Why Afterpay, IOUpay, Liontown Resources, & Redbubble are racing higher

Afterpay Ltd (ASX:APT) and Redbubble Ltd (ASX:RBL) are two of four ASX shares racing higher on Tuesday. Here’s why…
The post Why Afterpay, IOUpay, Liontown Resources, & Redbubble are racing higher appeared first on The Motley Fool Australia. –

share price higher

In morning trade on Tuesday, the S&P/ASX 200 Index (ASX: XJO) is on course to record another solid gain. At the time of writing, the benchmark index is up 0.7% to 6,838.9 points.

Four ASX shares that are climbing more than most today are listed below. Here’s why they are racing higher:

Afterpay Ltd (ASX: APT)

The Afterpay share price is up 3% to $129.08 despite there being no news out of the payments company. However, a strong night of trade on the tech-focused Nasdaq index appears to have given the local tech sector a lift today. At the time of writing, the S&P/ASX All Technology Index (ASX: XTX) is up a sizeable 2.1%.

IOUpay Ltd (ASX: IOU)

The IOUpay share price is up 4% to 63 cents. Investors have been buying the Malaysia-based buy now pay later (BNPL) provider’s shares after it announced an agreement to provide iPay88 merchants and end-user customers with BNPL payment services. According to the release, iPay88 is the dominant online payments brand in Malaysia. In 2020, its merchants processed over 360 million transactions across its payment gateway network with a total transaction value (TTV) of approximately A$10 billion.

Liontown Resources Limited (ASX: LTR)

The Liontown Resources share price has jumped 12.5% to 49.5 cents. The catalyst for this was drilling results from its 100%-owned Moora Project in Western Australia. According to the release, Liontown’s drilling has returned outstanding high-grade assay results. The results are considered to be highly significant and represent an important breakthrough in the exploration of the Moora Project.

Redbubble Ltd (ASX: RBL)

The Redbubble share price has jumped 10% to $5.90. This also appears to have been driven by improving sentiment in the tech sector. In addition to this, bargain hunters may be swooping in after a very sharp decline from its 52-week high. This left its shares trading at an attractive level according to Morgans. The broker has an add rating and $6.64 price target on Redbubble’s shares.

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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 AFTERPAY T FPO. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

The post Why Afterpay, IOUpay, Liontown Resources, & Redbubble are racing higher appeared first on The Motley Fool Australia.

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