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The favourite barbecue story for ASX investors the last couple of years has been Afterpay Ltd (ASX: APT).

The buy now, pay later provider has been the darling of the local bourse, going from an initial public offer price of $1 per share to $125.67 on Monday afternoon.

In other words, $10,000 invested when it floated in 2016 would now be a tidy $1.26 million.

But now that big US fintech Square Inc (NYSE: SQ) is buying it up for $39 billion, perhaps that explosive chapter of the company’s life will come to a close.

However, did you know there is a business that will list on the ASX next week that was spun out of Afterpay?

In fact, Afterpay still holds a 32% stake.

Touch Ventures about to land on the ASX

Shares for a company named Touch Ventures Limited (ASX: TVL) will start general trade on the ASX on 29 September.

The venture capital provider launched in 2019 as AP Ventures as a way for Afterpay to invest in startups.

Cyan portfolio manager Dean Fergie told his clients in a memo that the Afterpay connection couldn’t hurt.

“Given the huge investor support of Afterpay — additionally so, after its deal with Square that sent Afterpay’s shares 30% higher — another good debut on listing could be expected.”

Fergie’s fund already has some shares after buying in during a pre-IPO funding round.

What does Touch Ventures do?

Touch Ventures invests in startups, primarily by buying some equity in them.

The firm currently has 5 businesses in its portfolio but is aiming to increase that to 8 to 10 companies after the ASX listing.

Normally only sophisticated and institutional investors have access to startup equity as they’re far higher risk than publicly listed stocks.

So the float of Touch Ventures would be a rare way for mum-and-dad investors to get a look into the exciting high-growth startup world.

Perhaps as a sign of its pedigree, Fergie said Touch has 2 buy now, pay later startups on its books: Postpay, which operates in the UAE, and Happay, which is a Chinese fintech. 

“Most significantly, Touch Ventures Limited invested US$25m into Australia Post competitor Sendle which has made significant inroads in Australia and is looking to expand into the US.” 

The portfolio also includes PlayTravel which is arguably another buy now, pay later system. That business allows customers to pay for travel packages in instalments.

The 5th startup in the portfolio is Basiq, a financial data mining platform.

Touch Ventures chair Michael Jefferies said in the prospectus that no geographic zones or sectors are off-limits in the investment strategy.

“Touch Ventures has a preference for global ventures. All companies in the foundation portfolio are generating revenues but are not profitable at this stage.”

The prospectus also mentions that Afterpay could refer investment opportunities onto Touch Ventures.

“Afterpay may also provide specific expertise along with Touch Ventures’ expertise in assessing opportunities referred to Touch Ventures and may separately enter into commercial agreements with companies that Touch Ventures decides to invest in,” said Jefferies.

The IPO, which issued shares at 40 cents apiece to raise $100 million, has now closed. Touch Ventures shares will start normal trading on the ASX on the morning of 29 September.

Afterpay will then hold 23.3% of the total fully diluted stock.

The post This Afterpay-backed company is listing on ASX next week appeared first on The Motley Fool Australia.

More reading

• What percentage of Afterpay (ASX:APT) shares are owned by insiders?
• Why Afterpay, AnteoTech, Cettire, & Vulcan shares are storming higher
• ASX 200 tumbles but the Afterpay (ASX:APT) share price is green?
• How has the Afterpay (ASX:APT) share price performed since reporting results?
• The Afterpay (ASX:APT) share price is down 9% in September. What’s next?

Motley Fool contributor Tony Yoo owns shares of Square. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended AFTERPAY T FPO 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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If you’re a growth investor looking for some new ideas, then you might want to look at the shares listed below.

Here’s what you need to know about these highly rated growth shares:

Hipages Group Holdings Ltd (ASX: HPG)

The first ASX growth share to look at is Hipages. It is a leading Australian-based online platform and software as a service (SaaS) provider connecting tradies with residential and commercial consumers for job leads.

Hipages has been growing strongly over the last couple of years thanks to the increasing popularity of its platform with both tradies and consumers. This has underpinned strong recurring revenues, with the company finishing FY 2021 with monthly recurring revenue (MRR) of $5.2 million. This was 27% higher year on year and annualises to $62.4 million.

