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With so many shares to choose from on the ASX, it can be hard to decide which ones to buy.

The good news is that brokers across the country are doing a lot of the hard work for you.

Three top ASX shares that leading brokers have named as buys this week are listed below. Here’s why they are bullish on them:

Bigtincan Holdings Ltd (ASX: BTH)

According to a note out of Morgan Stanley, its analysts have initiated coverage on this sales enablement software provider’s shares with an overweight rating and $1.40 price target. This follows the release of a strong second quarter update last week. Morgan Stanley believes Bigtincan is well-placed to benefit from industry tailwinds and its position as the leader in its field. It believes this could lead to strong growth rates over the coming years. The Bigtincan share price is fetching $1.08 this afternoon.

Kogan.com Ltd (ASX: KGN)

A note out of Credit Suisse reveals that its analysts have retained their outperform rating and lifted the price target on this ecommerce company’s shares to $21.08. According to the note, the broker was pleased with Kogan’s first half update. It notes that its sales and profit were in line with its estimates. Looking ahead, the broker believes Kogan is well-placed to benefit from the shift to online shopping, particularly given the expansion of its offering and the acquisition of New Zealand-based online retailer Mighty Ape. The Kogan share price is trading at $17.41 on Monday.

ResMed Inc. (ASX: RMD)

Analysts at Morgans have retained their add rating but trimmed the price target on this medical device company’s shares slightly to $30.09. According to the note, ResMed delivered a stronger than expected second quarter update last week. Morgans was pleased with its strong revenue growth and the expansion of its margins. Furthermore, it believes the company is well-placed to continue its growth in the coming years thanks to mask resupply, stable pricing, and growth in sleep treatment patient diagnoses. The ResMed share price is fetching $26.31 today.

More reading

• Why Afterpay, ResMed, Temple & Webster, & Worley shares are dropping lower
• ASX 200 Weekly Wrap: Reality (and GameStop) finally hits ASX
• 3 ASX tech shares to buy in February 2021
• 3 very impressive ASX quarterly updates from last week
• 3 reasons why the Kogan.com (ASX:KGN) share price could be an opportunity

James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. recommends BIGTINCAN FPO. The Motley Fool Australia owns shares of and has recommended BIGTINCAN FPO and Kogan.com ltd. 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 Eagers Automotive Ltd (ASX: APE) share price is rebounding from an early morning selloff, currently up 0.45% in afternoon trading to a price of $13.38.

That mirrors the action on the broader S&P/ASX 200 Index (ASX: XJO), which was down over 1.3% in morning trade but has now inched into the green.

A range of analysts, however, believe that Eagers is set to handily outperform the ASX 200 in 2021.

The upside case for Eagers Automotive shareholders

In case you’re unfamiliar, Eagers Automotive is Australia’s oldest listed automotive retail group. It operates new and used car, truck and bus dealerships across the country, claiming 224 showrooms and an 11% market share of new vehicle sales. The company took on its new name in 2019, when AP Eagers merged with the formerly ASX-listed Automotive Holdings Group.

UBS analyst Tom Godfrey is among the analysts who are bullish on Eagers Automotive shares. As the Australian Financial Review reports, Godfrey has a ‘buy’ rating on Eagers’ shares with a 12-month price target of $15. He pointed to December’s new vehicle sales – up 14% year-on-year – as a sign of continuing momentum in the industry.

Godfrey’s optimistic views on the company are backed by Bell Potter analyst Chris Savage. Savage also has a ‘buy’ rating on Eagers’ shares with a 12-month price target of $15.50.

Most bullish of all is Morgan Stanley. The broker has an ‘overweight’ recommendation on Eagers’ shares and a 12-month price target of $17, writing:

APE positively surprised, upgrading 2020 underlying PBT [profit before tax] to A$209.4m, up from A$195-205m PBT guidance in mid-Dec 2020. We recently highlighted APE as a key pick into Feb, offering the best potential for raising expectations in 2021.

Morgan Stanley’s 12-month target is 27.6% above the current price of $13.32 per share.

There also looks to be some large upside potential in the used car market. As the AFR notes, Eagers Automotive CEO Martin Ward is revamping the company’s used car sales approach.

