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ASX 200 jumps 1.7%: REA Group surges to record high, bank shares push higher

BHP Group Ltd (ASX:BHP) and REA Group Limited (ASX:REA) shares are on the move on the ASX 200 on Monday. Here’s why…
The post ASX 200 jumps 1.7%: REA Group surges to record high, bank shares push higher appeared first on Motley Fool Australia. –

ASX share price rise represented by two investors high fiving

The S&P/ASX 200 Index (ASX: XJO) has started the week in fine form and is surging higher again. At lunch, the benchmark index is up a sizeable 1.7% to 6,295 points.

Here’s what is happening on the market today:

REA Group shares surge higher.

The REA Group Limited (ASX: REA) share price has continued its strong run and surged to a record high on Monday. This morning analysts at Goldman Sachs retained their buy rating and lifted their price target on the property listings company’s shares to $143.00 following its strong first quarter update. The broker expects REA Group to benefit from a near term listings recovery and a step change in earnings as it introduces Premiere Plus.

Bank shares climb.

The majority of the big four banks are climbing higher on Monday, albeit not quite as strongly as the ASX 200 index. The only bank missing out on the gains today is Australia and New Zealand Banking GrpLtd (ASX: ANZ). The ANZ share price is down 1% at lunch after trading ex-dividend this morning for its 35 cents per share final dividend. If you took this dividend out of the equation, ANZ’s shares would be pushing higher today.

BHP completes Shenzi deal.

The BHP Group Ltd (ASX: BHP) share price is pushing higher after announcing the completion of its acquisition of an additional 28% working interest in Shenzi from Hess Corporation. Shenzi is a six-lease development in the deepwater Gulf of Mexico. With this transaction bringing BHP’s working interest to 72%, it adds approximately 11,000 barrels of oil equivalent per day of production (90% oil) as of the transaction closing date of 6 November 2020.

Best and worst ASX 200 performers.

The REA Group share price is the best performer on the ASX 200 on Monday with a gain of 7.5%. This follows a positive response to its first quarter update by brokers. The worst performer with a 2.5% decline is the Whitehaven Coal Ltd (ASX: WHC) share price. Concerns over China potentially banning Australian coal imports appears to be weighing on its shares.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended REA Group Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

The post ASX 200 jumps 1.7%: REA Group surges to record high, bank shares push higher appeared first on Motley Fool Australia.

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