ASX 200 up 1.9%: Afterpay storms higher, Nufarm jumps, big four banks rise

National Australia Bank Ltd (ASX:NAB) and Nufarm Limited (ASX:NUF) shares are making a splash on the ASX 200 on Wednesday…

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

At lunch on Wednesday the S&P/ASX 200 Index (ASX: XJO) is back on form and on course to record a strong gain. The benchmark index is currently up a massive 1.9% to 5,893.4 points.

Here's what has been happening on the market today:

Tech shares surge higher.

Tech shares such as Afterpay Ltd (ASX: APT) and Xero Limited (ASX: XRO) have been in fine form on Wednesday and are playing a key role in the ASX 200's strong gain. This follows a very positive night of trade on the tech-focused Nasdaq index overnight. The gains in the local tech sector have been so strong that the S&P/ASX All Technology Index (ASX: XTX) is charging a sizeable 2.8% higher at lunch.

Nufarm results.

The Nufarm Limited (ASX: NUF) share price is storming higher on Wednesday following the release of its full year results. As expected, the agricultural chemicals company reported a massive statutory net loss after tax of $456 million. However, the good news is that Nufarm appears to be over the worst of its issues now. Management advised that the company is emerging from a period of sustained headwinds. It also notes that positive momentum has continued with good revenue growth from continuing businesses in August.

Bank shares rise.

Also helping to drive the ASX 200 higher on Wednesday are the big four banks. All four banks are pushing notably higher today, with the National Australia Bank Ltd (ASX: NAB) share price leading the way. NAB's shares are the best performers in the group with a 2.5% gain.

Best and worst ASX 200 performers.

The best performer on the ASX 200 on Wednesday is the Service Stream Limited (ASX: SSM) share price with a 12% gain. This appears to be related to the announcement of a $3.5 billion NBN fibre to the home extension plan. Service Stream has been helping with the NBN rollout. The worst performer has been the Ramelius Resources Limited (ASX: RMS) share price with a 6% decline. Improving investor sentiment appears to be weighing on safe haven assets.

James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Xero. The Motley Fool Australia owns shares of AFTERPAY T FPO. The Motley Fool Australia has recommended Service Stream Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on Share Market News

Unsure man analysing data on laptop.
Share Gainers

Here are the top 10 ASX 200 shares today

ASX investors endured a rough day of trading this Tuesday.

Read more »

A woman sits in a cafe wearing a polka dotted shirt and holding a latte in one hand while reading something on a laptop that is sitting on the table in front of her
Share Market News

ASX 200 takes the latest RBA interest rate verdict in stride

The ASX 200 looks to have shaken off today’s RBA interest rate call.

Read more »

A mature-aged couple high-five each other as they celebrate a financial win and early retirement
Share Gainers

Why this ASX 300 stock is soaring 12% after a disastrous year

This company has had a dramatic reversal of fortunes this Tuesday...

Read more »

A young woman wearing overalls and a yellow t-shirt kicks one leg in the air showing excitement over the latest ASX 200 shares to hit 52-week highs
Share Gainers

Why Core Lithium, Imugene, Lifestyle Communities, and Mineral Resources shares are charging higher

These shares are having a good session. What's going on?

Read more »

A miner stands in front oh an excavator at a mine site
Broker Notes

Broker says buy the dip on ASX 200 uranium share with 69% upside

Shaw and Partners says this ASX uranium stock is trading at an attractive price point right now.

Read more »

Person with thumbs down and a red sad face poster covering the face.
Share Fallers

Why Domino's, Lynas, Paladin Energy, and St Barbara shares are sinking today

These shares are having a tough session. What's going on?

Read more »

A young woman smiles as she rides a zip line high above the trees.
Share Gainers

4 ASX All Ords shares up 315% to 682% in a year!

Investors have sent these ASX All Ords shares flying higher. But why?

Read more »

Woman on a swing at a beach, symbolising passive income.
Dividend Investing

Overinvested in Fortescue shares? Here are two alternative ASX dividend stocks

Let’s unearth some other passive income opportunities.

Read more »