According to the company, some 900,000 new vehicles are sold in Australia each year. The used car market dwarfs that figure, with some 3.9 million vehicle sales. And, according to Moody’s, the price of those second hand cars is soaring, up around 35% in 2020. That was likely driven by the coronovirus pandemic, which saw people turning to personal cars as they shunned public transport.

Eagers Automotive share price snapshot

2021 has seen the Eagers Automotive share price slip 1.3%, slightly more than the 0.8% drop of the ASX 200.

But go back 12 months and the Eagers share price is up an impressive 50.3%. And in case you were wondering, shares are up more than 353% since the 27 March lows last year.

Eagers has paid a dividend to shareholders every year since listing in 1957. It pays an annualised dividend yield of 0.8%, fully franked.

More reading

• Brokers list the latest ASX shares to buy in this market meltdown
• Why the Eagers Automotive (ASX:APE) share price is on watch today
• ASX 200 falls 0.6%
• Aussies ready to splash on travel, entertainment, cars
• How ASX shares in the automotive sector outperformed the market in 2020

Motley Fool contributor Bernd Struben 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.

The post Why these brokers think today’s Eagers Automotive (ASX:APE) share price is a bargain appeared first on The Motley Fool Australia.

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The K2fly Ltd (ASX: K2F) share price is lifting today on news the asset management consulting service will acquire Decipher’s mining solutions business.

The K2fly share price opened at an intraday high of 36.5 cents then plummeted to a low of 34 cents. However, its shares are climbing again in afternoon trade, now up 1.47% to 34.5 cents at the time of writing.

What’s driving the K2fly share price higher?

The K2fly share price is climbing higher after reporting a takeover of Decipher to enhance its suite of solution offerings.

Decipher is a software-as-a-service company developed and operated by CSBP Limited (CSBP), and Wesfarmers Chemicals, Energy & Fertilisers Limited (WesCEF). Decipher offers a cloud-based platform that helps manage a company’s resources to be more sustainable and profitable.

In its announcement, K2fly advised that it has executed a business sale agreement to acquire the assets of the ‘Decipher for Mining’ business from CSBP and WesCEF.

As part of the agreement, Decipher CEO Anthony Walker will join K2fly in a senior executive position along with the core Decipher team. It’s expected that the new inclusions will bring added expertise to K2fly’s software solution suite.

Terms of the deal

Under the agreement, K2fly will issue 11,366,691 ordinary shares worth $3.7 million to Westfarmer’s subsidiary, CSBP. This will account a holding of 10.13% interest in K2fly upon completion of the transaction, making CSBP its largest shareholder.

In addition, up to 5,345,633 performance shares can be further issued if performance targets be met. Should this occur, CSBP’s stake in K2fly will increase to 14.22%, pending the conversion of performance shares to ordinary shares.

Both classes of shares will be subject to voluntary escrow periods for 2 years.

The company said it will send out a notice of the meeting to all shareholders in the near-term future. K2fly is seeking shareholder support to approve the acquisition which will be held around the middle of March. If successful, it’s estimated that completion of the acquisition would occur within a short time after.

Management commentary

Commenting on the acquisition, K2fly chief commercial officer Nic Pollock said:

We have been partnered with Decipher for nearly a year now and we have found many synergies in our joint offering, go to market capabilities, and operational models that the acquisition was a logical combination.

We are both lean start-up companies and there is virtually no duplication and many upsides to the deal. We are pleased that Anthony Walker, the Decipher CEO, will be joining K2fly in a senior executive position as well as the core Decipher team.

Decipher CEO Anthony Walker went on to add:

We have formed a very close working relationship with the K2fly team, and we all share a passion for delivering better ESG (environmental, social and governance) monitoring and compliance outcomes to the mining industry and the communities in which they operate. This transaction will dramatically increase our pace of delivery on these aspirations.

More reading

• The K2fly (ASX:K2F) share price is soaring today. Here’s why
• Here’s why the K2Fly (ASX:K2F) share price is pushing higher

Motley Fool contributor Aaron Teboneras 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 Core Lithium Ltd (ASX: CXO) share price won’t be going anywhere on Monday.

Prior to the market open, the Northern Territory based lithium-focused mineral exploration company requested a trading halt.

Why is the Core Lithium share price in a trading halt?