The good news is that the company is still scratching at the surface of its market opportunity. The team at Goldman Sachs highlights that Hipages currently captures less than 1% of a total $97 billion tradie business spend.

The broker is very bullish on the company’s future. It has a buy rating and $4.35 price target on its shares.

Life360 Inc (ASX: 360)

Another ASX growth share to look at is Life360. It is the rapidly growing technology company behind the popular Life360 mobile app. This market leading app for families offers a range of features such as communications, driver safety, and location sharing.

At the end of the first half, the company’s Global Monthly Active User (MAU) base had reached 32.3 million. This was up by 4 million users since the end of the first quarter, which demonstrates just how quickly it is growing.

This led to Life360 surpassing US$100 million of annualised monthly revenue, which positions it to deliver another stellar full year result later this year.

In addition, Life360 has also just expanded into the wearables market via the acquisition of Jiobit. This gives it cross-selling opportunities to its large subscriber base.

Bell Potter is a fan of the company. It currently has an outperform rating and $10.75 price target on its shares.

The post 2 stellar ASX growth shares rated as buys appeared first on The Motley Fool Australia.

More reading

• 2 excellent ASX growth shares named as buys
• 2 outstanding ASX growth shares named as buys
• Broker names the 3 best ASX tech shares to buy
• Why the Life360 (ASX:360) share price could be heading higher
• 3 ASX tech 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. owns shares of and has recommended Hipages Group Holdings Ltd. and Life360, Inc. 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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If you’re building an income portfolio, then you may want to look at the buy-rated dividend shares listed below.

Here’s why these ASX dividend shares could be worth considering right now:

Adairs Ltd (ASX: ADH)

The first ASX dividend share to look at is Adairs. This leading retailer of homewares and home furnishings could be a good option due to its strong market position, growing online businesses, and generous yield.

In respect to the former, the company’s strong market position allowed it to take full advantage of favourable trading conditions in FY 2021. This led to the company reporting a 28.5% increase in sales to $499.8 million and the almost doubling of its EBIT to $109.1 million.

This went down well with analysts at Morgans. In response, the broker put an add rating and $4.20 price target on the company’s shares.

Looking ahead, Morgans is confident in its medium term outlook and is forecasting dividends per share of 22 cents in FY 2022 and 27 cents in FY 2023. Based on the current Adairs share price of $3.86, this will mean yields of 5.7% and 7%, respectively.

Telstra Corporation Ltd (ASX: TLS)

Another ASX dividend share to consider is Telstra. After several years of struggles, this telco giant is now on the path to growth again. This was confirmed last week when the company released its T25 update. This is Telstra’s new strategy that will build on the highly successful T22 strategy from next year.

Telstra revealed that it will aim for sustained growth and value by targeting mid-single digit underlying EBITDA and high-teen underlying earnings per share compound annual growth rates (CAGR) from FY 2021 to FY 2025.

This went down well with analysts at Goldman Sachs. The broker believes the strategy will support a return to dividend growth in the coming years.

Goldman is now forecasting 16 cents per share fully franked dividends through to FY 2023. After which, it expects a dividend of 18 cents per share in FY 2024 and then 19 cents per share in FY 2025.

Based on the current Telstra share price of $3.88, this will mean yields of 4.1%, 4.6%, and 4.9%, respectively.

Goldman has a buy rating and $4.40 price target on its shares.

The post 2 high quality and high yielding ASX dividend shares to buy appeared first on The Motley Fool Australia.

More reading

• Zoom2u (ASX:Z2U) share price soars 19% amid Telstra contract news
• Why Adore Beauty, ALE Property, Ausnet, & Zoom2u shares are charging higher
• Why the Telstra (ASX:TLS) share price is outperforming the ASX 200 today
• 2 top ASX dividend shares to think about
• Top brokers name 3 ASX shares to buy next week

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 ADAIRS FPO. The Motley Fool Australia owns shares of and has recommended ADAIRS FPO and Telstra Corporation 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 two ASX shares in this article are ones that are growing their revenue and earnings capabilities at a fast pace.

One of the only similarities between the two businesses, besides the quick growth, is that they both begin with the letter P. In terms of the sector, one is a corporate bookmaker and the other is business that invests in fund managers and helps them grow.

