Motley Fool Australia

ASX 200 up 0.9%: Cleanaway jumps, tech shares rise, Incitec Pivot sinks

Rising market, bull market, analyse market, assess market
Image source: Getty Images

At lunch on Tuesday the S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a very strong gain. The benchmark index is currently up 0.9% to 6,890.7 points.

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

Cleanaway share price jumps on acquisition news

The Cleanaway Waste Management Ltd (ASX: CWY) share price is jumping notably higher today after announcing an agreement to acquire Suez R&R Australia for $2.52 billion. Management expects the acquisition of the recycling and recovery business to provide additional scale and scope to create further operating leverage and multiple avenues to accelerate growth. In addition to this, Cleanaway expects the acquisition to be significantly accretive to earnings post synergies.

Tech shares rebound

It has been a very positive day for the Australian tech sector. The likes of Afterpay Ltd (ASX: APT) and Zip Co Limited (ASX: Z1P) are just two of a number of tech shares storming higher today. This follows a positive end to the week on Wall Street and an even more positive start to the week on Monday night. This has led to the S&P ASX All Technology Index (ASX: XTX) rising 3.5% so far today.

Job ads hit 12-year high

The Australian economy is bouncing back strongly from the pandemic judging by the latest job ads data. According to Australia and New Zealand Banking GrpLtd (ASX: ANZ) data, Australian Job Ads rose 7.4% month on month in March. This follows an upwardly-revised 8.8% month on month increase in February. The bank notes that ANZ Job Ads are now at the highest level since November 2008 and pointing to further sharp declines in the unemployment rate. The SEEK Limited (ASX: SEK) share price is up 3.5% at lunch.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Tuesday has been the Cleanaway share price with a 10% gain following its acquisition announcement. The worst performer has been the Incitec Pivot Ltd (ASX: IPL) share price with a 9% decline. This follows news that the Waggaman operation is expected to recommence production later than previously expected, impacting its earnings.

Where to invest $1,000 right now

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.

*Returns as of February 15th 2021

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 ZIPCOLTD FPO. The Motley Fool Australia owns shares of AFTERPAY T FPO. The Motley Fool Australia has recommended SEEK Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

Related Articles…

Latest posts by James Mickleboro (see all)