Tag: Motley Fool

The S&P/ASX 200 Index (ASX: XJO) is having a pretty strong day today, shaking yesterday’s loss off. At the time of writing, the ASX 200 is up a solid 0.37% to 7,385.5 points.

So let’s take a look at which ASX 200 shares have been the most active today, thus far.

The 3 most traded ASX 200 shares today

South32 Ltd (ASX: S32)

Diversified ASX miner South32 once again makes the list today, with 11.29 million shares having swapped hands so far this Friday. Probably assisting this heavy trading is the sell off in the South32 share price today. Currently, South32 shares are down 0.645 to $2.78. As we’ve mentioned this week, South32 has also been buying back its own shares with relative consistency in recent days and weeks. So perhaps this is adding to the trading count today as well. There are no other major news or announcements out of South32 today so far.

Boral Limited (ASX: BLD)

Construction materials company Boral is another ASX 200 share that is making its way around the ASX boards today. A hefty 14.16 million Boral shares have changed owners today. Boral shares have been bouncing around somewhat today, but are up a fairly mild 0.72% currently to $6.78 a share.

Even so, it’s possible that the takeover news we received on Boral this morning has something to do with today’s volumes. As my Fool colleague Brooke covered earlier today, Seven Group Holdings Ltd (ASX: SVW) has extended its takeover offer of $6.50 a share for Boral to 30 June. Boral has advised shareholders to reject it, saying it undervalues the company.

Telstra Corporation Ltd (ASX: TLS)

Telstra is topping the ASX 200 Index in terms of being the most actively traded share on the market today. A weighty 17.05 million Telstra shares have swapped hands so far, helped no doubt by Telstra’s meaty 2.56% rise to $3.60 a share.

We might also have another catalyst for this situation today. Telstra reported this morning that it will complete its delisting from the New Zealand Stock Exchange by the close of business today. Kiwis who own New Zealand Telstra shares will have them replaced with ASX-listed shares over this weekend (a welcome to the big leagues for those investors). This could understandably be pushing up the trading volumes of Telstra today.

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

More reading

• Latest ASX shares to be hit by a broker downgrade today
• The Telstra (ASX: TLS) share price just hit a new 52-week high
• ASX 200 up 0.5%: Altium guidance update, Afterpay & Zip jump
• Seven Group (ASX:SVW) shares jump as Boral takeover offer extended
• Here are the best performing ASX 200 shares so far in 2021

Motley Fool contributor Sebastian Bowen owns shares of Telstra Corporation Limited. 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.

from The Motley Fool Australia https://ift.tt/3q2GpAY

The market is rallying to a new high this morning but this could be a time to take some profit on some ASX shares that have been hit by a broker downgrade.

The S&P/ASX 200 Index (Index:^AXJO) jumped 0.5% to record 7,392 during lunch time trade even as the ASX big banks and miners slumped.

Wild weather blocks the sun

But these aren’t the only ASX shares that are underperforming today. The Suncorp Group Ltd (ASX: SUN) share price fell 0.4% to $11.32 at the time of writing.

The drop in the Suncorp share price coincided with Morgan’s decision to downgrade the insurer to “hold” from “add”.

The move comes after Suncorp and Insurance Australia Group Ltd (ASX: IAG) updated the market on their liabilities following the wild winds that swept across Victoria.

Valuation headwind for this ASX share triggered downgrade

“Broadly both insurers appear likely to come in about A$50m-A$100m above their original FY21 natural hazard allowances,” said the broker.

“We expect any potential slippage from these numbers to be limited, with only several weeks left in the half and given the remaining reinsurance protections in place for both players.”

The financial impact to Suncorp isn’t a big deal, but after the recent rally in its share price, Morgans believes the upside is limited.

The broker’s 12-month price target on the Suncorp share price is $11.44 a share.

Double downgrade hangs over this ASX share

Meanwhile, at least two brokers have downgraded the Coles Group Ltd (ASX: COL) share price following its market update.

The supermarket chain flagged that it needed to increase its investment in its business to catch up with Woolworths Group Ltd (ASX: WOW). This caused a 4.5% plunge in the Coles share price yesterday, although it’s recovered some of this loss today.

The Coles share price added 1.1% to $16.47 at the time of writing, although Citigroup reckons there isn’t much more upside to its shares.

