ASX 200 up 0.6%: Vocus rockets, Zip surges, & Treasury Wine rebuffs speculation

Vocus Group Ltd (ASX:VOC) and Zip Co Ltd (ASX:Z1P) shares are making a big splash on the ASX 200 on Monday. Here’s why…
The post ASX 200 up 0.6%: Vocus rockets, Zip surges, & Treasury Wine rebuffs speculation appeared first on The Motley Fool Australia. –

asx 200

At lunch on Monday the S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a solid gain. The benchmark index is up 0.6% to 6,882.2 points.

Here’s what is happening on the market today:

Vocus takeover approach

The Vocus Group Ltd (ASX: VOC) is rocketing higher today after being the subject of a takeover approach. The telco has received a confidential non-binding, indicative proposal from Macquarie Infrastructure and Real Assets (MIRA) and its managed funds. According to the release, MIRA has made an offer of $5.50 per share. This represents a 25.5% premium to its last close price. Vocus has granted MIRA with due diligence access.

Zip surges higher

The Zip Co Ltd (ASX: Z1P) share price is surging notably higher on Monday. This appears to have been driven by speculation that the company could be considering a secondary listing in the United States. This is expected to give the buy now pay later provider greater access to US capital markets. According to the AFR, management will spend the next few days in front of US investors. It will no doubt be highlighting the meteoric growth of its US based QuadPay business.

Treasury Wine demerger speculation rebuffed

The Treasury Wine Estates Ltd (ASX: TWE) share price is pushing higher today despite rebuffing speculation that it is planning to split into three separate entities. The wine company advised that it “has formally paused work on a potential demerger of its Penfolds brand, and further that it is not currently considering a demerger of any brands/businesses within its portfolio.”

Best and worst ASX 200 performers

The best performer on the ASX 200 on Monday has been the Vocus share price with its 14% gain. This follows the aforementioned receipt of a takeover approach. The worst performer has been the News Corp (ASX: NWS) share price with a 3.5% decline. This appears to be due to profit taking after a particularly strong gain last week.

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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 ZIPCOLTD FPO. The Motley Fool Australia owns shares of and has recommended Treasury Wine Estates Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

The post ASX 200 up 0.6%: Vocus rockets, Zip surges, & Treasury Wine rebuffs speculation appeared first on The Motley Fool Australia.

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