Australia.

According to the release, new data from visual logging of core from the exploration campaign, conducted along with Coda’s joint venture partner Torrens Mining Ltd (ASX: TRN), has “significantly increased the interpreted scale of the copper-bearing mineralisation” at the project.

(The Torrens share price is up 10% at this same time.)

Coda said it has now intersected iron oxide copper gold ore (IOCG) style mineralisation over a significant area at Emmie Bluff Deeps. Its exploration model continues to evolve as new results come in.

One of the recent holes highlighted by the company encountered 67 metres of mineralisation over 2 vertically stacked lodes, including:

• 27 metres of bornite-chalcocite-covellite mineralisation from 803 metres down hole in the upper lode immediately adjacent to a significant fault zone
• 40 metres of blebby chalcopyrite dominated mineralisation (with trace disseminated bornite) from 913 metres down hole

Commenting on the drill results, Coda CEO Chris Stevens said:

These new results substantially increase the mineralised footprint of the system and show that there is a significant amount of copper present. We are also seeing increased thicknesses of potentially economic mineralisation and, importantly, the presence of a higher grade bornite core.

We are particularly encouraged by the intensity of alteration and abundance of sulphides which are being reported by our field team, as well as the fact that we are seeing far greater lateral extensions to the mineralisation than we have seen before.

There are 2 drill rigs on the site digging wedge holes to follow up on recent promising drill holes.

“Our task now is to continue to test the areas of open mineralisation as we seek to extend the copper-rich bornite zones and to further test areas for vertical extension and additional stacked lodes,” Stevens said.

Coda Minerals share price snapshot

The Coda Minerals share price is up a stellar 226% year to date, well outpacing the ~8% gain posted by the All Ordinaries Index (ASX: XAO) so far in 2021.

Over the past month, Coda’s shares are up 0.48%.

The post Why the Coda Minerals (ASX:COD) share price is surging 16% today appeared first on The Motley Fool Australia.

More reading

• Here’s why the Swoop (ASX:SWP) share price is up 11% on Wednesday
• Technology shares lead the battle to lift the ASX 200 on Wednesday
• Why has the Brickworks (ASX:BKW) share price slumped 5% in 9 days?
• Top broker names 2 of the best ASX shares to buy in October
• Aerometrex (ASX:AMX) share price soars 6% on news of metaverse deal

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 Swoop Holdings Ltd (ASX: SWP) share price is charging higher on Wednesday after the company acquired another telecommunications player to expand its regional network.

At the time of writing, Swoop shares are up 8.67% to $2.13.

Swoop share price rallies on its 4th acquisition in 2021

Internet provider Swoop announced it will acquire Newcastle-based connectivity provider, Countrytell.

Countrytell offers high-speed internet on its own network of over 30 towers and a recently completed CBD dark fibre network. The company also provides data centre services, owning one of Newcastle’s largest facilities.

Swoop will acquire the internet services company for $4.2 million which includes $2.1 million in cash and 2.1 million Swoop shares.

It is understood that the purchase price represents a 4.2 multiple of Countrytell’s expected FY22 earnings before interest, taxes, depreciation, and amortisation (EBITDA).

The acquisition will be funded from existing cash reserves and is expected to be complete by 31 October 2021.

According to the company’s FY21 results, Swoop carries no bank debt with $17.49 million in cash and cash equivalents.

Management commentary

Swoop CEO Alex West sees the acquisition as another win for the company’s network coverage and expansion into data centre operations.

Acquiring Countrytell’s network provides another opportunity for Swoop to further expand the coverage of our infrastructure footprint in regional Australia, as well as providing additional services via its data centre operations.

The company has invested significantly in upgrading its wireless, network infrastructure
and transmission capacity; and gives us a strong springboard for continued growth in this
market. We look forward to the opportunities this acquisition provides in establishing a
Newcastle presence for the Swoop brand.

The Swoop share price is a four-bagger since IPO

The Swoop share price has come a long way since its 50 cents initial public offering (IPO)in late May.

During this time, the company has successfully completed four acquisitions (including Countrytell) to drive its regional fixed wireless network.

