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ASX 200 (ASX:XJO) midday update: Westpac asset sale blocked, Zip crypto update

Here’s what’s happening on the ASX 200 today…
The post ASX 200 (ASX:XJO) midday update: Westpac asset sale blocked, Zip crypto update appeared first on The Motley Fool Australia. –

At lunch on Tuesday, the S&P/ASX 200 Index (ASX: XJO) is trading marginally lower. The benchmark index is down slightly to 7,419.5 points.

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

Westpac asset sale blocked

The Westpac Banking Corp (ASX: WBC) share price is trading broadly flat today after revealing that its plan to divest its Pacific businesses has been dealt a blow. According to the release, the Papua New Guinea’s Independent Consumer and Competition Commission has blocked the sale of its stake in Westpac Bank PNG to Kina Securities Limited (ASX: KSL). Westpac had signed a deal with Kina for both its PNG and Fiji businesses worth $420 million.

Brambles shares sink

The Brambles Limited (ASX: BXB) share price is sinking notably lower today following an update at its investor day. The market appears disappointed with management’s guidance for underlying profit growth of ~1% to ~2% in FY 2022. This is due to management flagging FY 2022 as an investment year for the supply chain solutions company. Citi remains positive and has put a buy rating and $13.58 price target on its shares.

Zip Retail Investor Day

The Zip Co Ltd (ASX: Z1P) share price is trading lower following the release of its Retail Investor Day presentation. That presentation revealed the buy now pay later provider’s plans for savings accounts, rewards, and cryptocurrencies. In respect to the latter, the company plans to let users buy, sell, hold, and even pay in cryptocurrencies. Investors may be disappointed that no trading update was provided with the release.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Tuesday has been the Beach Energy Ltd (ASX: BPT) share price with a 7% gain. This follows a solid rise in oil prices overnight. The worst performer has been the Brambles share price with a 10% decline following its investor day update.

The post ASX 200 (ASX:XJO) midday update: Westpac asset sale blocked, Zip crypto update appeared first on The Motley Fool Australia.

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More reading

Zip (ASX:Z1P) share price lower despite savings and crypto products update
Westpac (ASX:WBC) share price on watch after asset sale blocked
2 ASX shares ready to explode after COVID: expert

5 things to watch on the ASX 200 on Tuesday

ASX 200 up, Sydney Airport flies, Nuix rises

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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