ASX 200 up 1%: Tech shares rise, Bank of Queensland’s provision update

It has been a great start to the week for Aussie investors…

| More on:
stock market gaining

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 strong gain. The benchmark index is currently up 1% to 7,384.8 points.

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

Tech shares charge higher

Tech shares such as Afterpay Ltd (ASX: APT) and Zip Co Ltd (ASX: Z1P) are charging higher on Tuesday and playing a key role in the market’s gains. This follows a strong night of trade on the Nasdaq index, which saw the famous index rise 0.75% to a record high. The S&P/ASX All Technology Index (ASX: XTX) is up over 1% at the time of writing.

Bank of Queensland’s provision release

The Bank of Queensland Limited (ASX: BOQ) share price is pushing higher after announcing that its next update will include a decrease in its collective provision. Bank of Queensland revealed that it expects to reduce its collective provision by $75 million. This is being driven primarily by Australia’s improved economic outlook, leading to improvements in data quality relating to collateral.

Premier Investments hits record high

The Premier Investments Limited (ASX: PMV) share price has stormed to a new record high today. This appears to have been driven by a positive reaction from analysts at Macquarie to its recent trading update. Macquarie notes that the company’s guidance is ahead of its expectations. This led to the broker retaining its outperform rating and $31.00 price target on Premier Investments’ shares.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Tuesday has been the A2 Milk Company Ltd (ASX: A2M) share price with a gain of almost 8%. Investors may have been expecting a2 Milk to have been dumped out of the ASX 100, but it survived by the skin of its teeth. The worst performer has been the De Grey Mining Limited (ASX: DEG) share price with a 6% decline amid weakness in the gold sector.

Wondering where you should 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 could be the five best ASX stocks for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now.

*Returns as of May 24th 2021

James Mickleboro does not own any shares mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended AFTERPAY T FPO and ZIPCOLTD FPO. The Motley Fool Australia owns shares of and has recommended AFTERPAY T FPO and Premier Investments Limited. The Motley Fool Australia has recommended A2 Milk. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Share Market News