Swoop shares are up 72% year-to-date but for investors that managed to participate in its IPO, they’d be up a nice 430%.

The post Here’s why the Swoop (ASX:SWP) share price is up 11% on Wednesday appeared first on The Motley Fool Australia.

More reading

• Experts reveal 3 high-conviction ASX shares

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 S&P/ASX 200 Index (ASX: XJO) has dipped into the red in early afternoon trade after a promising start this morning. At the time of writing, the benchmark index is trading 0.54% lower at 7,209.6 points. However, earlier, the Aussie index reached an intraday high of 7,279 points.

While there are some laggards weighing on the Australian share market today, the information technology sector is pulling its weight. This follows a strong showing by some of the world’s biggest tech companies during trade on the US market last night.

Let’s take a closer look.

What’s driving the ASX 200 today?

Though the tech sector is by far the best performing on the ASX market today, we can’t neglect other contributors to the ASX 200. Namely, the strong push of energy shares as oil and coal prices continue to move higher on supply concerns.

Consequently, the share prices of Whitehaven Coal Ltd (ASX: WHC), Santos Ltd (ASX: STO), and Oil Search Ltd (ASX: OSH) are all enjoying gains in excess of 2% on Wednesday.

Back to the top of tech shares — the high-flying sector is up 2.35% thanks to a handful of heavy hitters on the ASX. Firstly, in the top spot is buy now, pay later (BNPL) company Afterpay Ltd (ASX: APT). Shares in the instalment payment provider are up 4.05% after its expected acquirer, Square Inc (NYSE: SQ), climbed 4.3% higher overnight.

Close behind is Xero Limited (ASX: XRO) and TechnologyOne Ltd (ASX: TNE), up 3.4% and 3% respectively, despite no announcements from either of these companies.

Furthermore, it is worth mentioning the only tech companies in the ASX 200 that are in the red today are Iress Ltd (ASX: IRE), WiseTech Global Limited (ASX: WTC), and Altium Limited (ASX: ALU).

At the other end

As with most days on the Australian market, there are some companies struggling to keep up. On Wednesday, these names are spread across numerous industries.

For instance, the worst performer in the ASX 200 Index heading into lunch is Washington H Soul Pattinson & Co Ltd (ASX: SOL). We can also see Flight Centre Travel Group Ltd (ASX: FLT), The a2 Milk Company Ltd (ASX: A2M) and Ausnet Services Ltd (ASX: AST) rounding out the top four biggest fallers in the index so far today.

The post Technology shares lead the battle to lift the ASX 200 on Wednesday appeared first on The Motley Fool Australia.

More reading

• ASX 200 (ASX:XJO) midday update: A2 Milk class action, tech shares rebound
• The Pilbara Minerals (ASX:PLS) share price surges on resource upgrade
• Why this broker just upgraded the Baby Bunting (ASX:BBN) share price to buy
• ASX futures point to rebound today after US stock market lifts
• Here’s what happened to the Wesfarmers (ASX:WES) share price in September

Motley Fool contributor Mitchell Lawler owns shares of AFTERPAY T FPO. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended AFTERPAY T FPO, Altium, Square, WiseTech Global, and Xero. The Motley Fool Australia owns shares of and has recommended AFTERPAY T FPO, Altium, Washington H. Soul Pattinson and Company Limited, WiseTech Global, and Xero. The Motley Fool Australia has recommended A2 Milk and Flight Centre Travel Group Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The S&P/ASX 200 Index (ASX: XJO) seems to be having yet another day in the red on the markets so far today. At the time of writing, the ASX 200 is down a disappointing 0.19% to 7,234 points. The Brickworks Limited (ASX: BKW) share price is doing a lot better though. Brickworks shares are presently up a very healthy 1% to $24.50 a share.

However, Brickworks performance over the past week or two hasn’t been so rosy. Even after today’s initial rise, the Brickworks share price is still down by 5.44% over the past 9 days. Over the same period, the ASX 200 has lost a far tamer 2%. So what’s going on here for Brickworks?

