ASX 200 rises, Afterpay (APT) shares hit $60

The ASX 200 (ASX: XJO) is currently up 0.3% as the ASX follows on from another positive day with overseas markets.

Afterpay (ASX:APT) UK growth impresses

The Afterpay share price is up more than 2% to $60 after the company announced some news about its UK subsidiary, Clearpay.

Afterpay said that there are now more than 1 million active shoppers in the UK using the service after a year.

Another interesting element about the update was that the UK customer purchasing frequency in the UK is outpacing the US when it was at the same stage of the lifecycle. UK customers have transacted more than eight times within the first year compared to six times in the US.

Afterpay boasted that Clearpay is one of the fastest growing ecommerce payment companies in the European market.

In the UK there is more than 1,100 brands and retailers offering, or in the process of offering, Clearpay to their customers. Some of the brands now using Clearpay include ASOS, Marks and Spencer, JD Sports, Urban Outfitters and Boohoo.

CSR (ASX: CSR) AGM

CSR is holding its AGM today. As part of the presentation the management released a trading update for FY21.

For the first 11 weeks of FY21, building products revenue in Australia is down 3%. Including the impact of New Zealand COVID-19 restrictions, revenue is down 5%. Management were expecting a slowdown in activity, projects started before COVID-19 continue to support revenue.

However, current lead indicators are pointing negative. New home sales in Australia during April and May are down 19% compared to last year. There is a lag in demand for CSR’s products. However, the announced government stimulus measures should be a benefit, though the timing and extent of the benefit is uncertain.

Sonic (ASX: SHL) trading update

Sonic withdrew its FY20 earnings guidance three months ago due to COVID-19 uncertainty. The lockdowns caused a large fall in patient volumes and revenue.

However, the company has seen revenue stabilise in late April with a recovery during May. In recent weeks the majority of the company has returned to pre-COVID volumes and revenue.

However, base revenue in the US, the UK, Ireland and Belgium are still below pre-COVID levels but there is a positive trend there. Many of Sonic’s businesses also involved with substantial COVID-19 testing.

March 2020 and April 2020 trading results were substantially lower than forecast, but May was stronger than expected – this trend has continued through June to date.

In FY19 Sonic generated statutory EBITDA (click here to learn what EBITDA is) of $1.075 billion. Sonic’s FY20 underlying EBITDA is expected to be a similar amount, excluding the impact of the new lease accounting standard AASB 16.

However, there is still too much uncertainty to provide FY21 guidance. It will provide another update in August 2020 with the release of the FY20 result.

From 200+ ETFs in Australia, our top investment analyst has just identified his #1 ETF for 2021 and beyond.

Low fees? Check.

Long-term growth potential? Check.

Regular cash returns? Check!

This ETF makes investing in ETFs "Super-Easy".

Simply click here or enter your email address below to access the full ETF report, ticker code, and step-by-step investment guide. Our expert's #1 ETF report is completely free.

No gimmicks, no payment, no credit card info. Just enter your email address below and we'll send you the report right away.

From 200+ ETFs in Australia, our top investment analyst has just identified his #1 ETF for 2021 and beyond.

Low fees? Check.

Long-term growth potential? Check.

Regular cash returns? Check!

This ETF makes investing in ETFs "Super-Easy".

Simply click here to access the full ETF report, ticker code, and step-by-step investment guide. Our expert's #1 ETF report is completely free.

No gimmicks, no payment, no credit card info. Just click the link below and enter your email address. We'll send you the report right away.

CLICK HERE TO GET THE REPORT

Unsubscribe anytime. Read our TermsFinancial Services GuidePrivacy Policy. We’ll never sell your email address. Our company is Australian owned.

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.

Keep reading:

General Financial Advice warning
The information on this website is general financial advice only. That means, the advice does not take into account your objectives, financial situation or needs. Because of that, you should consider if the advice is appropriate to you and your needs, before acting on the information. In addition, you should obtain and read the product disclosure statement (PDS) before making a decision to acquire a financial product. 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. Please read our Terms & Conditions and Financial Services Guide before using this website.

© Rask Australia 2020

Join 20,000+ smart investors

Join the Rask Australia mailing and we’ll send you free investment reports, podcasts, expert insights, investing courses, ASX news and lots, lots more. All free. 

Unsubscribe anytime. Read our TermsFinancial Services GuidePrivacy Policy. We’ll never sell your email address. Our company is Australian-owned.

feedback-icon

What can we do better? Please give us us some feedback :)

We care about your experience, please let us know if you have any suggestions to improve our site.