ASX 200 up 0.35%: SEEK upgraded, Afterpay lower

The Australian share market is on form again on Wednesday…
The post ASX 200 up 0.35%: SEEK upgraded, Afterpay lower appeared first on The Motley Fool Australia. –

At lunch on Wednesday, the S&P/ASX 200 Index (ASX: XJO) has ignored weakness on Wall Street and continued its ascent. The benchmark index is currently up 0.35% to 7,405.9 points.

Here’s what is happening on the market today:

SEEK shares upgraded

The SEEK Limited (ASX: SEK) share price is pushing higher today. This follows news that analysts at Macquarie have upgraded the job listings company’s shares to an outperform rating with a significantly improved price target of $40.00. According to the note, the broker believes SEEK will benefit greatly from improving yields on its ads after discounts are removed. In addition to this, with Macquarie expecting the Australian unemployment rate to 4% in 2023, it is forecasting strong growth in ad volumes in FY 2022.

IAG update

The Insurance Australia Group Ltd (ASX: IAG) share price is on the rise today following an update on claims relating to the recent severe weather in Victoria. The insurance giant revealed that, as of Tuesday 15 June, it had received around 4,300 claims. These claims were predominantly for property damage. Management expects claims to rise as residents return to their homes. And while it expects these claims to take it beyond its guidance and perils allowance for FY 2021, it has additional protection in place to limit the impact.

Tech shares under pressure

The Australian tech sector is under pressure today following a tough night for the Nasdaq index. The tech-heavy index tumbled 0.7% during overnight trade. This has led to Afterpay Ltd (ASX: APT) and Appen Ltd (ASX: APX) dropping lower today, dragging the S&P/ASX All Technology Index (ASX: XTX) 0.55% lower.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Wednesday has been the Medibank Private Ltd (ASX: MPL) share price with a 3% gain on no news. The worst performer has been the Galaxy Resources Limited (ASX: GXY) share price with a 5% decline. A number of lithium companies are under pressure today.

The post ASX 200 up 0.35%: SEEK upgraded, Afterpay lower 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

2 quality ASX 200 tech shares that might be buys

Top brokers name 3 ASX shares to buy today

5 things to watch on the ASX 200 on Wednesday

ASX 200 rises, Nuix jumps, REA buys stake of Simpology

Here are 3 of the most traded ASX 200 shares today

James Mickleboro owns Galaxy and SEEK shares. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended AFTERPAY T FPO and Appen Ltd. The Motley Fool Australia owns shares of and has recommended AFTERPAY T FPO and Appen Ltd. The Motley Fool Australia has recommended SEEK Limited. 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!