At lunch on Thursday the S&P/ASX 200 index is on course to make it three consecutive days of gains. At the time of writing the benchmark index is up 0.6% to 6,394.7 points.
Here’s what has been happening on the market today:
Afterpay business update.
The Afterpay Touch Group Ltd (ASX: APT) share price charged 5% higher this morning following the release of its business update. The payments company’s shares have since dropped back and are down almost 3% at lunch. This morning Afterpay Touch revealed that unaudited underlying sales for the 11 months ended May 31 were $4.7 billion, up 143% on the prior corresponding period.
Santos makes major oil and gas resource discovery.
The Santos Ltd (ASX: STO) share price has climbed 2% higher despite oil prices dropping into a bear market overnight. Investors have been buying the energy producer’s shares after activities at the Dorado-2 appraisal well appeared to confirm a major oil and gas resource. Management advised that the result “indicates the Dorado discovery is larger than anticipated” and “significantly de-risks a future development.”
Nearmap launches new products.
The Nearmap Ltd (ASX: NEA) share price is up 3% at lunch after announcing the launch of two new products. This morning the aerial imagery technology and location data company launched Nearmap 3D and the beta version of its artificial intelligence product. Nearmap 3D gives users the ability to stream and export 3D imagery on-demand at massive scale through the MapBrowser web application.
Bank shares higher.
It has been another positive day of trade for Australia’s big four banks. All four banks are in positive territory at lunch, with the Australia and New Zealand Banking Group (ASX: ANZ) share price the best performer with a gain of 0.9%. On Wednesday the bank revealed that it would not pass on the Reserve Bank’s rate cut in full.
Best and worst performers.
The Charter Hall Group (ASX: CHC) share price has been the best performer on the ASX 200 on Thursday with a gain of 4.5%. Yesterday analysts at Macquarie retained their outperform rating and $10.53 price target on the property company’s shares. Going the other way is the Emeco Holdings Limited (ASX: EHL) share price which has sunk almost 4% lower on the back of no news.
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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 Nearmap Ltd. The Motley Fool Australia owns shares of AFTERPAY T FPO. The Motley Fool Australia has recommended Nearmap 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 Motley Fool's purpose is to help the world invest, better. Click here now for your free subscription to Take Stock, The Motley Fool's free investing newsletter. Packed with stock ideas and investing advice, it is essential reading for anyone looking to build and grow their wealth in the years ahead. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson. 2019