ASX 200 up 1.5%: Afterpay & Zip jump, Fortescue tumbles

Afterpay Ltd (ASX:APT) and Fortescue Metals Group Limited (ASX:FMG) shares are making waves on the ASX 200 on Monday. Here’s why…
The post ASX 200 up 1.5%: Afterpay & Zip jump, Fortescue tumbles appeared first on The Motley Fool Australia. –

ASX 200 shares

At lunch on Monday the S&P/ASX 200 Index (ASX: XJO) is back on form and storming higher. At the time of writing, the benchmark index is up 1.5% to 6,774.9 points.

Here’s what is happening on the market today:

Tech shares rebound

The tech sector is rebounding after a positive night of trade on Wall Street’s Nasdaq index on Friday night. The likes of Afterpay Ltd (ASX: APT) and Zip Co Ltd (ASX: Z1P) are recording notably strong gains and are helping to drive the S&P/ASX All Technology Index (ASX: XTX) 2.6% higher at lunch. On Friday night the tech-focused Nasdaq index rose 0.5%.

Fortescue share price tumbles

The Fortescue Metals Group Limited (ASX: FMG) share price has come under pressure on Monday. However, the pullback in the Fortescue share price has nothing to do with its performance and everything to do with its dividend. This morning the iron ore giant’s shares traded ex-dividend for its fully franked interim dividend of $1.47 per share. Eligible shareholders can look forward to receiving this dividend on 24 March.

Kogan rated as a buy

The Ltd (ASX: KGN) share price is rebounding from last week’s 22% decline. Investors have been buying the ecommerce company’s shares after analysts at Credit Suisse retained their outperform rating and trimmed the price target on them slightly to $20.85. The broker believes the company is well-placed for growth over the medium term.

Best and worst ASX 200 performers

The Austal Limited (ASX: ASB) share price the best performer on the ASX 200 today with a 6.5% gain. This follows the announcement of the delivery of a new vessel. The worst performer on the index has been the Fortescue share price with a 6% decline. This is due to its shares trading ex-dividend this morning.

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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 Austal Limited, ltd, and ZIPCOLTD FPO. The Motley Fool Australia owns shares of AFTERPAY T FPO. The Motley Fool Australia has recommended ltd. 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 1.5%: Afterpay & Zip jump, Fortescue tumbles appeared first on The Motley Fool Australia.

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