The below two ASX shares are growing rapidly:

Pointsbet Holdings Ltd (ASX: PBH)

Pointsbet is a sports wagering operator and iGaming provider, offering sports and racing betting products and services direct to clients through its platform.

In August 2020, Pointsbet announced a media partnership with NBC Universal to become the official sports betting partner of NBC Sports in the US. Pointsbet explains this partnership provides the ASX share with access to leading national and regional television and digital assets, with the largest sports audience of any US media company, with over 184 million viewers.

The NBC deal is one of the ‘pieces’ of the strategy that Pointsbet believes can make it a market leader. Other parts of the strategy includes its leading brand ambassadors and its profitable Australian business coupled with “strong” US market share growth.

In FY21, Pointsbet experienced a 228% increase in turnover to $3.78 billion and a total net win increase of 154% to $208.5 million. In Australia, cash active clients jumped 117% year on year to 196,585. Meanwhile, US cash active clients jumped 661% to 159,321.

The ASX share continues to announce a steady increase of new partnerships in the US. The latest one was with Austin FC (from the Major League Soccer) to pursue opportunities in Texas. No bill has been passed in Texas, but it is expected that legislation will be introduced in upcoming sessions to permit sports betting to be offered by racetracks and professional sporting teams.

Pinnacle Investment Management Group Ltd (ASX: PNI)

The idea behind Pinnacle is that it can take investment stakes in fund managers and help them grow. It says that it provides the ideal environment to enable its boutiques to produce superior investment performance.

Pinnacle frees investment professionals from unnecessary distractions, and it aims to only work with high-quality individuals.

The ASX share prices services like product distribution, marketing and business development, licencing and insurance, compliance and risk, company secretarial and legal counsel, HR, IT, operations support, responsible entity services and so on.

Some of its current investments include Antipodes, Coolabah Capital, Firetrail, Hyperion and Plato.

FY21 saw a lot of growth for the business. Aggregate affiliate funds under management (FUM) increased by 27% over six months to $89.4 billion at 30 June 2021. Aggregate retail FUM rose 22% to $20.3 billion from 31 December 2020 to 30 June 2021.

Total net profit after tax more than doubled to $67 million, funding an 86% increase of the full year dividend 28.7 cents per share.

Pinnacle reported continued affiliate medium-term outperformance, with 80% of five-year affiliate strategies having outperformed as at 30 June 2021.

Closing FUM of $89.4 billion was more than 20% higher than the average FUM through FY21.

The post 2 leading ASX shares that are growing rapidly appeared first on The Motley Fool Australia.

More reading

• Leading broker says the PointsBet (ASX:PBH) share price has 51% upside
• Here are the top 10 ASX shares today
• Which ASX shares are looking to finish the week as the top movers on the ASX 300 today?
• ASX 200 (ASX:XJO) midday update: Fortescue crashes, IRESS sinks
• 5 things to watch on the ASX 200 on Friday

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

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On Monday the S&P/ASX 200 Index (ASX: XJO) started the week deep in the red. The benchmark index rose 0.2% to 7,425.2 points.

Will the market be able to build on this on Tuesday? Here are five things to watch:

ASX 200 expected to sink again

The Australian share market is expected to sink again on Tuesday. According to the latest SPI futures, the ASX 200 is expected to open the day 98 points or 1.4% lower. This follows a poor start to the week on Wall Street. The Dow Jones fell 1.8% and the S&P 500 sank 1.7%, and the Nasdaq dropped 2.2%.

Iron ore price tumbles further

Mining giants BHP Group Ltd (ASX: BHP) and Fortescue Metals Group Limited (ASX: FMG) will be on watch after the iron ore price pulled back further. According to Metal Bulletin, the spot iron ore price has fallen 8.8% to US$92.98 per tonne. This follows concerns about demand in China amid fears that property giant Evergrande could collapse.

Oil prices fall

Energy producers such as Beach Energy Ltd (ASX: BPT) and Woodside Petroleum Limited (ASX: WPL) could have a tough day after oil prices tumbled overnight. According to Bloomberg, the WTI crude oil price is down 1.7% to US$70.74 a barrel and the Brent crude oil price has fallen 1.4% to US$74.32 a barrel. Concerns about China’s economy weighed on prices.

