ASX 200 up 0.35%: SEEK upgraded, Afterpay lower

The Australian share market is on form again on Wednesday…

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At lunch on Wednesday, the S&P/ASX 200 Index (ASX: XJO) has ignored weakness on Wall Street and continued its ascent. The benchmark index is currently up 0.35% to 7,405.9 points.

Here’s what is happening on the market today:

SEEK shares upgraded

The SEEK Limited (ASX: SEK) share price is pushing higher today. This follows news that analysts at Macquarie have upgraded the job listings company’s shares to an outperform rating with a significantly improved price target of $40.00. According to the note, the broker believes SEEK will benefit greatly from improving yields on its ads after discounts are removed. In addition to this, with Macquarie expecting the Australian unemployment rate to fall to 4% in 2023, it is forecasting strong growth in ad volumes in FY 2022.

IAG update

The Insurance Australia Group Ltd (ASX: IAG) share price is on the rise today following an update on claims relating to the recent severe weather in Victoria. The insurance giant revealed that, as of Tuesday 15 June, it had received around 4,300 claims. These claims were predominantly for property damage. Management expects claims to rise as residents return to their homes. And while it expects these claims to take it beyond its guidance and perils allowance for FY 2021, it has additional protection in place to limit the impact.

Tech shares under pressure

The Australian tech sector is under pressure today following a tough night for the Nasdaq index. The tech-heavy index tumbled 0.7% during overnight trade. This has led to Afterpay Ltd (ASX: APT) and Appen Ltd (ASX: APX) dropping lower today, dragging the S&P/ASX All Technology Index (ASX: XTX) 0.55% lower.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Wednesday has been the Medibank Private Ltd (ASX: MPL) share price with a 3% gain on no news. The worst performer has been the Galaxy Resources Limited (ASX: GXY) share price with a 5% decline. A number of lithium companies are under pressure today.

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James Mickleboro owns Galaxy and SEEK shares. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended AFTERPAY T FPO and Appen Ltd. The Motley Fool Australia owns shares of and has recommended AFTERPAY T FPO and Appen Ltd. 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.

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