5 market moves you may have missed on Tuesday
Busy? We highlight some of the most important ASX developments so that you don't have to.
ASX 200 ↓
From a broad market perspective, by 4:16PM the ASX 200 benchmark was down 3.1 points, trading at the 6,749 point level.
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Telecommunication Services ↑
By 4:18 PM the S&P/ASX 200 Telecommunication Services index was the best performing sector, up 1.04%. In contrast, the Energy sector was the worst performing.
The telecom sector was bolstered by gains in the Telstra (ticker TLS), which was up 1.85%, to $3.31 per share, a little after 4 PM. This comes after the telco yesterday announced the next steps of its bold restructuring plan – which would see the legal structure of Telstra Group broken up into: InfraCo Fixed, Infra Co Towers, and ServeCo.
These changes are expected to be complete by December.
Airtasker Share Price ↑
It was a jubilant day in IPO land. Following a stalled listing on Monday, online services platform Airtasker (ticker ART) successfully listed on Tuesday, at 11 AM.
To say investors were excited would be an understatement. The stock was bid 50% higher in the first two hours of trade, rising above the $1.00 per share mark by the afternoon session.
From a fundamental perspective, the company has witnessed strong growth in the last year, with 2020 revenues coming in at $19.3 million. The company is also forecasting revenues to keep growing strongly, with the expectation they increase ~26% in 2021.
Despite that, the company remains loss making, recording a net loss of $5.2 million in 2020.
Bell Potter Raises TechnologyOne PT
In other tech news, broker Bell Potter today raised their price target on TechnologyOne (ticker TNE) to $9.75 per share. This comes after the company announced it had won a contract to move the Department of Agriculture's finance system to TechnologyOne’s SaaS platform.
‘Our Australian technology - the only true SaaS ERP solution on offer in Australia - will support the Department of Agriculture’s modernisation program which is set to drive massive efficiencies across the import and export of primary industries in Australia,’ said Ed Chung, TechnologyOne CEO.
Interestingly, although the broker bumped up their price target, they lowered their rating from Buy to Hold. This, Bell’s analysts noted, was a reflection of the current share price – with the stock currently trading just ~2% ahead of their price target.
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