Gold price rises

Gold miners Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) will be on watch after the gold price pushed higher. According to CNBC, the spot gold price is up 0.8% to US$1,765.7 an ounce. The precious metal was boosted by demand for safe haven assets due to the Evergrande-related market selloff.

Dividends being paid

A number of ASX 200 shares will be paying their dividends later today to their respective shareholders. This includes mining giant BHP and energy companies Oil Search Ltd (ASX: OSH) and Santos Ltd (ASX: STO). In respect to the former, BHP is rewarding its shareholders with a massive 271.5 cents per share dividend.

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

More reading

• Why are Coles (ASX:COL) shares defying the ASX 200 selloff today?
• Here are the top 10 ASX shares today
• ASX 200 shares in this sector are withstanding today’s selloff
• Leading brokers name 3 ASX shares to buy today
• Here are 3 of the most popular ASX 200 shares by volume today

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

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The Australia and New Zealand Banking GrpLtd (ASX: ANZ) share price had a tough start to the week.

The banking giant’s shares ended the day 2% lower at $27.14. This follows a broad market selloff on Monday.

Is the ANZ share price weakness a buying opportunity?

While today’s decline in the ANZ share price is disappointing for shareholders, it could be a buying opportunity for non-shareholders.

According to a note out of Bell Potter this morning, its analysts have retained their buy rating and $31.00 price target on the bank’s shares.

Based on the current ANZ share price, this implies potential upside of 14% over the next 12 months before dividends.

And with Bell Potter forecasting a $1.40 per share fully franked dividend in FY 2022, the potential total return increases to over 19%.

What did the broker say?

Bell Potter notes that ANZ has held its Environmental, Social, and Governance (ESG) meeting and appears happy with what it heard.

It commented: “The bank continues to take risks seriously, aligning purpose and ESG with strategy to derive value. Primarily to help someone to save, buy and own a liveable house, the bank also encourages businesses to grow and adopt practices as well as to move capital around the regions. In effect, the job of the bank is to see environment sustainability as a risk and opportunity – a big ask but doable.”

Outside this, the broker is positive on management’s focus on the more profitable and higher return on equity Australian and New Zealand retail, business, and private banking space. In addition, it sees value in certain offshore operations focusing on institutional banking.

However, while Bell Potter remains bullish on the ANZ share price, it isn’t its top pick. In fact, following the meeting, it has slipped down the pecking order.

The note reveals that Commonwealth Bank of Australia (ASX: CBA) shares are its preferred pick. After which, National Australia Bank Ltd (ASX: NAB) shares have leapfrogged ANZ to become its second favourite big four bank.

The post Top broker tips ANZ (ASX:ANZ) share price to rise 14% appeared first on The Motley Fool Australia.

More reading

• What does the future look like for the ANZ (ASX:ANZ) share price?
• Why this fund manager sees limited growth potential for ASX 200 banks
• How has the ANZ share price performed since reporting results?
• ANZ (ASX:ANZ) share price on watch following ESG update
• Could liar loans crash the housing market?

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

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The S&P/ASX 200 Index (ASX: XJO) has had a pretty awful start to the week this Monday. At market close, the ASX 200 is down a nasty 2.10% to 7,248 points. That puts the ASX 200 at roughly 5% below its most recent all-time high of 7,632.8 points that we saw just over a month ago. But one ASX 200 blue-chip sare is bucking the trend today. That would be the Coles Group Ltd (ASX: COL) share price.

Coles shares are defiantly in the green today, swimming against the broader ASX 200 tide. At market close, Coles finished trading at $16.94 a share, up 0.18%.

So why was this company up today in the face of such a nasty market sell off?

Why are investors buying the Coles share price today?

Well, to start things off, we haven’t gotten any major news or announcements from Coles today, so you can rule that out as a possible cause.

However, it’s important to note that investors often turn to consumer staples shares like Coles during times of market stress. This sector has a reputation for being ‘safer’ than most due to the essential nature of the goods Coles and other consumer staples companies sell.

After all, we all need food, drinks and household essentials, rain hail or shine, in good times and bad. Investors know this, and often flock to consumer staples shares like Coles in a climate of fear.

