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ASX200 risers and fallers

The ASX200 has capped off a mixed week, finishing slightly below the 6,700 point-mark.

The ASX200 has delivered mixed results during the last five trading sessions, as global growth concerns weigh on Australian markets.

Moreover, with a number of companies starting to release preliminary FY2019 results, we have seen some key ASX200 stocks fluctuate this week as investors adjust their expectations.

ASX200 risers

Wisetech Global Limited was one of the best performing stocks on the ASX200 during the previous five trading sessions, with its share price rising 9.54%. Appen Limited, the AI and machine learning company also saw modest gains of 3.05% during the week.

As we covered previously, the US Federal Reserve Chairman, Jerome Powell, pointed out that where necessary, the Federal Reserve would act to maintain the strength of the US economy.

Given that WiseTech and Appen both have key US business interests, such comments are likely to have contributed to the share price rises during the week, as the strength of the US economy remains a key driver of growth for both companies.

Appen, for example, has previously noted that it counts ‘eight of the world’s top ten technology companies’ as its clients. WiseTech by comparison has operations in 130 countries across Australasia, Europe and the Americas.

Whitehaven Coal gains momentum

Strong preliminary FY2019 results from Whitehaven Coal Ltd saw its share price rise as much as 6.58% Thursday. While a series of analyst reports painted a positive picture of the company’s prospects – broader market conditions saw the share price finish the week just 2.02% higher.

Speaking of the outlook for coal, Whitehaven’s management remarked that:

‘Slowing world economic growth, in part brought on by trade tensions between the United States and China has also impacted demand for thermal coal.’

These comments prove significant, as US-China trade war tensions and growth concerns start to have flow-on effects across a range of industries.

ASX200 fallers

Nearmap Ltd, the $A1.5 billion aerial imagery technology and location data company ended the week in a disappointing fashion following the release of its FY2019 preliminary results. The company posted annualised contract value increases of 76% and 19% in the US and Australia, respectively.

Though impressive on the face of it, these results underscore the fact that with high stock valuations comes equally high investor expectations. Tellingly, Nearmap’s share price was down as much as 8.15% off the back of this release.

Buy now, pay later falters

Finally, ASX stocks in the buy now, pay later space also faced a rough week, with ASX200 tech darling Afterpay Holdings Limited leading the losses – as its share price declined 7.9% from Monday to Friday. Smaller competitors Zip co and Splitit were also down, though not as significantly as Afterpay.

It looks as if news of VISA’s expected entry into the buy now, pay later space – which broke almost two weeks ago – may have finally sunk in for investors.

Importantly, while Afterpay has delivered investors market-beating returns over the last year, whether the company can maintain such momentum as well as its position as a market leader in the buy now pay later space in the face of intensifying competition remains debatable.

This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.

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