Rising capex, falling valuation

“Coles is becoming more capital intensive, with capex to sales rising to ~2.6%, vs. 2.0% pre-COVID, a period of underinvestment compared to Woolworths,” said Citi.

“The implications of this underinvestment and subsequent catch-up spend are expected to be less severe if current conditions (rational market, strong balance sheet and low funding costs) persist, given Coles is not able to cash cover dividends.”

The broker downgraded its rating on the Coles share price to “neutral” from “buy”. It also lowered its price target to $17.20 from $18 a share.

Silver lining for the Coles share price

Credit Suisse also cut its recommendation on the Coles share price to “neutral” from “outperform” and trimmed its price target to $17.16 from $18.19 a share.

However, it agreed with management that the investment is necessary and pointed to promising signs from Cole’s ecommerce business.

Pity that wasn’t enough to save the Coles share price from the downgrade.

The post Latest ASX shares to be hit by a broker downgrade today appeared first on The Motley Fool Australia.

More reading

• Brokers name 3 ASX shares to buy today
• Woolworths (ASX:WOW) share price slides amid legal stoush on underpayments
• ASX 200 up 0.5%: Altium guidance update, Afterpay & Zip jump
• Here are the best performing ASX 200 shares so far in 2021
• 5 things to watch on the ASX 200 on Friday

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 and Woolworths Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

from The Motley Fool Australia https://ift.tt/3gH55dX

In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week on a solid note. At the time of writing, the benchmark index is up 0.35% to 7,385.1 points

Four ASX shares that have failed to follow the market higher today are listed below. Here’s why they are under pressure:

Challenger Ltd (ASX: CGF)

The Challenger share price is down 2.5% to $5.41. This morning analysts at UBS downgraded the annuities company’s shares to a neutral rating and cut the price target on them to $5.80 from $7.00. The broker made the move in response to its investor day update yesterday. It notes that management has downgraded its long term return on equity target again.

Commonwealth Bank of Australia (ASX: CBA)

The Commonwealth Bank share price is down almost 2% to $104.13. This decline appears to have been driven by investors switching out of value stocks and into growth stocks again. All of the big four banks are trading lower today, whereas the tech sector is surging notably higher and responsible for the majority of the market’s gains.

Newcrest Mining Ltd (ASX: NCM)

The Newcrest share price has fallen 3% to $25.99. Investors have been selling Newcrest and other gold miners today after a sharp pullback in the price of the precious metal. The spot gold price has come under significant pressure after the US Federal Reserve brought forward its rate hike plans. This has led to the S&P/ASX All Ordinaries Gold index trading 1.1% lower this afternoon.

Santos Ltd (ASX: STO)

The Santos share price has dropped 3.5% to $7.33. This decline has been driven by weakness in oil prices overnight. Oil and other commodity prices came under pressure after the US dollar strengthened notably. Oil prices had hit multi-year highs earlier in the week.

The post Why CBA, Challenger, Newcrest, & Santos are dropping today appeared first on The Motley Fool Australia.

More reading

• ASX 200 up 0.5%: Altium guidance update, Afterpay & Zip jump
• 5 things to watch on the ASX 200 on Friday
• ASX 200 drops, Sonic acquires, Challenger down
• CBA (ASX:CBA) and other banks hit by internet outage
• Are crashing ASX mining shares an opportunity or a disaster to run from?

James Mickleboro does not own any shares 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 Challenger Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

from The Motley Fool Australia https://ift.tt/3wF1XGd

The Nuix Ltd (ASX: NXL) share price is falling after a politician told Parliament the Australian Security and Investment Commission (ASIC) failed to regulate Nuix’s initial public offering (IPO).

At the time of writing, the Nuix share price is down 3.99%. Shares in the software company are swapping hands for $2.65.

Labor Senator for New South Wales Deborah O’Neill used parliamentary privilege to accuse ASIC regulators of conflicts of interest yesterday.

Let’s take a closer look.

ASIC blasted on IPO

Nuix floated on the ASX at an IPO price of $5.31 in December 2020. At the time, the company was sold as a future ASX success story.

Nuix has since released 2 revenue downgrades, faced intense criticism from media, and an Australian Federal Police investigation. Most recently, both Nuix’s chief executive officer and chief financial officer have exited the company.

According to O’Neill, Aperion Law sent 3 letters to ASIC prior to Nuix’s float, each noting its concerns of the company’s financial forecasts. None of the letters received a response.

