ASX 200 up 0.9%: Credit Corp impresses, Afterpay jumps, bank shares rise

Afterpay Ltd (ASX:APT) and Credit Corp Group Limited (ASX:CCP) shares are making a splash on the ASX 200 on Tuesday. Here’s why…
The post ASX 200 up 0.9%: Credit Corp impresses, Afterpay jumps, bank shares rise appeared first on The Motley Fool Australia. –

asx 200

At lunch on Tuesday the S&P/ASX 200 Index (ASX: XJO) is on course to deliver another strong gain. The benchmark index is currently up 0.9% to 6,725.2 points.

Here’s what is happening on the market today:

Credit Corp impresses

The Credit Corp Group Limited (ASX: CCP) share price is surging higher today after the release of its half year results. For the period ending 31 December, Credit Corp delivered revenue of $188 million and a net profit after tax of $42.3 million. This represents a 2% decline and a 10% jump over the prior corresponding period. The latter has outperformed the expectations of analysts at Morgans. They were forecasting a 2.5% increase in net profit. Credit Corp also lifted its guidance for the full year.

Tech shares jump

The Australian tech sector has followed the lead of its U.S. counterpart by charging notably higher on Tuesday. Overnight, the tech-focused Nasdaq index jumped a sizeable 2.55%. Back on home soil, strong gains by the likes of Afterpay Ltd (ASX: APT) and WiseTech Global Ltd (ASX: WTC) have helped take the S&P/ASX All Technology Index (ASX: XTX) 2.6% higher today.

Bank shares rise

The big four banks are all pushing higher and helping drive the ASX 200’s recovery. While all the banks are making solid gains, the best performer in the group has been the Commonwealth Bank of Australia (ASX: CBA) share price. The shares of Australia’s largest bank are up a sizeable 1.6% at the time of writing.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Tuesday has been the Credit Corp share price. The debt collector’s shares are up 6% following its stronger than expected half year results. The worst performer is the Unibail-Rodamco-Westfield CDI (ASX: URW) share price with a 7% decline. This decline appears to have been driven by profit taking after a short squeeze initiated by traders from Reddit drove its shares notably higher over the last few days.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of AFTERPAY T FPO and WiseTech Global. 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 0.9%: Credit Corp impresses, Afterpay jumps, bank shares rise appeared first on The Motley Fool Australia.

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