Tag: Motley Fool

Analysts at Bell Potter have been busy finding ASX shares from several industries that they believe are best placed to have a strong 2021.

On this occasion, I’m going to look at the tech sector. Here are a few shares they rate highly:

Life360 Inc (ASX: 360)

This family safety app provider is Bell Potter’s top pick in the sector. It has a buy rating and lofty $7.70 price target on its shares.

Bell Potter notes that the company is carving out a significant global footprint with its family app at the core. The broker also believes it will benefit greatly once the pandemic passes and people are on the move again.

It explained: “The company delivered a significant membership feature launch in the middle of 2020, and the benefits of this are set to flow through over the medium-term. As a location sharing app, we see this as a COVID recovery stock, as when people start moving around again (particularly in the key US market), we anticipate the usage to increase.”

Afterpay Ltd (ASX: APT)

The broker remains bullish on this payments company and has a buy rating and $140.00 price target on its shares. Bell Potter believes there is a significant pipeline of catalysts that will support the company’s growth in the future.

It explained: “These include further integration with other key e-commerce and payment infrastructure players in the market, further growth in customers and GMV in the US and UK as spending ramps up ahead of Christmas, a healthy Net Transaction Margin (with bad-debts remaining low) to continue into 2021 and commentary on progress made with regard to its international expansion.”

Uniti Group Ltd (ASX: UWL)

Another tech share which the broker has tipped as a buy is Uniti. It is the owner and operator of private fibre networks and is also a provider of value-add telecommunications services in niche markets. The broker has a buy rating and $1.85 price target on its shares.

Bell Potter commented: “The company has grown rapidly through both organic growth and a number of acquisitions over the past 18 months and just recently acquired key competitor Opticomm which significantly strengthens its market position.”

“We are positive on the outlook for the combined company given the strong pipeline and also the potential for synergies to be greater than flagged. We also see the stock as a potential takeover target over the next six to twelve months,” it added.

More reading

• ASX 200 up 0.4%: Afterpay & Zip charge higher, NAB rises, Harvey Norman hits new high
• Why Accent, Afterpay, Creso Pharma, & Thorn shares are charging higher
• Here’s why the Afterpay (ASX:APT) share price is surging higher
• 5 things to watch on the ASX 200 on Friday
• ASX 200 rose 1.6%

Motley Fool contributor James Mickleboro 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 Leading broker names the ASX tech shares to buy in 2021 appeared first on The Motley Fool Australia.

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

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

What happened

Shares of Walt Disney Co (NYSE: DIS) jumped last month after the entertainment giant unleashed a wave of impressive updates at its investor day conference on 10 December, including a significant expansion in its goals for Disney+ and the rest of its streaming services. That news helped propel the stock up 22%, according to data from S&P Global Market Intelligence, hitting an all-time high in the process.

As you can see from the chart below, shares surged on the update and tacked on more gains at the end of December.

DIS data by YCharts.

So what

Disney stock rose 13.6% on 11 December following the announcements at the investors conference. Shareholders seemed most excited about the new streaming forecasts, as the company now expects to reach 300 million-350 million subscribers by 2024 across its streaming services, which include Disney+, Hulu, and ESPN+. That’s up from 137 million currently and a reflection of Disney’s plans to dramatically ramp up content for its services. Included in that guidance is 230 million-260 million Disney+ subscribers, up from 86.8 million currently and much better than its original forecast of 60 million-90 million subscribers by 2024.

Over the next few years, the company also plans to release 10 Star Wars series, 10 Marvel series, and 15 Disney series, including animation, live action, and Pixar. The entertainment giant also said it would raise the monthly price on Disney+ from $6.99 to $7.99.