O’Neill said ASIC’s alleged failure left “thousands of investors devastated yet made many in a very exclusive club vastly rich”. She said:

Mere months after the IPO, the share price has plummeted… wiping almost $3 billion off the values of shares bought by everyday investors who bought them at the IPO or subsequently.

According to O’Neill, Macquarie Group Ltd (ASX: MQG) earned more than $565 million in Nuix’s float and $24 million in fees. O’Neill said:

The failure of ASIC to appropriately regulate Nuix’s IPO has had catastrophic consequences for all investors except for Macquarie Bank, Nuix’s and Macquarie’s executives and offshore banks in tax-friendly Vanuatu and Switzerland…

[Macquarie’s’ stake in Nuix] probably accounted for around 50% of profits of Macquarie Capital that financial year. [Nuix’s float] was a billion-dollar payday for Macquarie and helped deliver Macquarie’s CEO a $20 million bonus for the 2021 financial year.

According to O’Neill, former Macquarie executive Cathie Armour was one of the ASIC commissioners in charge of Nuix’s float. O’Neill claimed Armour was particularly negligent in Nuix’s IPO, saying:

What did Commissioner Armour not investigate? Why did she not investigate? What contact did she have from Macquarie in regard to this IPO that led her to such a complete abdication of responsibility in this regard? Did she even read the Nuix prospectus? Did any of her fellow commissioners at ASIC read and act on concerns validly raised… by Aperion?..

This sorry episode has been a complete failure by ASIC. It must never be repeated.

Nuix share price snapshot

Since Nuix’s IPO, its share price has fallen 66%.

The company has a market capitalisation of around $875 million, with approximately 317 million shares outstanding.

The post Nuix (ASX:NXL) share price falls as ASIC is put on blast in Parliament appeared first on The Motley Fool Australia.

More reading

• Revealed: 5 sectors with worst gender pay gap
• Why the Nuix (ASX:NXL) share price is racing 7% higher today
• Brokers name 3 ASX shares to buy now
• A Super-bad idea
• Nuix (ASX:NXL) share price wobble after company upheaval

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended Nuix Pty Ltd. The Motley Fool Australia owns shares of and has recommended Macquarie Group Limited. The Motley Fool Australia has recommended Nuix Pty Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

from The Motley Fool Australia https://ift.tt/2UaWSXP

It has been another busy week for Australia’s top brokers. This has led to the release of a large number of broker notes.

Three broker buy ratings that have caught my eye are summarised below. Here’s why brokers think these ASX shares are in the buy zone:

Bigtincan Holdings Ltd (ASX: BTH)

According to a note out of Morgan Stanley, its analysts have retained their overweight rating and $1.50 price target on this sales enablement platform provider’s shares. The broker notes that Bigtincan has hit the top end of its guidance with still a couple of weeks remaining in the financial year. It was pleased with this and believes that its strong finish to the year puts it in a good position to achieve the market’s expectations in FY 2022. The Bigtincan share price is trading at $1.10 today.

Coles Group Ltd (ASX: COL)

Analysts at Morgans have retained their add rating but trimmed their price target on this supermarket operator’s shares to $17.80. This follows the company’s strategy update this week. While the broker has downgraded its earnings estimates to account for Coles’ increased investment in its online business, distribution, and automation, it believes the investment will create long term benefits. In addition to this, it sees Coles as a winner from the normalisation of consumer behaviour. The Coles share price is fetching $16.46 this afternoon.

Sonic Healthcare Limited (ASX: SHL)

A note out of Credit Suisse reveals that its analysts have retained their outperform rating and $40.00 price target on this healthcare company’s shares. This follows news that the company has acquired Canberra Imaging Group for an undisclosed amount. The deal will add ~$60 million of revenue and is expected to support its aim of developing its imaging division in Australia. Credit Suisse estimates that the deal will be ~1% accretive to earnings per share. The broker also believes it could help the company win more government contracts. The Sonic share price is trading at $38.09 currently.

The post Brokers name 3 ASX shares to buy today appeared first on The Motley Fool Australia.

