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ASX 200 up 1.1%: Amcor jumps, South32 sinks, Virgin Money UK rockets

Amcor CDI (ASX:AMC) and Virgin Money UK CDI (ASX:VUK) shares are making a splash on the ASX 200 on Wednesday…
The post ASX 200 up 1.1%: Amcor jumps, South32 sinks, Virgin Money UK rockets appeared first on The Motley Fool Australia. –

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At lunch on Wednesday, the S&P/ASX 200 Index (ASX: XJO) is on course to record another solid gain. The benchmark index is currently up 1.1% to 6,839 points.

Here’s what is happening on the market today:

Amcor deliver solid half year results

The Amcor CDI (ASX: AMC) share price is charging higher today after releasing its half year results. The packaging company delivered a 16% increase in adjusted earnings per share to 33.3 U.S. cents for the six months ended 31 December. This stronger than expected performance led to the company upgrading its FY 2021 earnings per share growth guidance to between 10% and 14% in constant currency.

Silver shares sink lower

A number of mining shares with exposure to silver are dropping lower today. Chief among them is the South32 Ltd (ASX: S32) share price which has fallen 4.5% today. Investors have been selling their shares after the silver price crashed back down to earth after the Reddit short squeeze started to unwind.

Carsales share price races higher

The Carsales.Com Ltd (ASX: CAR) share price is racing higher today after being the subject of a bullish broker note. According to a note out of Goldman Sachs, its analysts have upgraded the auto listings company’s shares to a buy rating with a $22.60 price target. Goldman believes recent weakness in the Carsales share price has created a buying opportunity for investors. It commented: “Despite consensus earnings upgrades since vaccines emerged, CAR multiples have compressed to the extent it now trades at a 21% 12mf EV/EBITDA discount to AU classified peers, its greatest level in recent history.”

Best and worst ASX 200 performers

The best performer on the ASX 200 on Monday has been the Virgin Money UK CDI (ASX: VUK) share price with a 15% gain. This follows the release of its first quarter trading update on Tuesday. The worst performer has been the South32 share price with a 4.5% decline following the weakness in the silver price.

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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 and has recommended Amcor Limited. The Motley Fool Australia has recommended carsales.com 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 1.1%: Amcor jumps, South32 sinks, Virgin Money UK rockets appeared first on The Motley Fool Australia.

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