Disney had already announced earlier that it would restructure its entertainment division around Disney+, and the news at its investor day has only reinforced shareholders’ confidence in that strategy. Considering that Netflix Inc (NASDAQ: NFLX) has a valuation north of $200 billion, it seems reasonable to expect Disney shares to climb as its streaming services become preeminent and the company is valued more like a growth stock.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

More reading

• 3 mammoth IPOs of 2020
• Experts pick the best ASX IPO of 2020
• How to invest in US shares in 2021
• Amazon has a new strategy to capture India’s e-commerce market
• Disney+ to hit $4 billion in revenue by 2022

Jeremy Bowman owns shares of Netflix and Walt Disney. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and recommends Netflix and Walt Disney and recommends the following options: short January 2021 $135 calls on Walt Disney and long January 2021 $60 calls on Walt Disney. The Motley Fool Australia has recommended Netflix and Walt Disney. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

The post Why Disney stock gained 22% in December appeared first on The Motley Fool Australia.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

from The Motley Fool Australia https://ift.tt/2Lfh0Eb

In recent weeks, the CSL Limited (ASX: CSL) share price has been struggling to gain momentum and put its COVID-19 lows firmly behind it. Shares in the biotech giant have again been dropping today and are currently trading 0.45% lower in morning trade. This takes the CSL share price down to $275.37 – its lowest level since early August and a mere 1.6% higher than its March lows.

What’s gone wrong for the CSL share price?

The CSL share price has been suffering as string of negative news has plagued the company since the release of its annual report in September. Compounding this, the lack of any particularly positive updates is also arguably playing a part in the stagnation of CSL shares.

In early December the biotech giant announced that its University of Queensland COVID-19 vaccine was to be scrapped. This came after Phase 1 trial data delivered what could be construed as misleading results regarding HIV diagnoses.

While there were no serious adverse effects or safety concerns surrounding the vaccine, it was discovered it had the potential to produce false-positive HIV test results. This was due to the molecular clamp component of the vaccine. Thus, in spite of showing potential for successfully fighting COVID-19, CSL made the decision together with the Australian Government not to continue with the vaccine’s development. 

Investors were clearly unsettled by the news, as was evidenced by the 9% fall in the CSL share price following the announcement.

Pandemic hits plasma collections

In addition to terminating its COVID-19 vaccine trial, CSL has also been impacted by a decline in its plasma collections during 2020, as reported by The Wall Street Journal (WSJ). Plasma is an essential ingredient in some of CSL’s immunoglobulin products and pandemic-related lockdowns have made the collection process more complicated. Almost half of CSL’s sales come from these immunoglobulin products. 

CSL Chief Executive Paul Perreault said of immunoglobulin (quoted by WSJ):

Across the globe, there’s going to be a lot of tightness in the market and there will be some shortages in various countries.

Whether the U.S. sees all of that or not, it really depends on how quickly plasma collections come back.

Despite the rollout of a COVID-19 vaccine having already commenced in the US, as also reported by The Wall Street Journal, the country is continuing to see record numbers of new cases, deaths and hospitalisations. 

Foolish takeaway

Despite its lacklustre returns of late, the performance of the CSL share price over the past year is not far behind that of the overall market. For perspective, the S&P/ASX 200 Index (ASX: XJO) has fallen 1.2% over the last twelve months whilst CSL shares have declined 3.67%.

In its 2020 annual report released on 4 September, CSL advised it expected strong demand from its recombinant therapies to continue, highlighting its differentiated products and strong demand for its influenza vaccines.

In the same report, the company estimated net profit after tax of approximately US$2.170 billion to US$2.265 billion for FY21.

More reading

• Is the “Blue Wave” of US Democrats good or bad for ASX investors?
• Are these 4 ASX medical shares set for a healthy 2021?
• ASX 200 drops 1.1%
• What strong jobs data means for ASX 200 shares
• 2 blockbuster blue chip ASX shares to buy in January

Daniel Ewing has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of CSL Ltd. 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 is the CSL (ASX:CSL) share price trading around its COVID lows? appeared first on The Motley Fool Australia.

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

Our marker is rallying for a second day but two ASX stocks stand out as leading brokers just upgraded them to “buy”.

The S&P/ASX 200 Index (Index:^AXJO) gained 0.3% as global investors continued to embrace the “Blue Wave” sweeping the US.

But the prospect of large stimulus measures in the world’s biggest economy isn’t the only driver for ASX stocks.

Testing ramp-up triggers broker’s “buy” upgrade

The latest COVID‐19 outbreaks around the country gave Morgans a reason to upgrade the Sonic Healthcare Limited (ASX: SHL) share price.

Testing for the contagious virus is being aggressively ramped up in Australia as Queensland becomes the latest to implement a lockdown to contain the outbreak.

