Home / Daily Market Update / ASX200 0.4% higher, quiet day of news

ASX200 0.4% higher, quiet day of news

Daily Market Update

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.

    Industrials, property push ASX lower, RBA hikes again, Woolworths guides to higher sales

    The local market fell sharply on the back of an unexpected 0.25 per cent interest rate increase by the Reserve Bank of Australia. The news took the cash rate to 3.85 per cent, adding more pressure to household balance sheets and came despite most experts suggesting hikes had come to an end. The hardest hit…

    Drew Meredith | 3rd May 2023 | More
    ASX boosted by the energy sector, Origin upgrades outlook, Best & Less gets a bid

    The local sharemarket finished 0.4 per cent higher on Monday, buoyed by the energy and utilities sectors, which gained 1.3 and 1 per cent, despite the oil price continuing to fall. The sector was buoyed by an earnings upgrade from Origin Energy (ASX:ORG) which sent shares 0.5 per cent higher with AGL Energy (ASX:AGL) also…

    Drew Meredith | 2nd May 2023 | More
    Upbeat start to week – and month – likely for Aussie market

    After a strong session for global markets on Friday, Australian shares will take a positive lead into the new week – and month. The Australian benchmark index, the S&P/ASX 200, added 16.5 points, or 0.2 per cent, on Friday, to 7,309.2, but eased 53 points, or 0.7 per cent over the week. ASX futures trading…

    James Dunn | 1st May 2023 | More