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ASX 200 drops again, Westpac falls, Transurban down

The ASX 200 fell again today, with Westpac dropping.
The post ASX 200 drops again, Westpac falls, Transurban down appeared first on The Motley Fool Australia. –

The S&P/ASX 200 Index (ASX: XJO) dropped by another 0.3% today to 7,275 points.

Here are some of the highlights from the ASX today:

Westpac Banking Corp (ASX: WBC)

The Westpac share price is down around 1% after making an announcement about its New Zealand business.

The bank said it’s retaining its 100% ownership of Westpac New Zealand Limited (WNZL) and will not proceed with a demerger of its Westpac New Zealand business.

Peter King, the Westpac CEO, said:

After a detailed review, we believe a demerger of the WNZL business would not be in the best interests of shareholders.

Our review identified opportunities to improve services for customers and value across the WNZL business and we will progress these with the WNZL Board and management team.

WNZL is a strong business that has been serving New Zealand for 160 years. We remain committed to delivering for customers and fulfilling our purpose of helping Australians and New Zealanders succeed.

Transurban Group (ASX: TCL)

The Transurban share price fell around 0.7% today after announcing its FY21 final distribution.

The ASX 200 toll road business announced that a distribution totalling 21.5 cents per stapled security will be paid for the six months ending 30 June 2021.

That will include a partly franked distribution of 20.5 cents from Transurban Holding Trust, as well as a 1 cent fully franked dividend from Transurban Holdings Limited.

This takes the total FY21 distribution to 36.5 cents per stapled security, of which 1 cent is fully franked.

Woolworths Group Ltd (ASX: WOW) and Endeavour Group Limited (ASX: EDV)

The Woolworths share price was the worst performer in the ASX 200 today after the demerger of Endeavour Group. With a sizeable part of the business separated, investors sent the Woolworths share price down 11.2%.

Endeavour Group’s share price finished the day at $6.02.

This divested business is described as Australia’s leading retail drinks and hospitality business. It has a number of different businesses including Dan Murphy’s, BWS and ALH Hotels.

The post ASX 200 drops again, Westpac falls, Transurban down appeared first on The Motley Fool Australia.

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More reading

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ASX 200 down 0.25%: Woolworths sinks, Afterpay jumps, Westpac NZ update

Motley Fool contributor Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. 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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