Brickworks share price slumps, could Soul Patts be the problem?

Well, it’s not immediately clear. Brickworks has made no major announcements in the past few weeks, and we haven’t gotten any other business updates or the like.

However, there may be another possible explanation to consider here. Brickworks is a major shareholder of Soul Patts, or Washington H. Soul Pattinson and Co. Ltd (ASX: SOL), holding around 39.4% of the company’s shares. In turn, Soul Patts also owns a large chunk of Brickworks shares, representing roughly 43.9% of the total company.

This exposure to Soul Patts means the Brickworks share price can be influenced by this company’s performance. And Soul Patts has also had a rough couple of weeks. That’s despite what was initially a well-received earnings report that was delivered late last month. Soul Patts has also recently wound up the acquisition of the Listed Investment Company (LIC) Milton Corporation Ltd (ASX: MLT). This saw Soul Patts acquire Milton’s sizeable portfolio of ASX shares.

Over the past 9 days, this company is also down by a little more than 8%.

Since this means that Brickworks’ large stake in Soul Patts would also be down by 8% or so, perhaps investors are punishing Brickworks shares for this fall in value.

At the current Brickworks share price, the company has a market capitalisation of $3.72 billion. It also has a price-to-earnings (P/E) ratio of 15.47 and a dividend yield of 2.49%.

 

The post Why has the Brickworks (ASX:BKW) share price slumped 5% in 9 days? appeared first on The Motley Fool Australia.

More reading

• ASX 200 (ASX:XJO) midday update: A2 Milk class action, tech shares rebound
• Soul Patts (ASX:SOL) share price slips amid completed Milton merger
• 2 ASX shares that could keep growing the dividend every year
• 2 ASX dividend shares that could be buys in October 2021
• Why the Brickworks (ASX:BKW) share price reached a new 52-week high today

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

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If you’re looking for a few new additions to your portfolio in October, then look no further.

Analysts at Morgans have picked out a number of ASX shares that they class as their best ideas for the month. Below are two that the broker rates highly right now:

ResMed Inc. (ASX: RMD)

Morgans is a fan of this sleep treatment focused medical device company. Its analysts currently have an add rating and $41.34 price target on its shares. The broker notes that ResMed is well-placed for growth over the long term thanks to its world class offering in a growing market.

The broker commented: “While we believe the next few quarters will likely be volatile, as COVID-related demand for ventilators continues to slow and core sleep apnoea volumes gradually lift, nothing changes our medium/longer term view that the company remains well-placed as it builds a unique, patient-centric, connected-care digital platform that addresses the main pinch points across the healthcare value chain.”

Woodside Petroleum Limited (ASX: WPL)

The team at Morgans are very positive on this energy producer and have added it to their list this month. This is largely down to its merger with the petroleum assets of mining behemoth BHP Group Ltd (ASX: BHP). It sees some major positives from the “transformative” deal. As a result, the broker has an add rating and $29.00 price target on its shares.

It explained: “We believe WPL has benefited from being in the right place, at the right time. With: 1) BHP/WPL having an existing relationship, 2) BHP eager to boost its ESG profile, and 3) WPL being a quality operator (safe hands which is important for BHP). From an economic standpoint we think WPL is clearly getting the better of the deal, with synergies not baked into deal metrics and BHP willing to accept a discount. The deal is transformative, lifting WPL into being a top 10 global E&P with +2 billion barrels of 2P reserves, with EBITDA of US$4.7bnpa and growth options.”

The post Top broker names 2 of the best ASX shares to buy in October appeared first on The Motley Fool Australia.

More reading

• ASX 200 (ASX:XJO) midday update: A2 Milk class action, tech shares rebound
• What’s driving oil prices higher and which ASX shares are benefitting?
• 5 defensive ASX shares to guide you through the market correction
• Here’s why the Woodside (ASX:WPL) share price is climbing 3% today
• These were the 5 best performing ASX 200 resources in September

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 recommended ResMed. The Motley Fool Australia has recommended ResMed Inc. 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 Aerometrex Ltd (ASX: AMX) share price is taking off after the company announced its 3D model of San Francisco will be used to create a metaverse.