This morning Core Lithium requested a trading halt pending the release of an announcement in relation to a share placement.

It has requested that its shares remain in the trading halt until the earlier of the release of its announcement or the opening of trade on Wednesday.

Why is the company raising funds?

Management hasn’t provided any explanation for why it is launching the placement. However, it is likely to be related to activities at its 100%-owned Finniss Lithium Project located near Darwin in the Northern Territory.

Over the last quarter, the company has been busy completing its lithium resource infill and expansion program at the Grants Deposit. This is a key component of the Finniss Lithium Project.

It had three drill rigs operating at the Grants orebody to a maximum downhole depth of 342.5 metres. This drilling achieved excellent core recovery throughout, with the majority of the planned targets intersected as planned.

Most of the drill holes intersected over 20 metres of pegmatite, which correlates well with its existing resource model at Grants. It is also expected to result in a high conversion of inferred mineral resource to indicated mineral resource. Management also expects the new indicated mineral resources at Grants to significantly increase the bankable life of mine (LOM) in Core Lithium’s updated Definitive Feasibility Study (DFS).

Speaking of which, Core Lithium intends to start the estimation of a new mineral resource in early 2021. It is likely that the funds will be used for this activity and general working capital.

Now certainly seems like a good time to raise funds. Lithium is one of the hottest sectors around and investors are piling funds into this side of the market en masse. Furthermore, with the Core Lithium share price rising a massive 750% over the last six months, this should give the company more bang for its buck when it comes to raising funds.

More reading

• Here’s why the Core Lithium (ASX:CXO) share price stormed 19% higher today
• Afterpay and Creso Pharma were among the most traded shares on the ASX last week
• Here’s why the Core Lithium (ASX:CXO) share price rocketed 45% higher today

Motley Fool contributor James Mickleboro 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.

The post Why the Core Lithium (ASX:CXO) share price is in a trading halt appeared first on The Motley Fool Australia.

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Last week, GameStop Corp (NYSE: GME) shares were in the news. But as we kick off a new week, some investors are focusing on another investment that’s currently kicking up a storm. Yes, silver shares are the talk of the ASX town today.

Why? Well, as we reported earlier today, the now-famous Reddit group WallStreetBets has been bouncing around the idea that a short-squeeze could send the price of the precious metal to more than US$1,000 an ounce. According to Bloomberg, silver is up 6.64% today to US$28.70 an ounce. That’s up around 13% since 27 January, when it was priced at around US$25.40 an ounce.

Silver as an investment

Why silver though? Everyone knows that silver is a valuable precious metal. But gold is normally the ‘investment metal’ that jumps to mind, not silver. So why do people invest in silver in the first place?

Well, silver has a number of characteristics that make it similar to gold. Like gold, silver has a long history of being used as money (our coins used to have silver in them, after all). Many countries in the past have also used a ‘silver standard’ for monetary policy, such as the United States used to have the gold standard.

Further, silver is also believed by many to have ‘inflation-proof’ properties in the same way gold is perceived to have. It also has a limited supply and intrinsic value in the same way gold does. Unlike gold, however, silver also has a range of industrial applications as well, such as in rechargeable batteries and solar panels.

So which ASX silver shares are surging today?

ASX silver shares rocket

One of the most popular silver plays on the ASX today is Silver Mines Limited (ASX: SVL). The Silver Mines share price is up an incredible 30.6% today (at the time of writing) to 32 cents a share. Silver Mines describes itself as “a leading silver exploration company” which fully owns the “largest undeveloped silver project in Australia, and one of the largest globally”. Its primary sites are the Barabolar and Bowdens Silver Projects in central New South Wales.

Another ASX silver share that’s on the rise today is South32 Ltd (ASX: S32), which owns the Cannington Mine located near Mt Isa in Queensland. Cannington is one of the largest silver mines in the world. The South32 share price is up more than 3% today, a more muted response that probably reflects South32’s diversified operations.

Also lighting up the ASX boards today is Adriatic Metals PLC (ASX: ADT) and Thomson Resources Ltd (ASX: TMZ). The Adriatic share price is up more than 11% at the time of writing, whereas Thomson shares are up a whopping 38.5%.