More reading

• 5 things to watch on the ASX 200 on Friday
• ASX 200 drops, Sonic acquires, Challenger down
• Is the weakness in the Coles (ASX:COL) share price a buying opportunity?
• Why Coles, Creso Pharma, Ramelius, & Whitehaven Coal are tumbling lower
• Why Bigtincan, Opthea, Seven West Media, & Telix shares are charging higher

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 BIGTINCAN FPO. The Motley Fool Australia owns shares of and has recommended BIGTINCAN FPO and COLESGROUP DEF SET. The Motley Fool Australia has recommended Sonic Healthcare Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

from The Motley Fool Australia https://ift.tt/35yBT3C

The Oneview Healthcare PLC (ASX: ONE) share price is firmly in positive territory today.

This follows the healthcare technology solutions company’s announcement of a new contract.

At the time of writing, Oneview shares are up 4.82% to 43.5 cents.

Let’s take a closer look at what Oneview released to the ASX this morning.

What did Oneview announce?

Investors are snapping up Oneview shares after the company added its first Cloud Start customer in Australia.

In today’s statement, Oneview advised it has signed a key provider of public healthcare in Melbourne’s northern region, Northern Health.

Established in 2000, Northern Health is the major provider of acute, maternity, sub-acute and specialist services in Melbourne’s outer northern suburbs. The group comprises four main campuses which are Northern Hospital Epping, Broadmeadows Hospital, Bundoora Centre, and the Craigieburn Centre.

The emergency department treats over 107,000 patients, with over 94,000 patients admitted to hospital each year.

Under the agreement, Oneview’s Cloud Start product will be deployed to the Northern Hospital Stage 2 Inpatient Unit Expansion Project. The $162.3 million facility will enable patients to communicate with their clinicians through a digital platform. In turn, users can also connect with family and friends, view entertainment streaming services, and engage in patient education.

The project is expected to go live sometime in the third quarter of 2021. No financial details were given in relation to the revenue generation of the contract.

Oneview share price summary

Founded in 2007, Oneview is an Irish software company that provides interactive healthcare technologies for patients, families and caregivers. The business operates in the United States, Australia, and the Middle East.

Over the last 12 months, Oneview shares have recorded stellar gains, up more than 1,100%. When looking at this year alone, the company’s share price is equally impressive, jumping over 860%.

Based on valuation grounds, Oneview presides a market capitalisation of roughly $188 million, with approximately 432 million shares on issue.

The post Why the Oneview (ASX:ONE) share price is climbing today appeared first on The Motley Fool Australia.

More reading

• These 5 ASX shares are delivering the biggest gains in 2021

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

from The Motley Fool Australia https://ift.tt/35EB8G9

The AWN Holdings Ltd (ASX: AWN) share price is rocketing in early afternoon trade, up more than 33% after posting gains of more than 60% earlier today.

Below we take a look at the latest announcement from one of the investment company’s subsidiaries that appears to be driving the big boost in investor interest.

What did AWN announce?

AWN Holdings share price is surging after the company reported a major contract agreement for its subsidiary VivoPower’s own subsidiary, Tembo e-LV B.V.

The announcement by sustainable energy solutions company VivoPower revealed it had signed a definitive agreement with Acces Industriel Mining Inc. The agreement will see Acces, a Canadian based industrial equipment firm, distribute electric light vehicles (e-LVs) in Canada, using Tembo’s e-LV conversion kits.

According to the release, Acces plans to buy 1,675 Tembo e-LV conversion kits over the next 5 1/2 years for an estimated value of US$120 million (AU$158 million). The majority of sales are expected to occur towards the latter stage of the agreement.

Tembo’s e-LV conversion kits remake diesel-powered Toyota Land Cruisers and Hiluxes into “ruggedised e-LVs”, which are suitable for use in mining, construction and defence. Areas the company notes are traditionally difficult to decarbonise.

The AWN Holdings share price may also be getting a lift due to the caveat that responsibility for acquiring the diesel Toyotas from Japan, along with their e-LV conversion, sales to end-customers and ongoing maintenance falls to Acces.

Kevin Chin, VivoPower’s CEO said the agreement:

[W]ill provide the springboard for VivoPower to deliver our Tembo e-LVs and complementary sustainable energy solutions to Canadian customers. As a leading and trusted provider of equipment and services to the Canadian mining industry, Acces’s selection of Tembo as their preferred electric vehicle solution is a testament to the quality of the Tembo product and the value it offers to mining and other industrial customers seeking net zero carbon solutions.