“We estimate more than 9.3m tests have been conducted in 1HFY21, a c8% uplift in total tests from our prior estimate, with SHL capturing c20% market share,” said Morgans. 

“Testing across ROW [rest of world] remains strong, with solid estimated 2QFY21/1QFY21 increases across SHL’s the main geographies (US, +67%; Ger, +57%; Switzerland, +206%; Belgium, +97%).”

More tests needed despite vaccines

The more virulent strain from the UK will only add to pressure for more people to be tested and Morgans lifted its earnings forecast for Sonic.

“We have adjusted our FY21-23 estimates based on increased assumptions for COVID-19 testing, with incremental earnings contribution between A$99m and A$375m per annum over the forecast period, representing between 6-20% of operating income,” added Morgans.

“We believe investors have not completely appreciated the persistent effects of COVID-19 testing.”

The broker upgraded its recommendation on the Sonic share price to “add” from “hold”. It also increased its 12-month price target to $37.32 from $34.57 a share.

Broker upgrade shifts this ASX stock to higher gear

Meanwhile, the ARB Corporation Limited (ASX: ARB) share price got a boost after Citigroup upgraded the stock.

The broker changed its recommendation on the four-wheel drive accessories supplier to “buy” from “hold” as it believes ARB’s medium-term outlook is improving.

The recovery in auto sales, particularly SUVs, is one positive driver for the group. The broker also believes high savings rates and limited international travel will support discretionary spending in 2021.

Additional tailwinds to drive the ARB share price

Further, the strength of the Australian dollar compared to the Thai Baht will also improve ARB’s margins. The group operates factories in Thailand.

Additionally, the government’s instant asset write-off should boost demand for ARB’s products, while strong US demand for utes bodes well for ARB’s export sales.

“Citi’s proprietary ARB sales index accelerated to +16% growth in December 2020 up from +10% in November 2020 driven by strong growth in upper large SUV (+122%), large SUV (+16%) and 4×4 sales (+14%),” said Citi.

“However, we may have to wait till 2H21 to observe all the sales benefits from this tailwind as accessories for new SUV/4×4 models may not be readily available due to supply chain constraint.”

Citi’s 12-month price target on the ARB share price increased to $34.25 from $30.30 a share.

More reading

• ASX 200 up 0.4%: Afterpay & Zip charge higher, NAB rises, Harvey Norman hits new high
• 5 things to watch on the ASX 200 on Friday
• ASX 200 rose 1.6%
• Is the “Blue Wave” of US Democrats good or bad for ASX investors?
• We’re in a massive bubble: This is when it’ll pop

Motley Fool contributor Brendon Lau has no position in any of the stocks mentioned. The Motley Fool Australia has recommended ARB Limited and Sonic Healthcare Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

The post Brokers just upgraded the Sonic (ASX:SHL) share price and this other ASX stock to “buy” appeared first on The Motley Fool Australia.

from The Motley Fool Australia https://ift.tt/2Xi54nD

At lunch on Friday the S&P/ASX 200 Index (ASX: XJO) is on course to end the week on a high. The benchmark index is currently up 0.4% to 6,738.2 points.

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

Tech shares storm higher.

The tech sector has been doing some of the heavy lifting on Friday. Solid gains by the likes of Afterpay Ltd (ASX: APT) and Zip Co Ltd (ASX: Z1P) have helped drive the S&P ASX All Technology Index (ASX: XTX) 1.5% higher at lunch. This has been driven by a strong rise on the Nasdaq index overnight following the Democrat’s victory in the battle for the Senate. The technology-focused index rose over 2.5% to close above the 13,000 points mark for the first time.

Bank shares push higher.

Also doing some of the heavy lifting today are the big four banks. All four banks are on the rise on Friday and helping drive the ASX 200 higher. The best performers in the group have been National Australia Bank Ltd (ASX: NAB) and Westpac Banking Corp (ASX: WBC) shares. The two banks are up a sizeable 1.1% at the time of writing.

Harvey Norman multi-year high.

The Harvey Norman Holdings Limited (ASX: HVN) share price has continued its positive run and hit a multi-year high of $4.90 on Friday. The retail giant’s shares have been on fire over the last few months after delivering stellar sales growth during the pandemic. This latest gain means the Harvey Norman share price is now up 40% over the last six months.

Best and worst performers.