Terrestrial Software Development has bought a $250,000 software licence from the Australian geospatial tech company that will see it using the high-resolution model to create Lunaverse.

Lunaverse is a digital metaverse, a created parallel universe traversed using virtual reality.

At the time of writing, the Aerometrex share price is 67 cents, 6.35% higher than its previous closing price.

Let’s take a closer look at today’s news from Aerometrex.

Aerometrex’s model to feature in a new world

The Aerometrex share price is climbing on news its 3D model of San Francisco will form part of a metaverse.

The company hopes Terrestrial Software’s $250,000 contract bodes well for the future.

It hopes to continue to expand its 3D modelling service internationally and the United States has been cemented as its first target.

Previously, the company filled an order from Alphabet Inc‘s Google (NASDAQ: GOOGL) for its 3D model of San Francisco.

Aerometrex says 3D modelling is useful to those working in real estate, property development, engineering, transport, and virtual reality. The models can also replace ground-surveyed measurements by engineers and town planners.

Commentary from management

Aerometrex’s managing director Mark Deuter commented on the news:

We are delighted that our 3D work is being appreciated and valued by companies working at the cutting edge of computer graphics, gaming, and computer vision. We are now working hard to expand our city coverages to enable a wider offer of city environments to this new market.

Aerometrex share price snapshot

Today’s rise hasn’t been enough to pull the Aerometrex share price out of its slump.

Right now, the company’s shares have fallen 46% since the start of 2021. Its share price is also 44% lower than it was this time last year.

The post Aerometrex (ASX:AMX) share price soars 6% on news of metaverse deal appeared first on The Motley Fool Australia.

More reading

• Why the Aerometrex (ASX:AMX) share price has rocketed 20% in a month

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

Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool’s board of directors. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Alphabet (A shares) and Alphabet (C shares). The Motley Fool Australia has recommended Alphabet (A shares) and Alphabet (C shares). 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 Afterpay Ltd (ASX: APT) share price has reversed most of yesterday’s losses following a strong rebound on Wall Street overnight.

At the time of writing, Afterpay shares are up 4.08% to $118.24, tracking well ahead of its ASX-listed rivals Zip Co Ltd (ASX: Z1P) and Sezzle Inc (ASX: SZL), both of which are up about 2%.

What’s driving the Afterpay share price?

Wall Street paved the way for today’s gains, with all major indices bouncing about 1%.

The S&P 500 Index (SP: .INX) added 45 points, or 1.05%. The Dow Jones Industrial Average Index (DJX: .DJI) was up 312 points, or 0.92%.

And perhaps more relevant to the Afterpay share price, the tech-heavy Nasdaq Composite (NASDAQ: .IXIC) recouped 178 points or 1.25%.

Technology shares shrugged off concerns about rising yields, even as benchmark US Treasury yields continued to climb.

Overnight, 10-year US Treasury yields hit session highs of 1.54% and are currently fetching 1.55%, the highest since mid-June.

Rising yields have driven concerns that higher inflation is here to stay, despite the US Federal Reserve’s previous assessment that it was only “transitory”.

Richly-valued technology shares are the most sensitive to higher yields, which affect how investors value the company’s all-important future profits.

Nonetheless, bargain hunters were quick to step up in last night’s session, driving broad-based gains across all sectors except real estate and utilities.

Communication services, financials and tech were among the best performing sectors in the US.

Afterpay’s US-listed rival Affirm Holdings Inc (NASDAQ: AFRM) closed 3.27% higher after plunging 8.42% on Tuesday. While Afterpay’s soon-to-be parent company Square Inc (NASDAQ: SQ) rallied 4.3% to US$235.98.

Based on Square’s closing price, its takeover exchange ratio of 0.375 shares and current exchange rates, this implies a theoretical value of $121.52 a share for Afterpay.

The Afterpay share price has closely tracked the performance of Square since its takeover offer 2 months ago.

