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ASX 200 up 0.95%: Afterpay rises, Westpac’s APRA update, Qantas upgraded

Qantas Airways Limited (ASX:QAN) and Westpac Banking Corp (ASX:WBC) shares are in focus on the ASX 200 on Friday. Here’s why…
The post ASX 200 up 0.95%: Afterpay rises, Westpac’s APRA update, Qantas upgraded appeared first on The Motley Fool Australia. –

asx 200

At lunch on Friday the S&P/ASX 200 Index (ASX: XJO) is on course to finish the week on a high. The benchmark index is currently up 0.95% to 6,777.5 points.

Here’s what has been happening today:

Tech shares back on form

ASX tech shares such as Afterpay Ltd (ASX: APT) and Xero Limited (ASX: XRO) are pushing higher on Friday following a strong night of trade on the tech-heavy Nasdaq index. It rose 2.5% overnight thanks to solid gains from a number of tech giants such as Amazon and Facebook. This positive form has transferred to the ASX tech sector, leading to the S&P/ASX All Technology Index (ASX: XTX) rising 2.2%.

Westpac APRA update

The Westpac Banking Corp (ASX: WBC) share price is edging lower despite announcing that APRA has closed its investigation into matters related to the AUSTRAC proceedings. The regulator revealed that after carefully considering the results of ASIC’s investigation, it has decided to close its investigation. However, the $1 billion operational risk capital add-on will remain in place until Westpac completes its remediation under a court enforceable undertaking to APRA’s satisfaction.

Qantas shares underperform

The Qantas Airways Limited (ASX: QAN) share price is trading flat today despite being the subject of a couple of positive broker notes. This follows the Federal Government’s announcement of a $1.2 billion stimulus program to support the domestic travel market. Goldman Sachs responded by reiterating its buy rating and $6.38 price target, whereas Citi upgraded Qantas’ shares to a buy rating with a $6.14 price target.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Friday has been the Service Stream Limited (ASX: SSM) share price with a 6% gain. This is despite there being no news out of the essential network services provider. Though, with its shares falling heavily this year, some investors may believe they have been oversold. The worst performer has been the Flight Centre Travel Group Ltd (ASX: FLT) share price with a 3% decline. This may be due to profit taking after a strong gain on Thursday.

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Motley Fool contributor James Mickleboro owns shares of Westpac Banking. The Motley Fool Australia owns shares of AFTERPAY T FPO and Xero. The Motley Fool Australia has recommended Flight Centre Travel Group Limited and Service Stream Limited. 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 0.95%: Afterpay rises, Westpac’s APRA update, Qantas upgraded appeared first on The Motley Fool Australia.

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