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Raiz surges 12% after announcing Seven West Media is making a strategic investment in the fintech company.

ASX200 rallies; Raiz surges on Seven West Media investment; Collins Foods rallies on H1 results.

The ASX200 is trading 1.27% higher today at 7331.90 points.

Raiz surges 12% on news of a $10m investment by Seven West Media.

Collins Foods rallies on first-half results including 9.5% revenue growth.

The Australian market reversed Monday’s losses to rally 1.27% higher today at 7331.90 as the Australian Prime Minister eased investors fears by saying ‘Omicron is not a reason to ‘step back’.

Australia’s trade data out today also showed another record current account surplus for the September quarter, as exports outweighed imports, by an increase of $1bn to a surplus of $23.9bn.

The tech sector is trading just over 1.5% higher today so far as EML Payments recovers recent losses to trade up 6.4%, while Appen is rallying 4.4% and Technology One adds 3.8%.

Bitcoin is trading 0.32% lower over the last 24-hours at US$57,509.17 at 1:15pm AEDT.

Australia’s largest, mobile-first financial services platform, Raiz is surging 12.6% today after announcing a strategic investment by media giant Seven West Media, taking a 6.6% stake in Raiz via a $10m share placement. Payment for SWM’s $10m investment will be in the form of $2m cash and the equivalent of $8m in advertising across Seven’s broadcast television, publishing, and digital media assets which have a combined reach of more than 18 million Australians.

Making headlines, shares in Collins Foods are rallying today following the release of first half results. For the period, Collins Foods reported revenue growth of 9.5% to $534.2m, underlying EBITDA up 13.1% to $94.9m, underlying net profit after tax up 31.6% to $28.9m, KFC Europe’s revenue grew 31.7% to $84.7m, and Taco Bell Australia’s revenue increased 33% to $14.8m.

And a new app made by University alumni students, called ‘Fethr’, is helping combat loneliness during the pandemic by matching students with other students to chat, meet, and do activities together.

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