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ASX 200 set to rise – CKF, SZL & API shares in focus

The resilient run of the S&P/ASX 200 (ASX: XJO) continued on Thursday, with the market rallying 0.7% on signs a deal on the debt ceiling may be reached in the US.

In Australia, it was more positive news on the vaccine front with NSW hitting 70% double dose and the reopening set to commence on 11 October.

ASX tech sector rallies, Sezzle share price soars

In a reversal of recent trends, the energy sector fell hardest, down 0.8%, with the ASX tech sector jumping 2.8% on the back of strength in Afterpay Ltd (ASX: APT) which finished 3.1% higher.

The big news though was smaller player Sezzle Inc (ASX: SZL), which moved 14.6% higher after more details emerged on its massive deal with Target (NYSE: TGT) in the US and global BNPL player Affirm Holdings (NASDAQ: AFRM).

Every other sector was higher with financials and healthcare adding 1% after Wednesday’s sell-off. Challenger Ltd (ASX: CGF) gained 3.6% and Cochlear Limited (ASX: COH) climbed 2.6% on limited data.

Elsewhere, shares in lithium miner Pilbara Minerals Ltd (ASX: PLS) also gained 6.7% after commissioning one of its plants.

Dutch expansion for Collins Foods

Australian KFC franchisee Collins Foods Ltd (ASX: CKF) neared a record high, gaining 6.9% on news it had agreed to purchase the rights for further store expansion in the Netherlands from US-listed Yum! Brands (NYSE: YUM).

The corporate franchise agreement gives Collins Foods the option of opening another 150 stores in the country, potentially increasing its network fivefold.

CKF share price chart

Source: Rask Media 5-year CKF share price chart

Wesfarmers looks to block API bid

Wesfarmers Ltd’s (ASX: WES) pursuit of pharmacy chain Australian Pharmaceutical Industries Ltd (ASX: API) took another step forward with the board confirming it had purchased a 19.3% shareholding in API from Washington H Soul Pattinson and Co Ltd (ASX: SOL) as previously agreed. The API share price finished 1.7% higher while Wesfarmers shares gained 0.5%.

Qube deal investigated

Qube Holdings Ltd (ASX: QUB) shares fell 0.6% after the ACCC announced they would be investigating the acquisition of the Newcastle Agri Terminal which they say occurred without approval.

Qube’s management responded suggesting it had no impact on competition and that the regulator had been informed several weeks before.

ASX 200 today

The ASX 200 is poised to open higher on Friday after all three US benchmarks climbed overnight to a three-day winning streak. For a recap of the latest news, check out my US stock market report.

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.

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At the time of publishing, the author of this article does not have a financial or commercial interest in any of the companies mentioned.

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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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