Insights

ASX 200 down 0.5%: Costa’s acquisition, Afterpay & Zip charge higher

The ASX 200 is back in the red on Wednesday…
The post ASX 200 down 0.5%: Costa’s acquisition, Afterpay & Zip charge higher appeared first on The Motley Fool Australia. –

At lunch on Wednesday, the S&P/ASX 200 Index (ASX: XJO) is on course to record a disappointing decline. The benchmark index is currently down 0.5% to 7,305.3 points.

Here’s what is happening on the market today:

Costa capital raising and acquisition

The Costa Group Holdings Ltd (ASX: CGC) share price is in a trading halt on Wednesday as it raises $190 million to fund the acquisition of 2PH Farms. Queensland-based 2PH Farms is the largest citrus grower in northern Australia. It has farming operations in Central Queensland, with a main growing location at Emerald and a smaller location at Dimbulah. 2PH is expected to generate ~$29 million in EBITDA-S in calendar year 2021 on a pro forma basis.

Tech shares rise

One area of the share market that is pushing higher today is the tech sector. The likes of Afterpay Ltd (ASX: APT) and Zip Co Ltd (ASX: Z1P) are recording solid gains and helping to drive the S&P/ASX All Technology Index (ASX: XTX) 1.2% higher. This appears to have been driven largely by the Nasdaq index storming to a new record high overnight. Though, these two BNPL providers were also given a boost by Paypal announcing price increases to its BNPL offering.

ResMed upgraded

The ResMed Inc. (ASX: RMD) share price is rising today after Macquarie upgraded the sleep treatment focused medical device company’s shares. Macquarie has put an outperform rating and $34.85 price target on its shares. It believes ResMed can win market share following the recent recall of the Philips DreamStation devices.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Wednesday has been the Zip share price with a 6% gain. This follows improving investor sentiment in the tech sector. The Zimplats Holdings Ltd (ASX: ZIM) share price is the worst performer on the index today with an 8% decline. This is despite there being no news out of the platinum producer.

The post ASX 200 down 0.5%: Costa’s acquisition, Afterpay & Zip charge higher appeared first on The Motley Fool Australia.

Wondering where you should invest $1,000 right now?

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes could be the five best ASX stocks for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now.

*Returns as of May 24th 2021

More reading

Top brokers name 3 ASX shares to buy today

Sky Network (ASX:SKT) share price flies following NRL partnership
Costa (ASX:CGC) launches $190m capital raising for major acquisition
5 things to watch on the ASX 200 on Wednesday

ASX 200 jumps, Soul Patts rises, Openpay soars

Motley Fool contributor 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 and has recommended AFTERPAY T FPO and ZIPCOLTD FPO. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended ResMed. The Motley Fool Australia owns shares of and has recommended AFTERPAY T FPO and COSTA GRP FPO. 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.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;


To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.


An active and funded account with a positive trading balance is required to continue to have access to the tools;


Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;


Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!