ASX 200 (ASX:XJO) midday update: Evergrande news boosts market, Zip’s Indian investment

The ASX 200 is pushing higher on Wednesday…
The post ASX 200 (ASX:XJO) midday update: Evergrande news boosts market, Zip’s Indian investment appeared first on The Motley Fool Australia. –

At lunch on Wednesday, the S&P/ASX 200 Index (ASX: XJO) has rebounded from a poor start and is charging higher. The benchmark index is currently up 0.4% to 7,301.3 points.

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

ASX 200 boosted by Evergrande bond repayment

The ASX 200 has responded very positively to news that embattled Chinese property company Evergrande will stave off defaulting, at least for now, by making a bond repayment. According to the AFR, the company’s key Hengda Real Estate Group business has said that it will make a bond interest payment on September 23.

Westpac asset sale terminated

The Westpac Banking Corp (ASX: WBC) share price is trading lower today after the sale of its Pacific businesses collapsed. According to the release, Westpac and Kina Securities Ltd (ASX: KSL) have mutually agreed to terminate the ~$420 million transaction after Papua New Guinea’s Independent Consumer and Competition Commission (ICCC) blocked the proposed sale of Westpac Bank PNG last week.

Zip makes Indian BNPL investment

The Zip Co Ltd (ASX: Z1P) share price is pushing higher today after it announced a major investment. According to the release, the company has agreed to make a strategic US$50 million investment in India-based BNPL operator ZestMoney. The Indian BNPL provider was founded in 2015 and is now one of the largest and fastest growing BNPL platforms in India. It has 11 million registered users, over 10,000 online merchants on the platform, and a point of presence in over 75,000 physical stores.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Wednesday has been the Champion Iron Ltd (ASX: CIA) share price with a 6% gain. This morning Citi upgraded the iron ore producer’s shares to a buy rating with a $6.40 price target. The worst performer on the ASX 200 has been the AusNet Services Ltd (ASX: AST) share price with a 4.5% decline. This appears to have been caused by uncertainty over the takeover battle for the electricity distributor.

The post ASX 200 (ASX:XJO) midday update: Evergrande news boosts market, Zip’s Indian investment appeared first on The Motley Fool Australia.

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More reading

Champion Iron (ASX:CIA) share price up 7% but could still go 28% higher
AusNet (ASX:AST) share price down 5% amid takeover battle uncertainty
Zip (ASX:Z1P) share price higher on India BNPL investment news
The Zip (ASX:Z1P) share price is down 10% in a week. Here’s why
Westpac (ASX:WBC) share price on watch after asset sale terminated

Motley Fool contributor James Mickleboro owns shares of Westpac Banking Corporation. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended ZIPCOLTD FPO. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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