The best performer on the ASX 200 on Friday has been the Bingo Industries Ltd (ASX: BIN) share price with a 5% gain on no news. The worst performer has been the Charter Hall Group (ASX: CHC) share price with a 3.5% decline. A number of real estate companies have come under pressure on Friday and are dropping lower.

More reading

• Brokers just upgraded the Sonic (ASX:SHL) share price and this other ASX stock to “buy”
• Do Australian consumers care about chaos?
• Why the Cann Group (ASX:CAN) share price is moving today
• Why Accent, Afterpay, Creso Pharma, & Thorn shares are charging higher
• Here’s why the Afterpay (ASX:APT) share price is surging higher

James Mickleboro owns shares of Westpac Banking. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of ZIPCOLTD FPO. 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 ASX 200 up 0.4%: Afterpay & Zip charge higher, NAB rises, Harvey Norman hits new high appeared first on The Motley Fool Australia.

from The Motley Fool Australia https://ift.tt/3npsh1I

The coronavirus and political chaos in the US are hot topics in the headlines today. The Morrison government is under pressure to get the coronavirus vaccine moving and Washington DC is reeling after yesterday’s raid of the US Capitol building.

Coming up this Monday, the monthly Westpac-Melbourne Institute Consumer Sentiment Index number will be released. The index measures the overall level of consumer confidence in economic activity.

Let’s take look at the last index reading and consider how the recent reign of chaos in the States may or may not have an effect.

A December 10-year high

Remarkably, the last consumer sentiment numbers released in December 2020 marked a 10-year high. 

The announcement credited the resilience of Australia’s financial system and the country’s fast response to COVID as indicators of how consumer sentiment reached such an incredible result.

In response to this impressive record, Westpac chief economist Bill Evans boldly stated, “After only eight months the evidence seems clear that sentiment has fully recovered from the COVID recession.”

So what does this tell us? It basically says that, regardless of the lockdown doom and gloom stories and vaccine worries we regularly read about, people are still spending their money.

Markets soar as Washington dives

While the US spent yesterday reeling during the violent riots that stormed the US Capitol building, the S&P/ASX 200 Index (ASX: XJO) had a party. The benchmark index jumped 1.59% according to Thursday’s close and opened this morning with a 0.22% gain.

Regardless of what might be happening in the streets of DC, investors are seemingly just happy to see the Democrats making their way back into the White House. Perhaps the political turmoil in the US has become business-as-usual to many market players?

What should we expect from the Westpac Consumer Confidence report?

Throughout the coronavirus pandemic and recent rattles caused by US elections, Australian consumers have continued to keep the ship sailing. Employment numbers are improving and people are buying houses. 

These are the type of economic indicators the Westpac Consumer Confidence report takes into consideration and will be reflected when the latest index result is released. 

According to the most recent readings, Australian consumers are resilient. And, regardless of a global health crisis and borderline anarchy in Washington DC, the share market has remained steady. Coming up on Monday, we’ll learn about what the latest consumer sentiment analysis has to say about all of this.

More reading

• ASX 200 up 0.4%: Afterpay & Zip charge higher, NAB rises, Harvey Norman hits new high
• Why ANZ, Westpac, and the rest of the big four are storming higher today
• ASX 200 up 1.55%: ANZ & Westpac surge higher, Afterpay & Xero tumble
• 5 things to watch on the ASX 200 on Thursday
• Here’s which ASX bank share this leading broker thinks you should buy

Motley Fool contributor Gretchen Kennedy 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 Do Australian consumers care about chaos? appeared first on The Motley Fool Australia.

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

In late morning trade the S&P/ASX 200 Index (ASX: XJO) is on course to finish the week on a high. The benchmark index is currently up 0.3% to 6,730.4 points.

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

Atomos Ltd (ASX: AMS)

The Atomos share price has dropped 4% to $1.03. Investors may be taking profit after a strong gain by the video technology company’s shares on Thursday following the release of a trading update. That update revealed that Atomos achieved sales of $32.6 million during the first half. This was well ahead of its previous guidance of ~$28 million.

Corporate Travel Management Ltd (ASX: CTD)

The Corporate Travel Management share price has fallen 2% to $16.97. A number of travel shares have been underperforming on Friday. This could be due to news that the Queensland government has locked down the Greater Brisbane area in attempt to stop the spread of a highly contagious strain of COVID-19.

