ASX 200 (ASX:XJO) midday update: Telstra unveils T25 strategy, Wesfarmers’ API offer

It has been an eventful day for the ASX 200…
The post ASX 200 (ASX:XJO) midday update: Telstra unveils T25 strategy, Wesfarmers’ API offer appeared first on The Motley Fool Australia. –

At lunch on Thursday, the S&P/ASX 200 Index (ASX: XJO) is on course to record a solid gain. The benchmark index is currently up 0.7% to 7,466.8 points.

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

Telstra T25 strategy

The Telstra Corporation Ltd (ASX: TLS) share price is pushing higher today after investors responded positively to its new T25 strategy. Telstra’s CEO, Andrew Penn, highlighted that its T22 strategy was based on transforming the company, whereas T25 will be about driving growth. Mr Penn is aiming for sustained growth and value. This is by targeting mid-single digit underlying EBITDA and high-teens underlying earnings per share compound annual growth rates (CAGR) from FY21 to FY25.

Wesfarmers acquisition

The Wesfarmers Ltd (ASX: WES) share price is trading broadly flat on Thursday after increasing its takeover offer for Australian Pharmaceutical Industries Ltd (ASX: API). According to the release, the conglomerate has tabled a $1.55 per share offer. This compares to its previous offer of $1.38 per share, which was rejected by the API board in July. Wesfarmers has been granted due diligence on this occasion.

PointsBet lower despite agreement

The Pointsbet Holdings Ltd (ASX: PBH) share price is trading lower on Thursday. This is despite announcing a new agreement. According to the release, the sports betting company has entered into an exclusive agreement with Major League Soccer team Austin FC. It will be the club’s exclusive sportsbook partner.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Thursday has been the Incitec Pivot Ltd (ASX: IPL) share price with a 4.5% gain. This appears to have been driven by improving investor sentiment since its Waggaman update earlier this week. The worst performer on the ASX 200 has been the Washington H. Soul Pattinson and Co. Ltd (ASX: SOL) share price with a 4.5% decline. Earlier today, the company revealed that it would vote in favour of Wesfarmers’ takeover of Australian Pharmaceutical Industries. In addition, its merger partner Milton Corporation Limited (ASX: MLT) declared a special dividend of 37 cents per share ahead of the scheme meeting.

The post ASX 200 (ASX:XJO) midday update: Telstra unveils T25 strategy, Wesfarmers’ API offer appeared first on The Motley Fool Australia.

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More reading

PointsBet (ASX:PBH) share price falls amid ‘exclusive’ agreement
Telstra (ASX:TLS) share price rises on T25, dividend growth goal
Telstra (ASX:TLS) share price on watch after unveiling its T25 strategy
5 things to watch on the ASX 200 on Thursday

Here are the top 10 ASX shares today

Motley Fool contributor 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 and has recommended Pointsbet Holdings Ltd. The Motley Fool Australia owns shares of and has recommended Telstra Corporation Limited, Washington H. Soul Pattinson and Company Limited, and Wesfarmers Limited. The Motley Fool Australia has recommended Pointsbet Holdings Ltd. 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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