The rising silver price is further reflected in the ETFS Physical Silver ETF (ASX: ETPMAG) unit price, which is up around 8% at the time of writing. This ASX exchange-traded fund (ETF) covers the raw price of silver. Units of this ETF represent ownership of physical silver bullion that is stored in a bank vault.

More reading

• The Thomson Resources (ASX:TMZ) share price is rocketing 38% today
• Silver squeeze next on the list for WallStreetBets, or is it?
• 5 things to watch on the ASX 200 on Monday
• 53% share price jump lands GME Resources (ASX: GME) in trading halt
• Gamestop on the ASX? Why GME Resources (ASX:GME) share price rocketed 28% today

Motley Fool contributor Sebastian Bowen owns shares of ETFS Physical Silver ETF. 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.

The post Why these ASX silver shares are surging today appeared first on The Motley Fool Australia.

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The De Grey Mining Limited (ASX: DEG) share price is slipping today after the company announced its quarterly activities report for the period ending 31 December 2020. The De Grey share price is currently trading 2.09% lower at 93.5 cents.

Shares in the ASX miner shot to fame last year on rising an astounding 1,920% in 2020. However, it has been a different story since the start of 2021, with the share price slumping more than 16% so far this year.

What’s new?

In today’s update, De Grey advised that its Hemi discovery in Western Australia continued to grow across multiple zones. The Hemi discovery is an intrusion hosted form of gold mineralisation which has not been previously encountered in the Pilbara region. The high value of the discovery is driven by its size and growth potential. Moreover, the overall Hemi system is now more than 400 metres deep and remains open.

What more, the company announced that its exploration activity has accelerated. With the number of drills on the site increased to eight. It comes as more than 900 holes remain open on the company’s Mallina gold project.

As of 31 December 2020, the company was well funded with approximately $103.8 million in cash.

Growth strategy

De Grey also released information on the company’s near term growth strategy within the report. According to management, the company aims to expand Hemi and drill mineralised intrusives around the site.

Furthermore, the company aims to expand the existing resource base and explore untested areas along the company’s 200km of prospective zones.

About the De Grey share price

Shares in the ASX miner had a stellar in 2020 being the best performer on the All Ordinaries Index (ASX: XAO). However, as mentioned this trend has not continued in 2021, falling in the first month of the year.

De Grey has a market capitalisation of $1.21 billion.

More reading

• The biggest ASX bulls are about to get their faith tested
• 2 ASX shares that ran over 1,500% in 2020
• Why the De Grey (ASX:DEG) share price is blasting 7% higher today

Motley Fool contributor Daniel Ewing 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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In early afternoon trade the S&P/ASX 200 Index (ASX: XJO) has fought back from a sizeable morning decline and is climbing higher. At the time of writing, the benchmark is up 0.2% to 6,617 points.

Four ASX shares that have not let that hold them back are listed below. Here’s why they are pushing higher:

Blackmores Limited (ASX: BKL)

The Blackmores share price is up 4.5% to $76.85. Investors have been buying the health supplement company’s shares and others with high levels of short interest on Monday. It appears as though short sellers have been closing positions in a hurry amid concerns that the GameStop short squeeze could be replicated with their shares.

Creso Pharma Ltd (ASX: CPH)

The Creso Pharma share price has jumped 10% to 21.5 cents. This morning the cannabis company revealed that it believes it is well-positioned to benefit from changes in Australian regulations that came into effect this morning. The Therapeutic Goods Administration (TGA) has downgraded low dose cannabidiol preparations from Schedule 4 (Prescription Medicine) to Schedule 3 (Pharmacist Only Medicine). This means they can be picked up over the counter from a pharmacy without a prescription.

Pilbara Minerals Ltd (ASX: PLS)

The Pilbara Minerals share price has surged 9% higher to $1.01. This is despite there being no news out of the lithium miner. However, last week Tesla blamed an underwhelming result on a lack of lithium batteries. This appears supportive of lithium demand and prices for 2021 and beyond.

Zip Co Ltd (ASX: Z1P)

The Zip share price is up 2% to $7.42. This morning Zip announced that its Chair, Philip Crutchfield, is stepping down from the role after more than five years with the company. He is exiting the role with immediate effect and will be replaced by Ms Diane Smith-Gander AO. Zip believes Ms Smith-Gander is ideally placed to lead Zip as it forges ahead as with its global expansion. The market appears happy with this appointment.

