Afterpay Ltd (ASX:APT) and Zip Co Ltd (ASX:Z1P) shares are two of four charging higher on Tuesday. Here’s why…
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In late morning trade the S&P/ASX 200 Index (ASX: XJO) has bounced back from an early decline and is edging ever so slightly higher. At the time of writing, the benchmark index is up at 6,229.8 points.
Four shares climbing more than most today are listed below. Here’s why they are charging higher:
Afterpay Ltd (ASX: APT)
The Afterpay share price is up 5% to $102.42 after announcing a partnership with Westpac Banking Corp (ASX: WBC). This partnership will allow Afterpay to provide Westpac transaction and savings accounts and other cashflow management tools to its 3.3 million customers in Australia from the second quarter of 2021. The company notes that the arrangement has the potential to facilitate new revenue streams over time, without needing to develop traditional banking or credit products.
Cochlear Limited (ASX: COH)
The Cochlear share price has climbed almost 2.5% to $222.83. This follows the release of a first quarter update this morning. That update revealed that the hearing solutions company’s sales have been recovering in FY 2021. For the three months ended 30 September, Cochlear advised that its cochlear implant revenue was 94% of what it achieved a year earlier in constant currency terms.
Dicker Data Ltd (ASX: DDR)
The Dicker Data share price has charged 4% higher to $9.42. Investors have been buying the computer hardware and software distributor’s shares since the release of its third quarter update. For the nine months to 30 September, Dicker Data delivered net profit before tax growth of 28.3% to $60.8 million.
Zip Co Ltd (ASX: Z1P)
The Zip Co share price is up 2% to $7.32. This follows the announcement of its Tap & Zip product this morning. This product allows Zip customers to make purchases anywhere accepting Visa. It notes that just 13% of stores in Australia accept buy now, pay later options. The company feels this gives it a large untapped market opportunity.
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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 Cochlear Ltd. and ZIPCOLTD FPO. The Motley Fool Australia owns shares of and has recommended Dicker Data Limited. The Motley Fool Australia owns shares of AFTERPAY T FPO. The Motley Fool Australia has recommended Cochlear 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.
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