The S&P/ ASX 200 has swung from showing a loss this morning to a 0.5% gain this afternoon as investors move to snap up some bargains in the belief that the worst of October’s tech-based sell-off may be over.
Let’s take a look at what might be behind the moves of some of today’s big gainers.
The Fortescue Metals Group Limited (ASX: FMG) share price is up 4% to $4.06 today despite the Pilbara based iron ore miner releasing no specific news to the market. On October 25 the miner reaffirmed full-year guidance for it to ship between 165 million to 173 million tonnes of iron ore. It also announced an A$500 million share buy-back program would continue, with total capex over FY 2019 expected to hit US$1.2 billion.
The Westpac Banking Corp (ASX: WBC) share price is up 1.6% this afternoon despite the lender releasing no news to the market. Westpac is scheduled to report its full-year result on November 5 and a lot of investors’ eyes will be on the final dividend amount. Market chatter that dividends could be cut thanks to the fallout from the Royal Commission is what has sent Westpac’s shares into reverse over the past year.
The Afterpay Touch Group Ltd (ASX: APT) share price has rocketed 9% higher to $12.32 as bargain hunters move into the buy now, pay later, credit provider. Afterpay Touch shares went as high as $23 earlier in the year, which suggests it could have room to climb higher. The company recently announced an ambitious move into the giant U.S. consumer market alongside acquiring a rival in the United Kingdom.
The Macquarie Group Ltd (ASX: MQG) share price is up 1.8% to $114.80 despite the group releasing no news to the market. Macquarie’s success is closely tied to the health of equity markets and the global economy which is why the share price fell on the back of worries over a global trade war. The bankers are due to reveal their profit report for the 6 months ending September 30, 2018, on Friday, November 2. Investors will be keen to see the reported dividend and any guidance for the second half.
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Motley Fool contributor Yulia Mosaleva owns shares of Macquarie Group Limited. The Motley Fool Australia owns shares of AFTERPAY T FPO. 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.