ASX 200 up 1.2%: Afterpay ASIC response, Elders result, CSL vaccine facility

Afterpay Ltd (ASX:APT) and CSL Limited (ASX:CSL) shares are making moves on the ASX 200 on Monday. Here’s what’s happening…
The post ASX 200 up 1.2%: Afterpay ASIC response, Elders result, CSL vaccine facility appeared first on Motley Fool Australia. –

Investment stock market Entrepreneur Business Man discussing and analysis graph stock market trading,stock chart concept

It appears as though a system upgrade has failed spectacularly at the Australian stock exchange on Monday. At lunch the index is up 1.2% to 6,484.3 points but has been suspended since 10:24am.

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

Afterpay responds to ASIC report.

The Afterpay Ltd (ASX: APT) share price has edged lower after responding to ASIC’s report on the buy now pay later industry. That report shows that 20% of buy now pay later users are missing payments and half of users aged 18 to 29 have cut back on essential items to make repayments. Afterpay responded by pointing out that its differentiated business model is unlike traditional credit or other BNPL providers, with built-in consumer protections that ensure average transaction values remain the lowest. It also notes that its gross loss metric is industry-leading and its own research found no causal link between spending on Afterpay and changes in spending on essentials.

Elders FY 2020 result.

The Elders Ltd (ASX: ELD) share price was trading slightly lower in morning trade following the release of its full year results. The agribusiness company reported a 29% increase in sales revenue to $2,092.6 million and a 71% jump in underlying profit after tax to $109 million. This was driven partly by the acquisition of AIRR and strong demand for products from the recent winter cropping season. Underlying earnings before interest and tax (EBIT) came in at $119.4 million, compared to Goldman Sachs’ estimate of $116 million.

CSL vaccine facility.

The CSL Limited (ASX: CSL) share price was charging higher on Monday before the market pause. This appears to have been in response to news that it plans to invest more than A$800 million in the construction of a new biotech manufacturing facility in Melbourne to supply influenza vaccines to Australia and the rest of the world. This follows an agreement with the Australian Government for the supply over 10 years of influenza pandemic protection for the Australian population, anti-venoms for Australian snakes, spiders and marine creatures, and Q-Fever vaccine.

Best and worst ASX 200 performers.

The best performer on the ASX 200 today prior to the pause was the Unibail-Rodamco-Westfield CDI (ASX: URW) share price with a 9% gain. Investors have been fighting to get hold of the shopping centre operator’s shares since the potential COVID-19 vaccine news broke last week. Investors may be hoping for a swifter recovery in its fortunes. The worst performer has been the SKYCITY Entertainment Group Limited (ASX: SKC) share price with a 4% decline. This follows the release of an update by the casino and resorts company.

Man who said buy Kogan shares at $3.63 says buy these 3 ASX stocks 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.*

In this FREE STOCK REPORT, Scott just revealed what he believes are the 3 ASX stocks for the post COVID world that investors should buy right now while they still can. These stocks are trading at dirt-cheap prices and Scott thinks these could really go gangbusters as we move into ‘the new normal’.

Find out the names of our 3 Post COVID Stocks – For FREE!

*Returns as of 6/8/2020

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 CSL Ltd. The Motley Fool Australia owns shares of AFTERPAY T FPO. The Motley Fool Australia has recommended Elders Limited and Sky City Entertainment Group Ltd. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

The post ASX 200 up 1.2%: Afterpay ASIC response, Elders result, CSL vaccine facility appeared first on 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!