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ASX 200 midday update: Zip rockets, AMP asset sale

Here’s what’s happening on the market today….
The post ASX 200 midday update: Zip rockets, AMP asset sale appeared first on The Motley Fool Australia. –

At lunch on Thursday, the S&P/ASX 200 Index (ASX: XJO) is on course to record another decent gain. The benchmark index is currently up 0.4% to 7,356.3 points.

Here’s what is happening on the market today:

Zip share price rockets

The Zip Co Ltd (ASX: Z1P) share price rocketed as much as 15% higher this morning before easing back. This follows speculation that a rival buy now pay later (BNPL) provider has acquired a strategic stake. The AFR is reporting that Swedish BNPL provider Klarna may have snapped up a 4% interest in Zip. This is understood to be a move designed to strengthen Klarna’s position if the BNPL market consolidates to two to three leading global players in the future.

Megaport update

The Megaport Ltd (ASX: MP1) share price is pushing higher today following the release of its quarterly update. For the three months ended 30 June, Megaport reported its strongest customer additions of any quarter. Megaport added 168 new customers, bringing its total to 2,285 customers. This led to the elastic interconnection service provider reporting an 11% or $0.7 million quarter on quarter increase in monthly recurring revenue (MRR) to $7.5 million.

AMP asset sale

The AMP Ltd (ASX: AMP) share price is edging higher today after entering into a binding agreement with Macquarie Group Ltd (ASX: MQG) to sell its AMP Capital’s Global Equities and Fixed Income (GEFI) business. Macquarie will acquire the business for a consideration of up to $185 million. AMP notes that this sale delivers on its strategy to focus on high-growth opportunities in private markets across real estate, infrastructure and associated adjacencies.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Thursday has been the Zip share price with a 7% gain. This follows the aforementioned speculation about Klarna’s investment. The worst performer has been the WiseTech Global Ltd (ASX: WTC) share price is down 2.5%. This morning Macquarie downgraded the logistics solutions company’s shares to a neutral rating partly on valuation grounds.

The post ASX 200 midday update: Zip rockets, AMP asset sale appeared first on The Motley Fool Australia.

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More reading

3 stellar ASX 200 growth shares that could be buys in July

Is the Macquarie (ASX:MQG) share price a buy for dividends?
Why the Zip (ASX:Z1P) share price is rocketing 15% higher today
2 ASX 200 shares that could be great for dividends

AMP (ASX:AMP) share price in focus after Macquarie (ASX:MQG) asset sale agreement

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 MEGAPORT FPO, WiseTech Global, and ZIPCOLTD FPO. The Motley Fool Australia owns shares of and has recommended Macquarie Group Limited and WiseTech Global. The Motley Fool Australia has recommended MEGAPORT 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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