Home / Equities / ASX200 0.4% higher, quiet day of news

ASX200 0.4% higher, quiet day of news

Equities

ASX200 0.4% higher, quiet day of news, Fortescue (ASX:FMG), Zip Co (ASX:Z1P) among the strongest

The ASX200 (ASX:XJO) finished 0.4% higher on very light volume with most participants clearly opting for a long weekend.

The consumer and IT sectors continued to outperform behind the likes of Zip Co (ASX:Z1P) and Kogan (ASX:KGN), which finished 2.6% and 3.8% higher respectively.

  • Despite the approval of the Pfizer vaccine in Australia, both Flight Centre (ASX:FLT) and Webjet (ASX:WEB) fell over 3% after the Australia-New Zealand travel bubble was put on hold after another local transmission of the South African COVID-19 variant.

    Fortescue (ASX:FMG) continued its strong run, adding 4.0% ahead of its trading update on Thursday and following Andrew Forrest’s well-publicised speech last week.

    Up and coming sports gambling operator PointsBet Holdings (ASX:PBH) jumped 0.6% after announcing the well-known Shaquille O’Neal as the next Brand Ambassador for Australia, the company continuing to seek world domination.

    Youfoodz (ASX:YFZ) recovering lost ground, Tyro Payments (ASX:TYR) up

    After falling 33% from its listing price, meal kit producer Youfoodz (ASX:YFZ) reaffirmed prospectus guidance, highlighting how much they were benefitting from the stay at home trend.

    Revenue for the final quarter of 2020 increased 25.4% to $36.7 million with second-half revenue up 15.6% to $73.6 million in total. The update was solid enough to send the share price 16.1% higher.

    Tyro Payments (ASX:TYR) appears to have overcome its well-publicised outages, with January sales to date up 10% to $1.41 billion compared to 2020 levels, which follows a 19% increase in December; shares fell 1.2%.

    Tech stocks gain ahead of earnings, lockdowns, vaccine rollout risks to recovery

    US markets rallied despite expectations that fiscal stimulus may now be pushed back until mid-March, the Nasdaq adding 0.7% and the S&P500 0.4%.

    Investors are clearly positioning ahead of quarterly earnings results from the likes of Microsoft (NASDAQ:MSFT), Apple (NASDAQ:AAPL), Tesla (NASDAQ:TSLA), and Facebook (NASDAQ:FB) representing 65% of the S&P500’s market capitalisation, which are due on Thursday and Friday Australian time.

    European markets fell with the French Government once again considering nationwide lockdowns, highlighting the difficulty and reliance that now stands on vaccines being rolled out appropriately.

    An insight into ‘modern day’ trading comes in the form of GameStop (NYSE:GME), a video game retailer who’s share price doubled before finishing just 18% higher in a single session. It has become a hunting ground for both short sellers and speculative day traders.


    Related
    Market snapback likely to be ‘short-lived’, short positions warranted: Sage

    With bad news priced in, long-short manager Sean Fenton is positive on returns.

    Drew Meredith | 18th Aug 2022 | More
    ‘If we have to, we’ll drive the bus’: Putting money to work in the dislocation

    HMC Capital sees “fantastic opportunities” in current market dislocation.

    Staff Writer | 18th Aug 2022 | More
    Global advice business models on the cusp of change: KPMG

    “Fragmented” service models for advice groups will soon coalesce into three distinct business models according to KPMG’s Future of wealth management report.

    Tahn Sharpe | 18th Aug 2022 | More
    Popular
    1
    Top hedge fund award goes to L1 Capital
    Greg Bright | 13th Dec 2021 | More
    2
    Advisers urged to tread carefully with ‘wholesale investor’ status
    Staff Writer | 28th Jul 2022 | More
    3
    MAX Award winners and the new world outside
    Greg Bright | 13th Jun 2022 | More
    4
    INDepth with Andrew Lockhart from Metrics Credit Partners
    The Inside Adviser | 30th Jun 2022 | More