ASX 200 rises 0.6% today, Afterpay share price hits $75 – Motley Fool Australia

The S&P/ASX 200 Index (ASX: XJO) rose by 0.6% today to 5,956 points.
Melbourne entered its first day of a return to lockdowns with another day of well over 100 confirmed cases in Victoria. There were 165 cases reported today.
Afterpay Ltd (ASX: APT)share price steals the show
The Afterpay share price finished the day up 11.4% to $73.50 today. At one point the share price went just over $75.
Afterpay has seen a huge rise in its share price since the March 2020 COVID-19 selloff.
The cause of today’s share price jump appears to be broker Morgan Stanley increasing its share price target for the ASX share to $101. Continued strong underlying sales growth and good credit quality were the two main catalysts for the upgrade.
The buy now, pay later business recently completed a $650 million institutional capital raising which gives the ASX 200 business a war chest to go for more growth.
Rio Tinto Limited (ASX: RIO)plans to shut its New Zealand smelter
Rio Tinto has announced that it is going to start planning for the wind-down of operations and eventual closer of its New Zealand Aluminium Smelters (NZAS) after concluding its strategic review. The Rio Tinto share price rose 3.3% today.
The NZAS business is no longer viable because of high energy costs and a challenging short to medium term aluminium outlook.
In 2019 the smelter made an underlying loss of NZ$46 million. The energy costs it is paying are some of the highest in the industry globally. NZAS has given Meridian Energy Ltd (ASX: NEZ) notice to terminate the power contract, which will end in August 2021 when the wind-down of operations is expected to complete.
The ASX 200 miner tried to secure a cheaper power contract but it wasn’t able to find a solution.
Alf Barrios, the Rio Tinto aluminium chief executive, said: “We recognise the decision to wind-down operations at NZAS will have a significant impact on employees, the community and our customers.
“It is not a decision we have made lightly and without significant careful consideration. It is very unfortunate and we could not find a solution with out partners to secure a power price reduction aimed at making NZAS a financially viable business.”
NZAS employs around 1,000 people directly and also supports a further 1,600 indirect jobs.
Treasury Wine Estates Ltd(ASX: TWE)disappoints
The ASX 200 winemaker updated the market and said its earnings before interest, tax and SGARA (EBITS) is expected to be between $530 million to $540 million, reflecting the impact of the COVID-19 pandemic, which has had a significant impact on the company’s trading performance across all geographies in the second half of FY20.
FY20 EBITS has declined approximately 21% for the overall company, with regional declines of approximately 14% in Asia, 37% in the Americas, 16% in Australia and New Zealand and 18% in EMEA.
At the end of FY20 Treasury Wine Estates had cash on hand of approximately $448 million and uncommitted debt facilities of $920 million, providing total liquidity of $1.4 billion. This liquidity position will allow the company to continue with its long-term dividend policy of a payout ratio between 55% to 70% of net profit after tax.
The company is working on lowering its cost base and is also considering divesting some of its wine brands.
Pointsbet Holdings Ltd(ASX: PBH)share price climbs 11%
Pointsbet had another exciting day after announcing another partnership.
It has signed a deal with Betmakers Technology Group Ltd(ASX: BET) to offer fixed odds betting on horseracing in New Jersey after Betmakers secured an exclusive 10-year agreement with New Jersey Thoroughbred Horsemen Association and Darby Development LLC, the operator of the Monmouth racetrack.
The Betmakers Technology share price rose by almost 8% today in reaction to the news. 
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