The ASX 200 dropped today. Woodside also declined after its quarterly update.
The post ASX 200 drops, Woodside down, Sezzle rises appeared first on The Motley Fool Australia. –
The S&P/ASX 200 Index (ASX: XJO) dropped around 0.25% today to 7,336 points.
Here are some of the highlights from the ASX:
Sydney Airport Holdings Pty Ltd (ASX: SYD)
The Sydney Airport share price dropped slightly today after the infrastructure business’ board rejected the takeover approach.
If you didn’t see it, a consortium of infrastructure investors offered Sydney Airport an indicative price of $8.25 per share.
After carefully considering the indicative offer, including obtaining advice from advisers, the business decided it undervalued Sydney Airport and is not in the best interests of shareholders.
The boards of Sydney Airport acknowledged that the Sydney Airport share price is likely to trade below the consortium’s proposal indicative price in the short-term, but would only accept a proposal that values the long-term potential of Sydney Airport.
Sydney Airport referenced a number of things for why it came to its conclusion. It said that the bid for the ASX 200 share was opportunistically timed given the significant impact of the COVID-19 pandemic on Sydney Airport’s airport. The board pointed out that the indicative price is below where Sydney Airport’s share price was traded before the pandemic.
It also pointed out the significant value of Sydney Airport’s land assets and potential to create additional value through further development of on-airport commercial property opportunities.
Finally, Sydney Airport said:
Sydney Airport is strongly positioned to deliver growth as vaccination rates increase and we move into the post pandemic recovery period. It has rapidly adapted to the COVID-19 environment, strengthening its balance sheet, and tightly managing costs to maintain flexibility to respond to a range of recovery scenarios and pursue sensible growth opportunities as the recovery unfolds.
Woodside Petroleum Limited (ASX: WPL)
Woodside Petroleum released its second quarter report for the period ended 30 June 2021.
It said that it achieved sales revenue of almost $1.3 billion, up 15% from the first quarter of 2021.
Woodside delivered production of 22.7 million barrels of oil equivalent (MMboe), down 4%
It also delivered sales volume of 28.1 MMboe, up 9% from the first quarter of 2021.
The Woodside acting CEO Meg O’Neill said:
Revenue from oil sales during the period was higher than the first quarter supported by an above-market average realised price of $75 per barrel, while revenue from LNG sales climbed 14%.
Lower oil production due to scheduled maintenance activities and adverse weather impacts was partly offset by a strong quarterly performance at Pluto, which achieved 97% reliability.
The ASX 200 resources company also signed a heads of agreement (HOA) with IHI Corporation and Marubeni Corporation to investigate the production and export of green ammonia renewable from renewable hydroelectric power in Tasmania.
Sezzle Inc (ASX: SZL)
The Sezzle share price went up 5% today after announcing that Discover is investing US$30 million into Sezzle shares at a price of AU$8.83.
In addition to the investment and, subject to finalising a definitive commercial agreement, the two businesses propose to enter into an expanded partnership, including plans for a buy now, pay later network solution on the Discover Global Network, as well as a dedicated referral program introducing Discover credit and debit products to Sezzle’s consumer base.
The executive chair and CEO of Sezzle, Charlie Youakin, said:
We are excited about our relationship with Discover, as we believe our mission, vision and values align. Discover’s capabilities via their network and financial products will enhance our own offerings and provide more paths to financially empower our consumers.
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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.