More reading

• ASX 200 down 0.2%: Zip Chair steps down, Worley crashes, Blackmores & InvoCare jump
• Why the Zip (ASX:Z1P) share price is dropping lower today
• Here’s why the Creso Pharma (ASX:CPH) share price is rocketing 18% higher
• These were the best performing ASX 200 shares in January
• The Zip (ASX:Z1P) share price rocketed 37% higher in January

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

The post Why Blackmores, Creso Pharma, Pilbara Minerals, & Zip shares are pushing higher appeared first on The Motley Fool Australia.

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The Thomson Resources Ltd (ASX: TMZ) share price is rocketing higher today, up 38.4% to 18 cents in late morning trade.

This follows the company’s market update today on its activities for the December 2020 quarter.

What did Thomson Resources report?

Minerals explorer Thomson Resources today reported the advancement of its precious and base metals projects in Queensland and New South Wales.

Thomson advised it has completed due diligence at the Hortons Gold Project near Tenterfield, New South Wales. It’s acquiring the project from Syndicate Minerals, a private company. According to the release, Hortons has “multiple intrusion related gold targets across multiple prospects” for future drilling.

Thomson has also started auger drilling at its Chillagoe Gold Project. Assays are pending for 465 samples taken from 10 prospect areas. It noted that rock taken from its Laverock workings contained copper oxide azurite, which is a surface indicator of weathered copper sulphide ores.

Meanwhile, the company revealed it had completed the phase 2 reverse circulation drilling program at its Yalgogrin Gold Project, totalling 6 holes for 720 metres. This follows up the “significant intercepts” from its July 2020 maiden drilling program.

It also completed 2,000 metres of reverse circulation drilling at its Harry Smith Gold Project, testing a range of targets. One of the targets was a follow up from previous high-grade results including, 17m at 5.2 g/t Au from 28m, 9m at 9g/t Au and 54m at 1 g/t Au.

Thomson also provided updates on its silver projects, including the Cannington Silver Project in Queensland.

In November, Thomson announced that it had submitted an EPM application for 6-blocks 10kms west of the Cannington Silver mine owned by South32 Ltd (ASX: S32). In November Thomson also entered into a binding term sheet to acquire 100% of Caesar Resources, which holds around 90 sqkm of land near the Cannington Silver mine. That acquisition was completed in December. Thomson reports it now has a land area of 111.5sqkm in “this prolific silver region”.

The company had cash of $5.4 million as at 31 December.

Thomson Resources share price snapshot

Thomson Resources shareholders have certainly had a happy new year so far.

Including today’s 38.4% intraday gains, the Thomson Resources share price is up 47.5% in 2021. Investors who bought shares 12 months ago are sitting on a tidy gain of 450%.

More reading

• Silver squeeze next on the list for WallStreetBets, or is it?
• 5 things to watch on the ASX 200 on Monday
• Top broker says the South32 (ASX:S32) share price is in the buy zone
• 7 ASX shares to buy for 2021
• Goldman points to commodities super-cycle: Which ASX mining shares will benefit?

Motley Fool contributor Bernd Struben 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 Afterpay Ltd (ASX: APT) share price is not having a good day today. It’s not even lunchtime (at the time of writing), and yet Afterpay shares are currently down 0.81% to $134 a share.

In fact, it hasn’t been a great week for the buy now, pay later (BNPL) pioneer, period. Since Wednesday last week, Afterpay shares are down more than 11%.

But zooming out, it’s a different story. Over the month of January, Afterpay shares rose more than 13% (13.53% to be precise). On days like today, it can be easy to forget Afterpay made a new all-time high of $151.22 less than 2 weeks ago. Even after today’s fall, Afterpay shares remain up more than 9% year to date, not a bad way to open 2021.

So why did Afterpay have such a good start to the year?

Well, there are 2 possible reasons:

1. Positive sentiment for Afterpay shares

Afterpay has developed a reputation as a gift that keeps on giving. Think about it, this ASX share has delivered double- or triple-digit returns every year for the last few years to its loyal investors (despite some healthy volatility along the way). And many investors are reluctant to kill the golden goose, as it were.

