It was another huge start to the trading week as the S&P/ASX 200 Index (INDEXASX: XJO) surged higher on Monday.
The Aussie benchmark index added 21.60 (0.32%) to close at 6.731.40 points.
Here’s what you might have missed in a great start to the week for ASX investors.
1. Afterpay leads ASX 200 winners on Monday
The Afterpay Touch Group Ltd (ASX: APT) share price was a top performer on the ASX 200 on Monday.
Afterpay shares rocketed 7.05% higher to $32.64, after a favourable update on its AUSTRAC audit.
The company’s final report from its external auditor has now been provided to AUSTRAC. There was one key item in the report that sent the Afterpay share price higher yesterday.
The auditor found that “the actual money laundering and terrorism financing risks inherently faced by Afterpay’s business are low.” This was enough of a positive sentiment to boost investors’ hopes (and the Afterpay share price) higher.
2. Nufarm share price tanks on earnings downgrade
The Nufarm Limited (ASX: NUF) share price crashed out on Monday to lead the ASX 200 losers.
Nufarm’s share price crashed 17.53% lower and closed at $5.08 per share.
The big factor was Nufarm’s earnings downgrade, which forecast significantly lower earnings before interest, tax, depreciation and amortisation (EBITDA).
The Aussie agriculture group reported difficult trading conditions for FY20 which saw first quarter EBITDA fall $20 million compared to last year.
3. Westpac can’t escape the money laundering music
The headaches continued for Westpac Banking Corp (ASX: WBC) on the ASX 200 on Monday.
ASIC became the latest regulator involved in the scandal as it investigates the bank over potential legal breaches.
This follows Treasurer Frydenberg’s confirmation that APRA would be looking into the bank following its anti-money laundering and counter-terrorism financing failures.
The Westpac share price closed down 1.33% at $24.44 per share in another bad day for shareholders.
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Kenneth Hall has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of AFTERPAY T FPO. The Motley Fool Australia has no position in any of the stocks mentioned. 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.