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ASX 200 up 0.9%: Citi lifts Afterpay price target, Webjet boosts liquidity

At lunch on Thursday the S&P/ASX 200 Index (ASX: XJO) is on course to make it three days of gains in a row. The benchmark index is currently up 0.9% to 5,986.3 points.

Here’s what has been happening on the market today:

Webjet boosts its liquidity.

The Webjet Limited (ASX: WEB) share price is dropping lower on Thursday after successfully pricing an offering of A$163.1 million convertible notes. The online travel agent’s Managing Director, John Guscic, explained that the offering was being undertaken to maintain a strong balance sheet as Webjet continues “to navigate the challenging operating environment caused by COVID-19.” Some of the funds may also be used for acquisitions in the future.

Big four banks on form.

The big four banks are on form again today and are playing a key role in driving the ASX 200 higher. At lunch all four banks are pushing higher, with the Westpac Banking Corp (ASX: WBC) share price leading the way. Its shares are currently up 1.4%. The laggard in the group is the Commonwealth Bank of Australia (ASX: CBA) share price with a gain of 0.6%.

Afterpay price target lifted.

The Afterpay Ltd (ASX: APT) share price is zooming higher on Thursday after being the subject of a positive broker note out of Citi. Although the broker has retained its neutral rating on its shares, it has lifted its price target materially. Citi has increased its price target by more than double to $64.25 after upgrading its earnings estimates.

Best and worst ASX 200 performers.

The best performer on the ASX 200 on Thursday has been the Afterpay share price with a gain of 6.5%. This follows the release of Citi’s broker note this morning. The worst performer on the index has been the NRW Holdings Limited (ASX: NWH) share price with a 4.5% decline. This is despite there being no news out of the mining services company.

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Motley Fool contributor James Mickleboro owns shares of Westpac Banking. The Motley Fool Australia owns shares of and has recommended Webjet Ltd. 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.

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