Fortescue Metals Group Limited (ASX: FMG)

The Fortescue share price is down 1.5% to $25.52. Investors may be taking a bit of profit off the table after the iron ore producer’s shares surged to a new record high on Thursday. Fortescue and its peers jumped notably higher after the Democrats took control of the Senate. This sparked hopes that further stimulus will be coming to support economic growth in the United States.

Nick Scali Limited (ASX: NCK)

The Nick Scali share price is down 2.5% to $10.56. This decline appears to be due to a spot of profit taking from investors following a significant rise in the furniture retailer’s shares. Investors have been buying the company’s in recent months following a series of positive updates. One of which came this week, with management revealing that its profits would double in the first half of FY 2021. The Nick Scali share price is up over 60% over the last six months.

More reading

• 3 ASX mining shares hitting 52-week highs today
• BHP (ASX:BHP) share price storms to new high
• Why the Atomos (ASX:AMS) share price is shooting the lights out
• 3 highest yielding ASX dividend shares
• Why Atomos, BOD Australia, Galaxy, & Zebit shares are racing 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 Atomos Ltd. The Motley Fool Australia owns shares of and has recommended Corporate Travel Management Limited. The Motley Fool Australia has recommended Atomos Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

The post Why Atomos, Corporate Travel Management, Fortescue, & Nick Scali are dropping lower appeared first on The Motley Fool Australia.

from The Motley Fool Australia https://ift.tt/3hR3jXX

The Thorn Group Ltd (ASX: TGA) share price climbed by more than 5% earlier today, after the company made announcements regarding its proposed share buyback, as well as planned changes to its board.

At the time of writing, the Thorn share price is trading 2.5% higher at 19 cents per share.

What did the Thorn Group announce?

The financial company says that its has now suspended the proposed $15 million–$25 million share buyback, after opposition from shareholders was conveyed during the Extraordinary General Meeting (EGM) called on 4 January.

As a background, on 12 October 2020, management said it was considering undertaking a buyback that would return cash to shareholders, which it said were the wishes of some of its shareholders at the time.

The proposal was subsequently taken to the Takeovers Panel by some of its shareholders. The concern was over its main shareholder, the Somers Group, which owns around 20% of Thorn, being able to acquire “further control over the share in Thorn in a manner that is unacceptable”. The proposal was subsequently rejected by shareholders at the EGM.

The company also announced today that it will continue the process of recruiting a new independent and qualified non-executive director to join the board, after proposed board changes were also rejected by shareholders at the EGM.

What does Thorn Group do?

Thorn is a financial services company providing leasing products to consumers and businesses. The company has been listed on the ASX since 2006.

Thorn’s flagship is the consumer leasing business, Radio Rentals, which is a leader in the household goods leasing market, operating since 1937.

In July 2020, the company announced the full closure of its Radio Rentals stores. The company had initially closed the stores temporarily due to the coronavirus pandemic, later deciding to close them permanently.

The Radio Rentals business will now instead be transformed into a purely online model that will onboard customers digitally.

About the Thorn share price

The Thorn share price is down around 5% over the year, after rising strongly by 120% in the last 6 months.

The company had earlier reported an $81 million loss for its full year FY20.

Thorn Group commands a market value of $70.7 million.

More reading

• Why Accent, Afterpay, Creso Pharma, & Thorn shares are charging higher

Motley Fool contributor Eddy Sunarto 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 What’s moving the Thorn (ASX:TGA) share price today? appeared first on The Motley Fool Australia.

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

The Cann Group Ltd (ASX: CAN) share price has wobbled in morning trading on news the medicinal cannabis company received a tax refund for its research and development (R&D).

In early trade, the Cann Group share price was up as high as 70 cents. However, the price has since dropped 2.26% to currently trade at 65 cents.

What did Cann Group announce this morning?

In a release to the ASX this morning, Cann Group revealed it had received a $3.2 million tax refund for its R&D initiatives in the 2020 financial year.

Tax offsets are offered by the Australian government to businesses for certain R&D investments. Cann’s refund includes activities conducted by the company through partnerships with strategic research entities.

Cann reported it will reinvest the fund into the continued development of its expansion, commercial activities and product portfolio.

