At lunch on Thursday the S&P/ASX 200 Index (ASX: XJO) is on course to record a strong gain. The benchmark index is currently up 0.8% to 5,967 points.
Here's what is happening on the market today:
Afterpay share price jumps on broker note.
Investors have been buying Afterpay Ltd (ASX: APT) shares on Thursday following the release of a bullish broker note out of Morgan Stanley. According to the note, the broker upgraded Afterpay's shares to a buy rating and lifted its price target on them materially from $36.00 to a lofty $101.00. Morgan Stanley was pleased with the buy now pay later provider's better than expected credit quality control performance and sales growth acceleration. It also sees opportunities for M&A activity following Afterpay's recent capital raising.
Netwealth impresses.
It has been a very positive day for the Netwealth Group Ltd (ASX: NWL) share price. The investment platform provider's shares have surged higher following its fourth quarter update. At the end of the fourth quarter, Netwealth's funds under administration (FUA) stood at $31.5 billion. This means the company grew its FUA by $8.2 billion or 35% during the financial year. This is despite it facing negative market movements of $0.9 billion for the year.
Treasury Wine earnings to slide.
The Treasury Wine Estates Ltd (ASX: TWE) share price is tumbling lower after it provided the market with an update on its performance in FY 2020. The wine giant advised that it expects its earnings before interest, tax and the agricultural accounting standard SGARA (EBITS) to be between $530 million and $540 million in FY 2020. This represents an 18.5% to 20% decline on FY 2019's EBITS of $662.7 million. Management advised that this reflects the impact of the COVID-19 pandemic, which has had a significant impact on its trading performance across all geographies throughout the second half.
Best and worst ASX 200 shares.
The Netwealth share price is the best performer on the ASX 200 on Thursday with a 7% gain. This follows the release of its fourth quarter update. The GWA Group Ltd (ASX: GWA) share price has been the worst performer with a 3% decline. This morning Macquarie retained its neutral rating but slashed the price target on this household products company's shares to $2.90. It made the move after adjusting its estimates to reflect current housing activity.
