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U.S. benchmark index rises

by Jonathan Adams
index rises

The S&P/ASX 200 index pushed higher again on Wednesday, rising 0.3% to 6,967.4 points

The S&P/ASX 200 index has followed the lead of U.S. markets and is pushing higher again on Wednesday. In afternoon trade the benchmark index is up 0.3% to 6,967.4 points.

BetMakers Technology Group, CIMIC Group, Galaxy Resources and Perenti Global were the fours shares which climbed more than most today.

The BetMakers Technology Group Ltd share price has rocketed 48% higher to 35.5 cents. Investors have been buying the racing data and analytics supplier’s shares after it announced an agreement with New Jersey Thoroughbred Horsemen Association and Darby Development, the operator of the Monmouth Park racetrack. The agreement will see BetMakers deliver and manage Fixed Odds horse racing into New Jersey along with exclusive distribution of Monmouth Park racing content throughout other parts of the United States and internationally.

The CIMIC Group Ltd share price has jumped 8.5% higher to $30.59. This follows the release of its full year results after the market close yesterday. Due to a one-off post tax impact of $1.8 billion, the engineering company posted a loss after tax of $1 billion in FY 2019. Excluding this one-off impact, CIMIC reported a 3% lift in profit to $800 million. One broker that liked what it saw was Macquarie. This morning its analysts upgraded its shares to an outperform rating with a $32.64 price target.

The Galaxy Resources Limited share price has jumped 13% higher to $1.18. Galaxy and the rest of the lithium miners are surging higher following a positive development in the UK. Overnight the UK government announced that it is bringing forward its ban on the sale of petrol and diesel cars to 2035. If other countries follow the UK’s lead, it could underpin strong electric vehicle sales and increasing demand for lithium.

The Perenti Global Ltd share price has stormed 6% higher to $1.50. This morning Perenti revealed that it is interested in acquiring the mining services business of Downer EDI Limited. It advised that it is looking at the business, but will only pursue a transaction that is earnings per share accretive.

Important
This article is for information purposes only.
Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.
There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.

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