Commenting on the news, Cann Group CEO Peter Crock said:

The refund that we have received under the R&D tax incentive program is an indicator of the company’s commitment to research in the medicinal cannabis sector.

We’ve recently conducted a close review of these R&D programs to ensure we are prioritising our investment appropriately and will continue to see meaningful and beneficial outcomes from these activities.

Company snapshot

Cann Group breeds, cultivates, produces, and manufactures cannabis for medicinal and research purposes. The company has established R&D and cultivation facilities in Australia to facilitate the supply of medicinal cannabis for a range of diseases and medical conditions.

Cann was the first company to be issued with a cannabis research licence by the Australian Federal Department of Health’s Office of Drug Control in February 2017. Shares of Cann first began trading on the ASX in May 2017.

About the Cann Group share price

The Cann Group share price is off to a strong start in 2021, up 14% since the opening bell on 4 January.

2020 saw shares also take off in the early weeks of trading, with the share price gaining more than 92% by 20 January. From there things went largely downhill, with shares plummeting 82% through to 20 November. Having begun to recover from the COVID-19 selloff, shares were put under renewed pressure in July when the company conducted a capital raising at a 50% discount to the share price at that time.

Things took a turn for the better in November when the company received approval for a $50 million debt facility from the National Australia Bank (ASX: NAB). Cann is using the funds to complete the first stage of its production site outside of Mildura, Victoria.

Over the past 12 months, the Cann Group share price is down 22%.

For comparison, the All Ordinaries Index (ASX: XAO) is up 1% in that same time.

More reading

• Why ANZ, Westpac, and the rest of the big four are storming higher today
• 5 things to watch on the ASX 200 on Thursday
• ASX 200 drops 1.1%
• ASX 200 down 0.5%: Energy shares jump, big four banks fall, Zip climbs higher
• Why the IMEXHS (ASX:IME) share price soared 6% higher today

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 the Cann Group (ASX:CAN) share price is moving today appeared first on The Motley Fool Australia.

from The Motley Fool Australia https://ift.tt/38pgzQA

In late morning trade the S&P/ASX 200 Index (ASX: XJO) has given back some of its early gains but is still trading higher. At the time of writing, the benchmark index is up 0.2% to 6,723.1 points.

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

Accent Group Ltd (ASX: AX1)

The Accent share price is up 3.5% to $2.43. This follows the release of a trading update after the market close on Thursday. That update revealed that the footwear retailer’s strong performance continued over the important holiday period. For the two months to 27 December, the company’s total sales were up 12.3% and like-for-like sales grew 7.4%. Excluding the closure of Auckland, Victoria, and Adelaide stores, like-for-like sales grew 12.3% during the first half.

Afterpay Ltd (ASX: APT)

The Afterpay share price is up 5% to $114.25. Investors have been buying the payments company’s shares following a strong rise on the Nasdaq index overnight. The technology-focused index rose over 2.5% to close above the 13,000 points mark for the first time. The local tech sector has a habit of following the lead of the Nasdaq.

Creso Pharma Ltd (ASX: CPH)

The Creso Pharma share price has jumped a further 5.5% to 28 cents. The catalyst for this was the Democrats winning control of the Senate on Thursday. This is expected to lead to significant policy change in the United States in relation to the decriminalisation of cannabis. Creso Pharma believes it is well-positioned to benefit from any changes to legislation.

Thorn Group Ltd (ASX: TGA)

The Thorn share price is up 3% to 19 cents following the release of a business update. Thorn revealed that initiatives underway in its Radio Rentals and Business Finance divisions are going well. The company’s CEO, Pete Lirantzis, commented: “These initiatives are already reaping tangible results and we expect will deliver enhanced value for all shareholders.”

More reading

• Here’s why the Afterpay (ASX:APT) share price is surging higher
• Why the Accent (ASX:AX1) share price will be on watch this morning
• Why the Creso Pharma (ASX:CPH) share price rocketed 47% higher
• 5 things to watch on the ASX 200 on Friday
• ASX 200 rose 1.6%

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

The post Why Accent, Afterpay, Creso Pharma, & Thorn shares are charging higher appeared first on The Motley Fool Australia.

from The Motley Fool Australia https://ift.tt/3s6fLYo