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ASX 200 midday update: Oil Search rejects Santos merger proposal, Afterpay rolls out Money app

At lunch on Tuesday, the S&P/ASX 200 Index (ASX: XJO) has bounced back strongly from its low. The benchmark index is currently…
The post ASX 200 midday update: Oil Search rejects Santos merger proposal, Afterpay rolls out Money app appeared first on The Motley Fool Australia. –

At lunch on Tuesday, the S&P/ASX 200 Index (ASX: XJO) has bounced back strongly from its low. The benchmark index is currently down 0.2% to 7,271.1 points.

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

BHP shares lower following update

The BHP Group Ltd (ASX: BHP) share price is trading lower today following the release of its fourth quarter and full year update. BHP reported full year iron ore production of 235.5Mt, petroleum production of 102.8MMboe, and copper production of 1,635.7kt. Iron ore and copper were in line with guidance, whereas petroleum was slightly above guidance for FY 2021. Management has guided to broadly flat production in FY 2022.

Afterpay share price higher on Money app launch

The Afterpay Ltd (ASX: APT) share price is pushing higher today after announcing the roll out of its Money by Afterpay app. According to the release, the launch will begin with an Australian staff pilot, followed by a full Australian customer launch in October. It will provide users with a 1% per annum interest rate on savings accounts and a daily account with a physical debit card, digital wallet offerings, and the ability to easily make and receive real time payments.

Oil Search rejects Santos merger proposal

The Santos Ltd (ASX: STO) share price and the Oil Search Ltd (ASX: OSH) share price are heading in very different directions on Tuesday. This follows news that Oil Search received and then rejected a merger proposal from Santos. The latter tabled an offer of $4.25 per share, which Oil Search believed did not offer appropriate value for shareholders. This news helped the Oil Search share price overcome a sharp decline in oil prices overnight. The Santos share price was not so lucky.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Tuesday has been the Zip Co Ltd (ASX: Z1P) share price with a 6% gain. This is despite there being no news out of the buy now pay later provider. The worst performer has been the Santos share price with a 3.5% decline. This has been driven by oil price weakness and the rejection of its merger proposal.

The post ASX 200 midday update: Oil Search rejects Santos merger proposal, Afterpay rolls out Money app appeared first on The Motley Fool Australia.

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More reading

Afterpay (ASX:APT) share price is higher despite the sharp ASX 200 selloff
Is this the beginning of a market crash for ASX shares? Experts say fear not

Santos (ASX:STO) share price lower after Oil Search rejects merger proposal
Afterpay (ASX:APT) share price higher after announcing Money by Afterpay app roll out
What happened on the US stock market overnight and how could it impact ASX shares?

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended AFTERPAY T FPO and ZIPCOLTD FPO. The Motley Fool Australia owns shares of and has recommended AFTERPAY T FPO. 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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