We saw this in action last year during the initial onset of the coronavirus pandemic. Between 22 February and 23 March 2020, the ASX 200 fell roughly 35% peak-to-trough. However, over this same period, the Coles share price actually rose slightly.

We’ve also seen some brokers give a little love to the Coles share price too. As my Fool colleague James covered last week, broker Morgans has recently given Coles shares an ‘add’ rating, with a 2-month share price target of $19.80 a share. That implies a potential future upside of roughly 16% on today’s pricing.

Morgans actually referenced Coles as a “defensive business with strong market positions and a healthy balance sheet”, lending weight to the ‘consumercoles stocks in times of stress’ thesis above. The broker also likes Coles’ future dividend prospects, as well as its FY21 results.

Perhaps this goodwill is also spilling into the company this Monday.

At the current Coles share price, this company has a market capitalisation of $22.68 billion, a price-to-earnings (P/E) ratio of 22.58 and a dividend yield of 3.59%.

The post Why are Coles (ASX:COL) shares defying the ASX 200 selloff today? appeared first on The Motley Fool Australia.

More reading

• Here are the top 10 ASX shares today
• ASX 200 shares in this sector are withstanding today’s selloff
• Here are 3 of the most popular ASX 200 shares by volume today
• ASX 200 (ASX:XJO) midday update: Transurban acquisition, BHP & Fortescue sink
• 5 things to watch on the ASX 200 on Monday

Motley Fool contributor Sebastian Bowen has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia 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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Today, the S&P/ASX 200 Index (ASX: XJO) commenced the week with a steep fall. The benchmark index fell 2.1% to 7,248.2 points.

While it was a difficult day for the majority of ASX 200 shares today, there were still some companies that gave investors something to smile about.

The question is: which shares delivered the biggest returns to investors on the ASX today? Here are the ten stocks that rose to the occasion:

Top 10 ASX shares countdown today

Looking at the top 200 listed companies, Ausnet Services Ltd (ASX: AST) was the biggest gainer today. Shares in the energy company soared 18.69% are receiving a non-binding offer takeover bid. Find out more about Ausnet Services here.

The next biggest gaining ASX share today was Endeavour Group Ltd (ASX: EDV). The liquor retailer’s shares climbed 2.64% to $6.61 despite no announcements from the company. Uncover the latest Endeavour Group details here.

Today’s top 10 biggest gains were made in these ASX shares:

ASX-listed company	Share price	Price change
Ausnet Services Ltd (ASX: AST)	$2.35	18.69%
Endeavour Group Ltd (ASX: EDV)	$6.61	2.64%
Auckland International Airport Ltd (ASX: AIA)	$7.34	1.24%
Healius Ltd (ASX: HLS)	$4.98	0.81%
Steadfast Group Ltd (ASX: SDF)	$4.85	0.62%
Boral Ltd (ASX: BLD)	$6.10	0.49%
Mercury NZ Ltd (ASX: MCY)	$6.44	0.47%
Genesis Energy Ltd (ASX: GNE)	$3.26	0.31%
Coles Group Ltd (ASX: COL)	$16.96	0.30%
Spark New Zealand Ltd (ASX: SPK)	$4.62	0.22%

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

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

More reading

• ASX 200 shares in this sector are withstanding today’s selloff
• Why Adore Beauty, ALE Property, Ausnet, & Zoom2u shares are charging higher
• Here are 3 of the most popular ASX 200 shares by volume today
• 3 ASX 200 shares holding up amidst today’s market crash
• The Endeavour (ASX:EDV) share price is lifting today

Motley Fool contributor Mitchell Lawler 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 Steadfast Group Ltd. The Motley Fool Australia owns shares of and has recommended COLESGROUP DEF SET. The Motley Fool Australia has recommended Steadfast Group 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 Flight Centre Travel Group Ltd (ASX: FLT) share price has finished the day down 2.5%.

But Flight Centre’s share price wasn’t the only one in retreat. The S&P/ASX 200 Index (ASX: XJO) also finished the day 2.1% lower.

It’s now been a bit over 3 weeks since the travel agency released its full 2021 financial year results (FY21).

With investors’ hopes of a looming travel sector reopening despite the resurgent pandemic, we look at a brief review of those results and how the company has been performing since reporting.

What results did the ASX 200 travel share report for FY21?

