ASX 200 (ASX:XJO) midday update: Westpac sinks, Macquarie raises $1.5bn

The ASX 200 has started the week strongly…
The post ASX 200 (ASX:XJO) midday update: Westpac sinks, Macquarie raises $1.5bn appeared first on The Motley Fool Australia. –

At lunch on Monday, the S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a solid gain. The benchmark index is currently up 0.55% to 7,364.8 points.

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

Westpac full year results disappoint

The Westpac Banking Corp (ASX: WBC) share price is sinking on Monday following the release of its full year results. Although the banking giant doubled its cash earnings in FY 2021, this was still a touch short of expectations. In addition, Australia’s oldest bank announced a $3.5 billion off-market share buyback. A note out of Morgans reveals that its analysts were forecasting a $5 billion buyback

Macquarie share price returns

The Macquarie Group Ltd (ASX: MQG) share price has returned from its trading halt and is edging lower. The investment bank’s shares returned to trade today after completing a $1.5 billion institutional placement. These funds were raised at $194.00 per new share, which represents a discount of just 1.9%. The new capital provides Macquarie “with additional flexibility to invest in new opportunities where the expected risk-adjusted returns are attractive.”

Ausnet accepts Brookfield offer

The Ausnet Services Ltd (ASX: AST) share price is storming higher today after accepting a takeover offer from Brookfield Asset Management. According to the release, Brookfield has tabled a binding proposal of $2.65 per share, which is up from its original offer of $2.50 per share. As part of the terms of the agreement, Ausnet has terminated its due diligence process with APA Group (ASX: APA).

Best and worst ASX 200 performers

The best performer on the ASX 200 on Monday has been the Codan Limited (ASX: CDA) share price with a 6% gain. This appears to have been driven by bargain hunters swooping in after its shares were sold off last week. The worst performer has been the Westpac share price with a 6% decline following its full year results release.

The post ASX 200 (ASX:XJO) midday update: Westpac sinks, Macquarie raises $1.5bn appeared first on The Motley Fool Australia.

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More reading

Can the Macquarie (ASX:MQG) share price break new highs over $200?

Westpac (ASX:WBC) share price sinks 6% despite doubling cash earnings

Ausnet (ASX:AST) share price jumps as Brookfield offers $2.65/share

Macquarie (ASX:MQG) share price falls after completing $1.5bn capital raising

These were the worst performing ASX 200 shares in October

Motley Fool contributor James Mickleboro owns shares of Westpac Banking Corporation. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended APA Group and Macquarie Group Limited. 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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