ASX 200 up 0.25%: IDP Education rockets, Westpac hit with $87m bill

The ASX 200 is performing positively on Friday…
The post ASX 200 up 0.25%: IDP Education rockets, Westpac hit with $87m bill appeared first on The Motley Fool Australia. –

At lunch on Friday, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week on a positive note. The benchmark index is up 0.25% to 7,284.6 points.

Here’s what is happening on the market today:

IDP Education rockets on acquisition news

The IDP Education Ltd (ASX: IEL) share price is rocketing higher after announcing a new acquisition. The language testing company has entered into a binding agreement to acquire 100% of the British Council’s Indian International English Language Testing System (BC IELTS India) operations. The two parties have agreed a fee of 130 million pounds on a debt free, cash free basis. This deal will mean that IDP Education is the sole distributor of IELTS in the key Indian market. Management also revealed that trading conditions are improving.

Westpac’s $87 million bill

The Westpac Banking Corp (ASX: WBC) share price is trading higher today despite being hit with a $87 million bill. This morning ASIC revealed that Westpac has agreed to pay an estimated $87 million to customers who were not provided with critical information from its financial advice business. Westpac will compensate 32,000 affected customers that were impacted by failures between 2005 and 2019.

Tech shares fall

A number of tech shares have come under pressure on Friday after a subdued night of trade on the Nasdaq index. Shares such as Afterpay Ltd (ASX: APT) and WiseTech Global Ltd (ASX: WTC) are underperforming and acting as a drag on the ASX 200. The S&P/ASX All Technology Index (ASX: XTX) is down by 0.5% at the time of writing.

Best and worst ASX 200 performers

The best performer on the ASX 200 today has been the IDP Education share price with a 17% gain following its acquisition announcement. The worst performer has been the Megaport Ltd (ASX: MP1) share price with a 4.5% decline. This appears to have been driven by weakness in the tech sector on Friday.

The post ASX 200 up 0.25%: IDP Education rockets, Westpac hit with $87m bill appeared first on The Motley Fool Australia.

Wondering where you should invest $1,000 right now?

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes could be the five best ASX stocks for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now.

*Returns as of May 24th 2021

More reading

Got Zip (ASX:Z1P) shares? Here’s what the company has in store for FY22
Westpac (ASX:WBC) to pay $87 million compensation to customers
BWX (ASX:BWX) share price drops after completing acquisition
Passive investing has one huge flaw: Here’s how to get around it

Here are the top 3 performing ASX BNPL shares of FY21 – and they’re not Afterpay

Motley Fool contributor James Mickleboro owns shares of Westpac Banking Corporation. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended AFTERPAY T FPO, Idp Education Pty Ltd, MEGAPORT FPO, and WiseTech Global. The Motley Fool Australia owns shares of and has recommended AFTERPAY T FPO 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.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;

To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.

An active and funded account with a positive trading balance is required to continue to have access to the tools;

Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;

Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!