Flight Centre reported its FY21 results before market open on 26 August.

Some of the core figures it released included a 79% year-on-year decline in total revenue, down to $396 million.

Underlying loss before tax came in at $507 million, largely in line with underlying losses reported in FY20.

The company ended the financial year with a strong balance sheet, reporting a cash balance of $1.36 billion as at 30 June.

Flight Centre did not pay an interim or final dividend during the financial year.

Commenting on the results and the company’s resilience, Flight Centre’s CEO Graham Turner said:

Our priorities have evolved from emergency cost cutting at the beginning of the crisis to maintaining those significantly reduced expenses, while still developing and implementing our technology, improving productivity and finetuning our recovery strategies to drive stronger future returns.

How has the Flight Centre share price performed since reporting results?

Investors appear to have already priced in the company’s COVID-related revenue hit. With management stating they were looking ahead to potentially profitable operations in FY22, the Flight Centre share price finished its reporting day up 4.0%.

Since market open on 26 August, Flight Centre shares are up 10%. By comparison, the ASX 200 is down 4% over that same time.

The post How has the Flight Centre (ASX:FLT) share price performed since reporting results? appeared first on The Motley Fool Australia.

More reading

• These are the 10 most shorted ASX shares
• How have these 3 ASX 200 travel shares performed since reporting results?
• Is it too late to buy Qantas (ASX:QAN) and other ASX travel shares?
• Recovery gaining momentum: Flight Centre (ASX:FLT) boss
• Why the Flight Centre (ASX:FLT) share price is up 20% in a month

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 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 Zoom2u Technologies Ltd (ASX: Z2U) share price has had a miraculous day.

Shares in the parcel delivery platform stormed more than 19% higher in late afternoon trade today after announcing a new contract.  

Let’s take a look at why investors are flocking to get their hands on shares in Zoom2u.

Telstra deal fuels Zoom2u share price

Shares in Zoom2u rallied late in today’s session after announcing a contract agreement with Telstra Corporation Ltd (ASX: TLS).

As covered by my Foolish colleague earlier, the telco giant is now offering two-hour deliveries in certain areas of Australia.

Telstra has nominated Zoom2u’s platform as the courier partner to deliver products from stores directly to its customers.

The service will begin with 25 participating Telstra stores in Sydney, Melbourne and Brisbane metro.

Zoom2u noted that Telstra is under no obligation to meet any minimum volume or fee commitments and the arrangement is not exclusive.

As a result, Telstra’s use of the company’s courier platform cannot be quantified as it is dependent on delivery volumes.

After opening the day at 70 cents, the Zoom2u share price tanked to hit an intra-day low of 57 cents.

Following the announcement, shares in Zoom2u rallied more than 40% to hit an intra-day high of 80 cents.

More on the Zoom2u share price

Shares in Zoom2u listed on the exchange almost 2 weeks ago via an oversubscribed IPO of 20 cents.

The delivery service company has two key operating businesses that look to capitalise on the increased outsourcing of delivery services.

Zoom2u is the company’s largest segment platform that connects customers with local drivers.

Locate2u is its second business launched in late 2020 that offers customers a software as a service (SaaS) product.

The company currently has a customer base of nearly 70,000 individuals, SMEs, and enterprise customers who are connected to more than 8,600 drivers.

Late last week, Zoom2u made headlines after announcing the signing of its first enterprise customer for its Locate2u platform.

Zoom2u revealed it will provide Amart Furniture and Bing Lee access to its SaaS platform Locate2u for a 24-month term.

At market close, shares in the delivery platform company ended the day 7.46% higher at 72 cents.

Shares in Zoom2u were up more than 19.4% earlier after hitting an intra-day high of 80 cents.

The post Zoom2u (ASX:Z2U) share price soars 19% amid Telstra contract news appeared first on The Motley Fool Australia.

More reading

• Why Adore Beauty, ALE Property, Ausnet, & Zoom2u shares are charging higher
• Why the Telstra (ASX:TLS) share price is outperforming the ASX 200 today
• Top brokers name 3 ASX shares to buy next week
• Brokers name 3 ASX shares to buy today
• These 3 ASX 200 shares are flying around the markets today

Motley Fool contributor Nikhil Gangaram has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Telstra Corporation 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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