The post Why the Afterpay Ltd (ASX:APT) share price is bouncing back on Wednesday appeared first on The Motley Fool Australia.

More reading

• ASX 200 (ASX:XJO) midday update: A2 Milk class action, tech shares rebound
• Why is the Afterpay (ASX:APT) share price plunging 5% today?
• Why Afterpay, Atomo, Opthea, & Sealink shares are falling today
• ASX 200 (ASX:XJO) midday update: Afterpay & Zip sink, energy shares rise
• Why the Zip (ASX:Z1P) share price is down 4% today

Motley Fool contributor Kerry Sun has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended AFTERPAY T FPO, Affirm Holdings, Inc., and Square. The Motley Fool Australia owns shares of and has recommended AFTERPAY T FPO. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Metalstech Ltd (ASX: MTC) share price is deep in negative territory on Wednesday. This comes after the gold explorer provided a market sensitive release yesterday afternoon.

At the time of writing, Metalstech shares are down 8.70% to 63 cents a pop. However, today’s fall is most likely attributed to some heavy profit-taking by investors. The company’s shares are up almost 20% for the week and 130% in a month.

What did Metalstech announce?

According to its release, Metalstech advised its wholly-owned subsidiary Winsome Resources, has signed a binding agreement with China Jushi.

Founded in 1998, China Jushi is the largest fibreglass manufacturer in China. The company specifically produces glass fibres, advanced composite materials and other products.

International operations extend out to North Carolina in the United States, with sales across a number of countries worldwide.

Under the agreement, China Jushi will subscribe for up to 9.9% of all shares issued in the proposed Winsome float. This equates to around $2.7 million in value, bringing the total float amount to $5.7 million. The remaining $3 million is being committed by North America’s Lithium Royalty Corp.

The issue price per share is listed at 20 cents each for China Jushi, acquiring roughly 13.5 million shares.

Metalstech shareholders are expected to receive about $9 million worth of shares in Winsome by a way of distribution. This translates to 45 million Winsome shares (1 free share held for every 3.68 Metalstech shares held).

Metalstech chair Russell Moran, touched on the strategic commitment, saying:

The Winsome team have done a fantastic job courting leading industry participants to support their lithium business vision. Metalstech shareholders eligible at the record date will capitalise on what is shaping up to be a fiercely sought-after battery metals focussed share offering through proposed in-species distribution.

About the Metalstech share price

It has been an astounding year for Metalstech shares, accelerating close to 300% in a year. When looking at 2021, its shares are up 200% and reached a record high of 80 cents on Monday.

Metalstech has a market capitalisation of roughly $101.82 million, and approximately 165.56 million shares on its books.

The post Why is the Metalstech (ASX:MTC) share price sliding 8% on Wednesday? appeared first on The Motley Fool Australia.

More reading

• Metalstech (ASX:MTC) share price soars 17% on record gold hit
• Why the Metalstech (ASX:MTC) share price hit a record high today
• Why the Metalstech (ASX:MTC) share price is rocketing 26% higher today
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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 Lumos Diagnostics Holdings Ltd (ASX: LDX) share price is jumping 9% into the green today, tipping 95 cents a share before settling back to around 91 cents apiece.

Lumos shares are on the move after the company announced positive readouts from a study concerning its FebriDx diagnostic test.

Here’s what we know.

What did Lumos Diagnostics announce today?

The Australian producer of point-of-care diagnostic technologies revealed that its FebriDx diagnostic test was advocated in a prestigious health journal.

The FebriDx is a revolutionary blood test that helps distinguish between viral and bacterial sources of infection. This ultimately helps improve decision making when prescribing antibiotics.

The Journal of Health Economics and Outcomes Research (JHEOR) published a study that concluded using FebriDx “to guide antibiotic treatment for patients presenting with acute respiratory infections (ARIs)” could potentially lead to an annual saving of up to $2.5 billion for the US healthcare system.

Considering the US spent more than US$11,500 per person on healthcare in 2019, according to the US Centre for Medicare and Medicaid Services (CMS), this comes in at a saving of $7.60 per person, or 0.07%.

