Insights

ASX 200 up 0.7%: Metcash impresses, BHP & Fortescue storm higher, Xero given buy rating

Metcash Limited (ASX:MTS) and Xero Limited (ASX:XRO) shares have been making a splash on the ASX 200 on Monday…
The post ASX 200 up 0.7%: Metcash impresses, BHP & Fortescue storm higher, Xero given buy rating appeared first on The Motley Fool Australia. –

At lunch on Monday the S&P/ASX 200 Index (ASX: XJO) is on course to start the week on a positive note. The benchmark index is currently up 0.7% to 6,679 points.

Here’s what has been happening on the market today:

Metcash jumps on half year results release.

The Metcash Limited (ASX: MTS) share price is jumping higher following the release of a strong half year result. For the six months ended 31 October, Metcash reported a 12.2% increase in group revenue to $7.1 billion and a 43% lift in underlying profit after tax to $129.6 million. Food sales were up 9.5%, Liquor sales rose 14.3%, and Hardware sales jumped 20.6%. Pleasingly, this positive momentum has carried over into the second half.

Iron ore producers storm higher.

Iron ore producers including BHP Group Ltd (ASX: BHP) and Fortescue Metals Group Limited (ASX: FMG) are charging higher on Monday after the price of the steel making ingredient surged higher again. According to CommSec, on Friday the spot iron ore price jumped a further 5.4% to US$145.30 a tonne. News that Vale has downgraded its production guidance and robust demand have given prices a boost.

Xero shares given buy rating.

The Xero Limited (ASX: XRO) share price is charging higher today after analysts at Goldman Sachs slapped a buy rating and $157.00 price target on its shares. Goldman believes the cloud-based business and accounting software provider’s total addressable market will increase significantly in the future. Combined with attractive unit economics, the broker believes the long-term earnings opportunity for Xero is material.

Best and worst ASX 200 performers.

The best performer on the ASX 200 on Monday has been the Metcash share price with a 9.5% gain following its half year results release. The worst performer has been the IDP Education Ltd (ASX: IEL) share price with a 3.5% decline. This appears to be down to profit taking after strong gains over the last couple of months.

Where to 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 are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.

See The 5 Stocks

*Returns as of June 30th

More reading

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 Idp Education Pty Ltd and Xero. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

The post ASX 200 up 0.7%: Metcash impresses, BHP & Fortescue storm higher, Xero given buy rating appeared first on The Motley Fool Australia.

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!