ASX 200 up 1%: Domino's rockets, Collins Foods delivers strong result, GPT offloads asset

Collins Foods Ltd (ASX:CKF) and Domino's Pizza Enterprises Ltd (ASX:DMP) shares are making a splash on the ASX 200 on Tuesday…

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At lunch on Tuesday the S&P/ASX 200 Index (ASX: XJO) is on course to start the month on a positive note. The benchmark index is currently up 1% to 6,583.6 points.

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

Collins Foods' strong half year result.

The Collins Foods Ltd (ASX: CKF) share price is pushing higher today after the release of its half year results. Thanks largely to the strong performance of its KFC Australia business, Collins Foods delivered solid revenue and earnings growth in the first half of FY 2021. For the six months ended 30 September, the company reported 11.3% increase in revenue compared to the prior corresponding period to $499.6 million. And on the bottom line, underlying net profit after tax came in 15.1% higher at $27.5 million.

Domino's share price rockets higher.

The Domino's Pizza Enterprises Ltd (ASX: DMP) share price is rocketing higher on Tuesday after being upgraded by a leading broker. According to a note out of Goldman Sachs, its analysts have upgraded Domino's shares to a conviction buy rating with an $88.00 price target. The broker believes the company has the potential to deliver double-digit operating earnings growth over the medium term.

GPT sells 1 Farrer Place stake.

The GPT Group (ASX: GPT) share price is trading lower today after announcing a binding agreement with the Lendlease Group (ASX: LLC) managed Australian Prime Property Fund Commercial to sell its 25% stake in 1 Farrer Place, Sydney. The two parties have agreed a price in line with its June 2020 book value of $584.6 million. Management notes that the asset has delivered a return in excess of 12% per annum over the past five years. The transaction is expected to settle by mid-December.

Best and worst ASX 200 performers.

The best performer on the ASX 200 on Tuesday has been the Domino's share price with a 10% gain. This follows the release of a bullish broker note out of Goldman Sachs this morning. The worst performer has been the IDP Education Ltd (ASX: IEL) share price with a 2.5% decline. This is despite there being no news out of the student placement and language testing company.

James Mickleboro owns shares of Collins Foods Limited. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Idp Education Pty Ltd. The Motley Fool Australia has recommended Collins Foods Limited and Domino's Pizza Enterprises Limited. 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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