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ASX 200 morning report – APT, Z1P & PPS shares in focus

The S&P/ASX 200 (ASX: XJO) finished 0.3% higher on Wednesday, overcoming a significant sell off in the technology sector.

The tech sector fell 2.7% for the day, with a 9.6% fall in Afterpay Ltd (ASX: APT) pulling the entire market down by 10 points.

Apple sends ASX BNPL shares tumbling

The sell-off came after a double blow for the burgeoning and highly valued BNPL sector after Apple Inc. (NASDAQ: APPL) announced it would launch its own platform dubbed Apple Pay Later, backed by Goldman Sachs, and PayPal (NASDAQ: PYPL) launched its ‘Pay in 4’ product into the Australian market.

Shares in Zip Co Ltd (ASX: Z1P) also fell 11.4% with Afterpay’s management highlighting the company is no longer just a payments platform, but also a retail destination.

Featured video: SaaS valuation metrics explained

Seven closes in on Boral

Seven Group Holdings Ltd (ASX: SVW) has reportedly reached 48.41% ownership of Boral Limited (ASX: BLD) with the takeover offer set to be extended for another two weeks in what many experts are suggesting has been a lesson in aggressive takeover tactics from the Stokes Family.

Record inflows for Praemium

Wrap platform Praemium Ltd (ASX: PPS) jumped 15% after announcing record inflows of $1.2 billion onto its Praemium and Powerwrap platforms.

The result takes total funds under administration to $41 billion, nearing the $51 billion administered by competitor Hub24 Ltd (ASX: HUB), but with a significantly lower valuation.

Management also announced the divestment of its international platform business in an effort to focus on its Australian business.

Spark infrastructure jumps

Shares in Spark Infrastructure Group (ASX: SKI) jumped 7.8% before entering a trading halt with many predicting a takeover offer to be announced.

The potential buyer is still unknown but may well be another cashed up pension fund seeking to take another asset private; the group owns both the SA and Vic Power Networks.

Decarbonisation boom supports Sandfire

Sandfire Resources Ltd (ASX: SFR) continues to benefit from the decarbonisation trend and a resultant spike in copper prices, with the commodity a key part of most battery and EV products.

Sandfire shares added 2.3% after management confirmed total sales of $813 million, driven almost solely by the skyrocketing commodity price.

ASX 200 today

The ASX 200 is set to trickle lower when the market opens on Thursday according to the latest SPI futures. This comes following a mixed lead from US markets overnight, with the S&P 500 and Dow Jones eking out gains but the Nasdaq falling 0.2%.

The Golden Rules of Investing

We might be experts in retirement, but with combined financial advice experience of 35+ years, we’ve nearly seen it all. 

In mid-2023, our senior team at Wattle Partners Financial Planning put the finishing touches on a brand-new report “The Golden Rules of Investing“.

In this free report, we outline the key principles that determine all of the portfolio construction and investment decisions of Wattle Partners. Collated over decades, this paper should be seen as a work-in-progress, constantly under review in light of the ever-evolving nature of markets. 

You’ll find the free report on my Author page. Simply click the button below to view the Golden Rules.

Information warning: The information on this website is published by The Rask Group Pty Ltd (ABN: 36 622 810 995) is limited to factual information or (at most) general financial advice only. That means, the information and advice does not take into account your objectives, financial situation or needs. It is not specific to you, your needs, goals or objectives. Because of that, you should consider if the advice is appropriate to you and your needs, before acting on the information. If you don’t know what your needs are, you should consult a trusted and licensed financial adviser who can provide you with personal financial product advice. In addition, you should obtain and read the product disclosure statement (PDS) before making a decision to acquire a financial product. Please read our Terms and Conditions and Financial Services Guide before using this website. The Rask Group Pty Ltd is a Corporate Authorised Representative (#1280930) of AFSL #383169.

Disclosure: At the time of publishing, Drew owns shares in Zip Co.

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Wattle Partners is a financial advice firm, servicing clients around Australia, specialising in retirement planning (pre and post retirement). 

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