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ASX 200 down 1.1%: Corp Travel Management surges higher, gold miners rise, Santos given approval

Corporate Travel Management Ltd (ASX:CTD) and Santos Ltd (ASX:STO) shares are making waves on the ASX 200 on Wednesday…
The post ASX 200 down 1.1%: Corp Travel Management surges higher, gold miners rise, Santos given approval appeared first on Motley Fool Australia. –

man looking afraid as if scared of asx market crash

At lunch on Wednesday the S&P/ASX 200 Index (ASX: XJO) has followed the lead of U.S. markets and is dropping lower. At the time of writing, the benchmark index is down a disappointing 1.1% to 5,884.9 points.

Here’s what has been happening on the market today:

Corporate Travel Management charges higher.

The Corporate Travel Management Ltd (ASX: CTD) share price has returned from its trading halt and is charging higher. This morning the corporate travel company completed the institutional component of its entitlement offer. These funds will be used to acquire Travel & Transport for $274.5 million. Management is forecasting the acquisition to be approximately 30% earnings per share accretive post-synergies.

Gold miners push higher

One area of the market which is performing positively today is the gold sector. The likes of Newcrest Mining Limited (ASX: NCM) and Northern Star Resources Ltd (ASX: NST) have all pushed higher after another rise in the spot gold price. This was driven by the further softening of the U.S. dollar and stimulus optimism. The S&P/ASX All Ordinaries Gold index is up 0.4% at the time of writing.

Santos given approval.

The Santos Ltd (ASX: STO) share price is dropping lower today despite news of a positive development. This morning the New South Wales Independent Planning Commission gave the green light to the Narrabri Gas Project with conditions. Santos has accepted the conditions proposed and will now work with the Federal Department of Agriculture, Water and Environment as it considers its recommendation to the Minister on EPBC Act approval.

Best and worst ASX 200 shares.

The best performer on the ASX 200 on Wednesday has been the Corporate Travel Management share price with an 11% gain following the completion of its institutional placement. The worst performer has been the Pendal Group Ltd (ASX: PDL) share price with a decline of over 5%. This may be due to concerns over a sharp rise in COVID cases in the UK.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Corporate Travel Management Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

The post ASX 200 down 1.1%: Corp Travel Management surges higher, gold miners rise, Santos given approval appeared first on Motley Fool Australia.

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