Jean Dion, Acces’ CEO added:

We are confident that the Tembo product offers outstanding value to our customers who seek to reduce their carbon emissions, and Acces will not distribute any competing product over the life of the Distribution Agreement.

AWN Holdings share price snapshot

Over the past 12 months, AWN Holdings shares have gained 312%. By comparison, the All Ordinaries Index (ASX: XAO) is up 26% in that same time.

Year-to-date the AWN Holdings share price has continued to outperform, up 41% so far in 2021.

The post Why the AWN Holdings (ASX:AWN) share price is rocketing 33% appeared first on The Motley Fool Australia.

More reading

• Woolworths (ASX:WOW) share price slides amid legal stoush on underpayments
• Thorn Group (ASX:TGA) share price jumps 7% on takeover offer
• Why Afterpay, Betmakers, Bubs, & Starpharma shares are racing higher
• Maca (ASX:MLD) share price sinks 6% on Karara Project update
• The Telstra (ASX: TLS) share price just hit a new 52-week high

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

from The Motley Fool Australia https://ift.tt/3zx9Wae

Woolworths Group Ltd (ASX: WOW) shares have fallen into the red today as the Fair Work Ombudsman (FWO) takes the retailing giant to court.

After opening higher at $43.54, shares in the company have been on a slide this morning and are currently down 1.50%, trading at $42.70. In contrast, the S&P/ASX 200 Index (ASX: XJO) is 0.5% higher.

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

Underpayment claims rock Woolworths

The FWO confirmed today it would begin legal proceedings against Woolworths in relation to the alleged underpayments of up to 19,000 managers between 2015 and 2019. Woolworths disclosed this issue to the ASX in 2019 and pledged to rectify the situation.

The problem revolves around its salaried employees and underpayments for overtime, annual leave loading and meal allowances, as afforded by the relevant award. Woolworths admitted the underpayments in 2019 and said it would need to pay up to $600 million to its store and department managers.

The FWO alleges Woolworths did not fully repay managers, and as such, will take the company to court. Taking a sample of 70 managers for a period of 12 months, the Ombudsman claims Woolworths has paid only around $400,000 of the approximately $1.2 million owed to these managers.

The FWO also alleges the supermarket giant still owes one employee almost $86,000 for the 12-month period it examined.

Fair Work Ombudsman Sarah Parker said today’s actions were a “priority” for the regulator.

“This court action highlights that large employers face serious consequences if they do not prioritise workplace law compliance among other aspects of their business,” she said.

Motley Fool Australia has contacted Woolworths for comment.

Woolworth shares snapshot

Over the past 12 months, the Woolworths share price has increased 17.8%. Like many in the consumer staples sector, the company fared comparatively well during the COVID pandemic, as grocery sales spiked due to panic buying and supermarkets were among the few places people could visit to shop during lockdowns.

Woolworths Group has a market capitalisation of $54.5 billion.

The post Woolworths (ASX:WOW) share price slides amid legal stoush on underpayments appeared first on The Motley Fool Australia.

More reading

• These ASX dividend shares have attractive yields
• Top brokers just upgraded these ASX shares to “buy”
• Here’s why the Secos (ASX:SES) share price is rocketing 18% today
• ASX 200 Weekly Wrap: ASX edges even higher, led by tech rebound
• What I regret about my Afterpay (ASX:APT) shares: analyst

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 Woolworths Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

from The Motley Fool Australia https://ift.tt/3vzaIQH

Thorn Group Ltd (ASX: TGA) shares are having a bumper session on Friday. At the time of writing, the Thorn Group share price is trading 7.32% higher at 22 cents after the company received an unsolicited on-market takeover bid.

Takeover bid

Thorn Group shares are well in the green today after the company announced Somers Limited is making an on-market, unconditional cash offer to acquire it for 21 cents per share.

Somers is a financial services investment holding company listed on the Bermuda Stock Exchange. The company’s core investments are primarily in banking, asset financing and wealth management sectors across Australia, the United Kingdom and Bermuda. Somers has about US$625 million in funds under management.

The Thorn Group share price closed Thursday’s session at 20.5 cents, so today’s offer isn’t quite the premium takeover offer ASX shareholders often see.

However, Somers’ bidder statement said that:

This [the offer] may be attractive for Thorn Shareholders given the risks and uncertainties associated with remaining a Thorn Shareholder including, but not limited to:

a) the long term impacts of the COVID-19 pandemic on Thorn’s borrowers and their businesses; and

b) general economic and equity market risk

Thorn Group response

Thorn Group has advised that its shareholders should take no action in relation to the offer.