Further, as my Fool colleague James Mickleboro reported last week, Afterpay has recently also been upgraded by several brokers who expect Afterpay’s strong growth in subscribers and transaction volumes to continue unbridled in 2021 and beyond.

Add to this a hugely successful US IPO for fellow BNPL company Affirm Holdings Inc (NASDAQ: AFRM) and you can see why investors might have wanted to keep jumping on the bandwagon in January with this one.

2. A rising market lifts all boats

When looking at the Afterpay share price over January, it pays to remember that the broader markets also had a top month…. until 25 January that is.

Yes, the S&P/ASX 200 Index (ASX: XJO) has come off the boil since then. But between New Year’s Day and 25 January, the index was up a healthy 2.1%. And that’s when Afterpay did most of its heavy lifting, share price wise.

A growth stock like Afterpay tends to outperform the broader market when positive sentiment is strong. And it’s clear that this sentiment was strong enough to keep the Afterpay share price relatively high, even after the broader market sell-off over the past week or so.

Remember, Afterpay investors, are probably used to volatility by now. And most of them have probably learnt that selling out on a dip has historically been a bad idea.

More reading

• ASX 200 0.2%: Zip Chair steps down, Worley crashes, Blackmores & InvoCare jump
• Worley (ASX:WOR) share price crashed on profit warning
• Why Afterpay, ResMed, Temple & Webster, & Worley shares are dropping lower
• Why the Crown (ASX:CWN) share price could be hit harder than others today
• These were the worst performing ASX 200 shares in January

Motley Fool contributor Sebastian Bowen has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of AFTERPAY T FPO. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

The post On fire! 2 reasons why the Afterpay (ASX:APT) share price rocketed 12% in January appeared first on The Motley Fool Australia.

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At lunch on Monday, the S&P/ASX 200 Index (ASX: XJO) has recovered from its lows but is still trading slightly in the red. The benchmark index is currently down 0.2% to 6,593.7 points.

Here’s what is happening on the market today:

Zip Chair steps down

The Zip Co Ltd (ASX: Z1P) share price is pushing higher today despite announcing that its Chair, Philip Crutchfield, is stepping down from the role after more than five years with the company. Mr Crutchfield is exiting the role with immediate effect and will be replaced by Ms Diane Smith-Gander AO. Ms Smith-Gander is a seasoned professional non-executive director with chair experience. The company believes she is ideally placed to lead Zip as it forges ahead as with its global expansion.

Worley update disappoints

The Worley Ltd (ASX: WOR) share price is crashing lower today following the release of a trading update. That update revealed that the engineering company’s performance has been impacted negatively by COVID-19. Combined with foreign exchange headwinds, Worley expects to report half year aggregated revenue of $4.4 billion to $4.5 billion and underlying EBITA of $200 million to $210 million. This compares to $5,998 million and $366 million, respectively, from the prior corresponding period.

Shorted shares rise

A number of ASX 200 shares that have been targeted by short sellers are on the rise today. This includes Blackmores Limited (ASX: BKL), InvoCare Limited (ASX: IVC), and Mesoblast limited (ASX: MSB). They are all outperforming the market average by some distance at lunch. At the last count, these companies had 4%, 7.9%, and 10.3% of their shares in the hands of short sellers, respectively. These short sellers appear to be closing positions in a hurry following the GameStop short squeeze.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Monday has been the Blackmores share price with a 4.5% gain. Short sellers appear to be buying shares to close positions. The worst performer by some distance has been the Worley share price with a 14.5% decline following its disappointing update.

More reading

• Worley (ASX:WOR) share price crashed on profit warning
• Why Afterpay, ResMed, Temple & Webster, & Worley shares are dropping lower
• Here are the 10 most shorted shares on the ASX
• Why the Zip (ASX:Z1P) share price is dropping lower today
• Why the Crown (ASX:CWN) share price could be hit harder than others today

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 ZIPCOLTD FPO. The Motley Fool Australia owns shares of and has recommended Blackmores Limited. The Motley Fool Australia has recommended InvoCare Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

The post ASX 200 0.2%: Zip Chair steps down, Worley crashes, Blackmores & InvoCare jump appeared first on The Motley Fool Australia.

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