At lunch on Tuesday the S&P/ASX 200 index is on course to record a strong gain. At the time of writing the benchmark index is up 0.75% to 6,956 points.
Here’s what is happening on the market today:
Webjet takeover speculation intensifies.
The Webjet Limited (ASX: WEB) share price is storming higher on Tuesday after takeover speculation intensified. According to the AFR, CEO John Guscic and the Webjet board are believed to have been together in December to discuss how much they feel the company would be worth if it pursued a sale. This follows the purported receipt of indicative views on the company’s valuation from prospective buyers. There is speculation that Herbert Smith Freehills and MinterEllison have been appointed as legal advisers to Webjet
Lithium miners surge.
One of the best-performing areas of the market on Tuesday is the lithium industry. At lunch the likes of Orocobre Limited (ASX: ORE) and Pilbara Minerals Ltd (ASX: PLS) are amongst the best performers on the benchmark index. They are up on positive industry news and optimism around Tesla’s recent success.
Tech shares race higher.
Tech shares including Afterpay Ltd (ASX: APT) and Appen Ltd (ASX: APX) are racing higher on Tuesday. They are following the lead of their U.S. counterparts which performed strongly on the Nasdaq index overnight. It isn’t just Afterpay and Appen that are pushing higher. The S&P/ASX 200 Info Tech index is up just over 1% at lunch.
Best and worst performers.
The best performer on the ASX 200 at lunch is the Orocobre share price with a 7.5% gain. As mentioned above, positive industry news has been very supportive of lithium shares so far in 2020. Going the other way is the Cooper Energy Ltd (ASX: COE) share price. It is the worst performer with a 2.5% decline on the back of no news. Though, it is worth noting that oil prices weakened overnight due to easing tensions in the Middle East.
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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 AFTERPAY T FPO. The Motley Fool Australia owns shares of Appen Ltd. The Motley Fool Australia has recommended Webjet 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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