The authors of the article, Avalon Health Economics, compared 2 scenarios that looked at antibiotic prescription and adverse reactions.

One scenario involved the inclusion of FebriDx compared to a “control” scenario without FebriDx’s diagnostic tool.

This is what led researchers to believe an annual $2.5 billion in costs savings could be achieved.

Curiously, estimates suggest “around half of the antibiotics prescribed for ARI’s in outpatient settings are medically unnecessary”, according to the company’s announcement.

Plus, costs associated with these reactions are estimated to be between US$1,156/visit and US$14,678/event for ED visits and hospitalisations respectively.

Lumos intends to make a dent in these numbers with its FebriDx test and, now with additional literature supporting its case, it is one step closer to making it happen.

Lumos Diagnostics share price snapshot

The Lumos Diagnostics share price is swimming in a sea of red and has been since listing back in July. It’s given shareholders a loss of 24% since this time, extending its slide in the past week 1.5%

These results have lagged the benchmark S&P/ASX 200 Index (ASX: XJO) over this time.

The post Lumos Diagnostics (ASX:LDX) share price up 9% on evaluation update appeared first on The Motley Fool Australia.

More reading

• Why the Afterpay Ltd (ASX:APT) share price is bouncing back on Wednesday
• Why is the Metalstech (ASX:MTC) share price sliding 8% on Wednesday?
• ASX 200 (ASX:XJO) midday update: A2 Milk class action, tech shares rebound
• Medibank (ASX:MPL) share price lifts as staff vaccine mandate hits headlines
• Own ASX ETFs? Why the ATO might be focusing on you

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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At lunch on Wednesday, the S&P/ASX 200 Index (ASX: XJO) has given back its morning gains and dropped into the red. The benchmark index is currently down 0.15% to 7,237.3 points.

Here’s what is happening on the ASX 200 today:

A2 Milk share price falls on class action news

The A2 Milk Company Ltd (ASX: A2M) share price is tumbling lower today after being hit with a class action by Slater & Gordon Limited (ASX: SGH). The law firm alleges that a2 Milk Company was or ought to have been aware that its FY 2021 guidance and subsequent representations did not adequately take account of a number of factors which would impact its financial performance. The embattled infant formula company advised that it “will vigorously defend the proceedings.”

Tech shares rebound

It has been a much better day for tech shares such as Afterpay Ltd (ASX: APT) and Xero Limited (ASX: XRO) on Wednesday. They are rebounding from yesterday’s selloff thanks to a strong night of trade on the Nasdaq index. The tech-focused index climbed 1.25% during overnight trade.

ASX 200 energy shares rise on oil price surge

One area of the market that is performing particularly positively today is the energy sector. A number of energy shares, such as Santos Ltd (ASX: STO) and Woodside Petroleum Limited (ASX: WPL), are rising and doing their best to support the ASX 200. This follows another positive night for oil prices. According to CNBC, on Tuesday night the Brent crude oil price settled 1.6% higher at US$82.56 per barrel and the WTI oil price settled 1.7% higher at US$78.93 per barrel. The latter was its highest level since 2014.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Wednesday has been the Eagers Automotive Ltd (ASX: APE) share price with a 5% gain. This follows its appearance at the Morgans conference. The worst performer has been the Washington H. Soul Pattinson and Co. Ltd (ASX: SOL) share price with a 5% decline on no news.

The post ASX 200 (ASX:XJO) midday update: A2 Milk class action, tech shares rebound appeared first on The Motley Fool Australia.

More reading

• Why the Afterpay Ltd (ASX:APT) share price is bouncing back on Wednesday
• Santos (ASX:STO) share price up 3% as oil surge continues
• The Pilbara Minerals (ASX:PLS) share price surges on resource upgrade
• Why this broker just upgraded the Baby Bunting (ASX:BBN) share price to buy
• ASX futures point to rebound today after US stock market lifts

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 AFTERPAY T FPO and Xero. The Motley Fool Australia owns shares of and has recommended AFTERPAY T FPO, Washington H. Soul Pattinson and Company Limited, and Xero. 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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