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.
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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 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.