Afterpay (ASX:APT) shares see a rebound: ASX flat at noon

10Mar

Afterpay (ASX:APT) shares see a rebound: ASX flat at noon

 

The Australian share market is trading flat at noon at 6,772. On the futures market the SPI is 9 points lower.

Broker moves

UBS rates Zip Co (ASX:Z1P) as a Downgrade to a Sell from a Neutral. Australasian customer growth surpassed rival Afterpay (ASX:APT) in the first half and UBS expects cash operating earnings to be at breakeven in FY21. The broker envisages significant execution risks while capital requirements will continue to increase. Higher bond rates may also affect the cost of funding and valuation.
Target price is $6.40. Shares in Zip Co (ASX:Z1P) are 2.7 per cent lower at $8.54.

Company news

PlaySide Studios (ASX:PLY) signed a mobile platform games license agreement with MGM to develop and publish a first-of-its-kind video game based on the studio’s feature films, Legally Blonde and Legally Blonde 2: Red White & Blonde. The game will be free-to-play on iOS and Android mobile devices, and will combine puzzle and choice-based narrative mechanics with the empowering themes and positive messaging of the Legally Blonde brand. Shares in PlaySide Studios (ASX:PLY) are currently 4.4 per cent higher at $0.36.

Best and worst performers

The best-performing sector is Infotech, adding 4.2 per cent, while the worst performing sector is Energy, shedding 1.6 per cent.

The best performing stock in the S&P/ASX 200 is Ramelius Resources (ASX:RMS), rising 12.6 per cent to $1.61, followed by shares in Silver Lake Resources (ASX:SLR) and Afterpay (ASX:APT).

The worst performing stock in the S&P/ASX 200 is Fortescue Metals Group (ASX:FMG), dropping 5.9 per cent to $20.88, followed by shares in Rio Tinto (ASX:RIO) and Nufarm (ASX:NUF).

Commodities and the dollar

Gold is trading at US$1,718 an ounce.
Iron ore price fell 5.7 per cent to US$164.41.
Iron ore futures are pointing to a fall of 4.1 per cent.
One Australian dollar is buying 77.08 US cents.
 
Copyright 2021 – Finance News Network


Source: Finance News Network

Share this post

Related Posts

13Jun

S&P500 jumps as investors believe the Fed will pause rate hikes

13 Jun 2023 - The S&P 500 jumped to its highest level in 13 months on Monday as traders hoped the Federal Reserve will skip hiking rates when the central bank decides on policy Wednesday.

Read More
21Feb

Shares in Cochlear (ASX:COH) lift on H1 results: ASX tracking 0.8% lower at noon

19 Feb 2021 - The ASX dropped at the open and is tracking 0.8% lower or 57 points lower at noon at 6,829. On the futures market, the SPI is suggesting a fall of 54 points. Shares in Cochlear (ASX:COH) did well today as they report strong growth in the US, Japan, Korea and China. Shares in Treasury Wine Estates (ASX:TWE) fell today despite performing well on the market yesterday. Woodside (ASX:WPL) signs LNG supply deal with Germany’s RWE.

Read More
03Jul

Lovisa (ASX:LOV) to exit Spanish Market: Aus shares to open higher on US job data

03 Jul 2020 - Australian shares are set to rise at the open following gains on Wall Street overnight. Better than expected US job data bolstered equities. The US economy added 4.8 million jobs in June, pushing the unemployment rate to 11.1 per cent, down from 13.3 per cent in May. Gold has advanced and the Australian dollar is edging higher. The board of Lovisa Holdings (ASX:LOV) has decided to exit the Spanish market.

Read More
22Feb

US stocks get battered as rates continue to pressure market sentiment

22 Feb 2023 - US stocks dropped Tuesday as higher rates continue to pressure market sentiment, and the latest batch of retail earnings raised concern about the state of the consumer. It now appears that equity markets that finally caught up to what the Treasury markets have been saying for a couple of weeks.

Read More
28Nov

Investors await reation to Trump’s Hong Kong legislation: ASX tracking 0.4% at noon

28 Nov 2019 - The ASX rose at the open and is now tracking 0.4% higher at noon. Investors are waiting to see how the markets react to Trump signing Hong Kong legislation that would impose sanctions on Chinese and Hong Kong officials responsible for human rights abuses in Hong Kong. Rural Funds Management, as responsible entity for the Rural Funds Group (ASX:RFF), has seen unitholders of RFM Poultry (NSX:RFP) approve the transaction today for the sale of RFF’s...

Read More
11Jan

ASX200 regains Feb 2020 levels: ASX shares close 2.5% higher over week

08 Jan 2021 - The ASX200 opened lower but advanced over the session to end 0.7 per cent higher today. The index is sitting at a level we haven’t seen since late February 2020, before the impacts of Covid wreaked havoc on the market. Oil and gas explorer, FAR (ASX:FAR) has postponed its shareholder meeting which was scheduled to consider Woodside Energy’s offer to buy its interest in the RSSD project in Senegal. The postponement was made to allow...

Read More
04Mar

Downer (ASX:DOW) awarded $245 million contract: ASX 0.7% lower at noon

04 March 2021 - The ASX opened lower following losses from Wall Street and is now tracking 0.7% lower at noon. Materials, Healthcare and Consumer Staples dragged on the market while Financials led the gains. Buy now, pay later stocks are trading lower after tech stocks fell on Wall Street. Accounting software company Xero (ASX:XRO) is trading 2.4% lower after plans to acquire workforce management platform Planday were announced for $284.5 million. All four banks are performing well with...

Read More
01Feb

Strong earnings and inflation data have boosted the US stocks in Jan

01 Feb 2023 - Stocks rose on Tuesday as strong earnings and encouraging inflation data put the S&P 500 on track for its best January in four years. Traders have assessed how some of the largest firms are faring amid high inflation and fears of slowing consumer spending.

Read More
22Nov

Mayne Pharma (ASX:MYX) shares drop on AGM update: ASX tracking 0.7% higher at noon

22 Nov 2019 - The ASX has risen at the open despite weak leads from Wall Street. It is now tracking 0.7% higher at noon. Mayne Pharma (ASX:MYX) shares took dip today after their AGM released reports that sales for Financial Year 2019 are down 1%. Altura Mining (ASX:AJM) this week shipped a record cargo of spodumene concentrate to customers in China.

Read More
19Mar

KGL Resources (ASX:KGL) raises $21.57M: Aus shares shed 0.9% over week

19 Mar 2021 - Australian shares fell at the open following negative leads from the US overnight. They continued to sink in early trade. The market managed to shrug off weaker than expected preliminary retail trade data and staged a valiant attempt at a recovery in the second half of the session. But this wasn’t enough to move the S&P/ASX200 into positive territory. At the closing bell the S&P/ASX 200 index closed 0.6 per cent or 38 points lower...

Read More