Global markets were higher overnight with Wall Street extending its rally as upbeat earnings and strong economic data put investors in a buying mood, with technology companies leading the charge.
In this weeks podcast, Jeremy interviews Asantha Wijeyeratne, the CEO of PaySauce (PYS), one of the NZX's newest public companies. Asantha talks about his history in payroll, the founding of PaySauce, where the company is at now and the future.
Listen to the episode by clicking HERE.
Stock in Focus: Xero (XRO:ASX)
The big move yesterday on the ASX was Xero, which jumped +10% on another amazing result which we are very pleased with being long time supporters of the company.
Xero's result featuring a long awaited pick-up in UK subscriber additions and positive free cashflow for the first time. We continue to be impressed by the company’s execution, adding 430 thousand subscribers to the platform over the last year Xero now has 1.8 million customers.
While we are firm believers in the Xero story, the stock does now trade at a premium valuation that factors in success in the UK and other new markets.
We currently have a BUY recommendation on Xero.
Members should look out for a full update on Xero to be released in our weekly report.
Australia & New Zealand Market Movers
The Australian share market continued to rally yesterday (ASX 200 index +0.69%) on expectations the Reserve Bank of Australia will be forced to cut rates sooner to battle rising unemployment. Commonwealth Bank shares rose amid reports it would cut 10,000 jobs.
The New Zealand market made gains on Thursday (NZX 50 index +0.45%) as stocks across Asia were stronger. Investors are continuing to look at local stocks for income, given the low rates on bonds and term deposits. In stock news, Synlait Milk fell after saying the registration process needed to launch Munchkin infant formula in the US has been put on hold to gauge other options
3 Things Markets Will be Watching this Week
- Mini reporting season across Australasia sees a number of Aussie & Kiwi stocks make earnings announcements.
- Trade War headlines between the US & China are likely to remain a feature this week.
- The latest Aussie employment data is released Thursday.
Have a Great Day,