The company has established an independent committee to assess and respond to the Somers offer.

Until then, the company will continue to operate ‘business as usual’.

Its been an ugly ride for the Thorn Group share price

Thorn Group provides alternate consumer and commercial leasing products, with one of its divisions better known as Radio Rentals. The company also provides financial products and services, tailored to the needs of Australian SMEs.

In its prime, Thorn Group was a highly profitable business delivering solid year-on-year growth. Back in FY15, when its shares were fetching more than $2.00 apiece, the company delivered a 25.1% increase in revenue to $293.8 million and a 13.6% increase in underlying cash net profit after tax (NPAT) of $34.2 million.

Fast forward to today, the company is attempting to turn things around, announcing a forecast NPAT of $8.4 million for FY21, after an $81 million loss in the previous year.

The Thorn Group share price is up 10% year to date, but down by almost 90% since its 2015 highs.

The post Thorn Group (ASX:TGA) share price jumps 7% on takeover offer appeared first on The Motley Fool Australia.

More reading

• Why Afterpay, Betmakers, Bubs, & Starpharma shares are racing higher
• Maca (ASX:MLD) share price sinks 6% on Karara Project update
• The Telstra (ASX: TLS) share price just hit a new 52-week high
• Paradigm (ASX:PAR) share price is up 5% today. Here’s why
• ASX 200 up 0.5%: Altium guidance update, Afterpay & Zip jump

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.

from The Motley Fool Australia https://ift.tt/3gBdroM

The S&P/ASX 200 Index (ASX: XJO) is back on form on Friday and on course to end the week on a positive note. At the time of writing, the benchmark index is up 0.3% to 7,382 points

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

Afterpay Ltd (ASX: APT)

The Afterpay share price has risen 5% to $112.89. Investors have been buying Afterpay and other tech shares on Friday after rotating out of value stocks and back into growth. In addition to this, a positive broker note out of Morgan Stanley this morning appears to have given its shares a boost. The broker has retained its overweight rating and $145.00 price target its shares.

Betmakers Technology Group Ltd (ASX: BET)

The Betmakers share price has jumped 11% to $1.20. This morning the betting technology company announced the completion of its acquisition of UK-based Sportech’s racing, tote and digital businesses. The $56.2 million acquisition includes three of Sportech’s betting solutions businesses across the Americas, the United Kingdom and Europe, and its world-leading tote betting engine. Betmakers believes the acquisition will materially expand its global customer base, technology, and geographic reach.

Bubs Australia Ltd (ASX: BUB)

The Bubs share price has rocketed 28% higher to 48 cents. Investors have been buying the goat milk infant formula company’s shares after it announced its expansion into the United States via the Walmart website. While this has the potential to be a big positive, it is worth noting that this isn’t necessarily an agreement with the retail giant. Rather, any business has the ability to request to sell via Walmart’s online marketplace and Bubs was merely granted acceptance.

Starpharma Holdings Limited (ASX: SPL)

The Starpharma share price is up 8% to $1.68. This morning the dendrimer products developer provided an update on its COVID-fighting Viraleze antiviral nasal spray. It revealed that new data demonstrates that the active ingredient in the Viraleze antiviral nasal spray, SPL7013, has been shown to be highly effective against a number of COVID-19 variants.

The post Why Afterpay, Betmakers, Bubs, & Starpharma shares are racing higher appeared first on The Motley Fool Australia.

More reading

• ASX 200 up 0.5%: Altium guidance update, Afterpay & Zip jump
• BetMakers (ASX:BET) share price is racing 11% higher after this acquisition
• Why the Afterpay (ASX:APT) share price is storming 8% higher
• Bubs (ASX:BUB) share price explodes 17% on US launch
• Starpharma (ASX:SPL) share price jumps 7% on COVID variant update

James Mickleboro doesn’t own any shares mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended AFTERPAY T FPO, Betmakers Technology Group Ltd, and Starpharma Holdings Limited. The Motley Fool Australia owns shares of and has recommended AFTERPAY T FPO. The Motley Fool Australia has recommended BUBS AUST FPO, Betmakers Technology Group Ltd, and Starpharma Holdings Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

from The Motley Fool Australia https://ift.tt/3xseFbm