ASX 200 (ASX:XJO) midday update: Crown jumps, WiseTech tumbles

Here’s what’s happening on Friday…
The post ASX 200 (ASX:XJO) midday update: Crown jumps, WiseTech tumbles appeared first on The Motley Fool Australia. –

At lunch on Friday, the S&P/ASX 200 Index (ASX: XJO) is fighting hard to stay in positive territory. The benchmark index is currently up 0.1% to 7,384.4 points.

Here’s what is happening on the ASX 200 today:

Crown jumps on takeover approach

The Crown Resorts Ltd (ASX: CWN) share price surging higher after it received a takeover approach from private equity firm, Blackstone. According to the release, Blackstone has made an unsolicited and non-binding proposal to acquire all of the shares in Crown by way of a scheme of arrangement at a price of $12.50 cash per share. This will be reduced by the value of any dividends or distributions declared or paid by Crown.

WiseTech falls on AGM update

The WiseTech Global Ltd (ASX: WTC) share price is ending the week deep in the red. This follows the release of the logistics solutions platform provider’s annual general meeting presentation. In the presentation, management reaffirmed its guidance for FY 2022. It continues to expect revenue of $600 million to $635 million (18% to 25% growth) and EBITDA of $260 million to $285 million (26% to 38% growth). It appears as though the market was expecting a guidance upgrade.

Lithium miners fall

It hasn’t been a good day for lithium shares. A number of ASX lithium shares are falling on Friday and are weighing on the index. Orocobre Limited (ASX: ORE) and Pilbara Minerals Ltd (ASX: PLS) are both down around 3% at the time of writing. This may be due to profit taking from some investors after strong gains this year.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Friday by some distance is the Crown share price with a 16% gain following its takeover approach. The worst performer has been the ALS Ltd (ASX: ALQ) share price with a 4.5% decline. This is despite there being no news out of the testing services company.

The post ASX 200 (ASX:XJO) midday update: Crown jumps, WiseTech tumbles appeared first on The Motley Fool Australia.

Wondering where you should invest $1,000 right now?

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes could be the five best ASX stocks for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now.

*Returns as of August 16th 2021

More reading

Crown (ASX:CWN) share price jumps 16% amid takeover approach

The Pilbara (ASX:PLS) share price has gained 15% in a month. Here’s why this fund manager is still bullish

Is the Orocobre (ASX:ORE) share price about to charge up?

5 things to watch on the ASX 200 on Friday

These 3 ASX 200 shares topped the volume charts on Thursday

Motley Fool contributor James Mickleboro owns shares of Orocobre Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended WiseTech Global. The Motley Fool Australia owns shares of and has recommended WiseTech Global. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;

To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.

An active and funded account with a positive trading balance is required to continue to have access to the tools;

Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;

Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!