ASX 200 up 0.65%: Wesfarmers update, Pro Medicus' Mayo Clinic deal

The ASX 200 keeps on climbing. Here's what is happening today…

James Mickleboro

Author Bio
James Mickleboro is an investment writer and analyst who has worked with The Motley Fool Australia for 10 years, covering ASX shares, market news, broker research, dividends, growth stocks, and long-term investing ideas.

Over that time, James has written extensively about Australian equities and developed a particular focus on helping everyday investors understand the stories behind share price moves, company announcements, broker views, and broader market trends.

His best investment recommendation was identifying Afterpay while it was still a small-cap growth share, before its rise into one of Australia’s biggest technology success stories. His worst investment lesson came from CSL Ltd (ASX: CSL), where he was burnt by believing management could turn the business around sooner than the market ultimately allowed.

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James is the founder of Evermore Asset Management, which focuses on undercovered global stocks.

Favorite Investment Quote
"It’s far better to buy a wonderful company at a fair price than a fair company at a wonderful price."
— Warren Buffett

Published June 3, 2021 12:16 pm AEST

At lunch on Thursday, the S&P/ASX 200 Index (ASX: XJO) is on form again and charging higher. The benchmark index is currently up 0.65% to 7,264.6 points.

Here's what is happening on the market today:

A graphic showing share price movement, ASX market watch — Image source: Getty Images

Wesfarmers update

The Wesfarmers Ltd (ASX: WES) share price is trading lower following the release of its strategy briefing this morning. At the briefing, the company provided the market with an update on current trading. Management advised that its retail businesses have been cycling the impacts of COVID-19 in the prior year from mid-March. This has led to significant volatility in monthly sales growth results. It also revealed that online sales growth has moderated and its Catch business has experienced a decline in sales since March.

Worley share price jumps

The Worley Ltd (ASX: WOR) share price is on fire on Thursday after brokers responded positively to its investor day event from yesterday. One broker that was particularly pleased with what it saw was Goldman Sachs. This morning the broker retained its conviction buy rating and $15.60 price target on the engineering company's shares. Elsewhere, Citi has retained its buy rating and lifted its price target to $12.60.

Pro Medicus signs deal with Mayo Clinic

The Pro Medicus Limited (ASX: PME) share price is charging higher today after announcing a multi-year research collaboration agreement with healthcare giant Mayo Clinic. According to the release, the agreement will serve as the framework for collaboration between the two parties to facilitate development and commercialisation in the field of artificial intelligence (AI), leveraging the Visage AI Accelerator platform.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Thursday has been the Worley share price with a 7.5% gain. Investors have been buying its shares after analysts responded positively to its investor update. The worst performer has been the Zimplats Holdings Ltd (ASX: ZIM) share price with a 3% decline. This is despite there being no news out of the platinum miner.

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