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ASX 200 up 0.7%; Zip trading update, Ampol buyback, IAG sinks

Ampol Ltd (ASX:ALD) and Zip Co Ltd (ASX:Z1P) shares are in the news on the ASX 200 on Monday. Here’s what you need to know…
The post ASX 200 up 0.7%; Zip trading update, Ampol buyback, IAG sinks appeared first on Motley Fool Australia. –

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At lunch on Monday the S&P/ASX 200 Index (ASX: XJO) is on course to start the week on a positive note. The benchmark index is currently up 0.7% to 6,585.7 points.

Here’s what has been happening on the market today:

Zip Co update.

The Zip Co Ltd (ASX: Z1P) share price is edging lower despite revealing strong growth for the first four months of FY 2021. The buy now pay later (BNPL) provider delivered a 91% increase in BNPL revenue to $96.7 million for the period. Approximately $27.6 million of this was generated in October. Management also revealed that trading had been strong in November, with all regions set to deliver step change month-on-month growth.

Ampol $300 million buyback.

The Ampol Ltd (ASX: ALD) share price is jumping higher today after announcing an off-market share buyback worth $300 million. The fuel retailer announced the surprise buyback after completing the sale of its convenience retail properties. Originally the company, formerly known as Caltex, was going to use the funds to reduce its leverage. But due to improving trading conditions, it has opted to use the proceeds to buy back shares as well.

Insurance Australia placement.

The Insurance Australia Group Ltd (ASX: IAG) share price is sinking lower today after completing its institutional placement. The insurance giant raised $650 million through the issue of approximately 128.7 million new shares to institutional investors at a 7.5% discount of $5.05 per new share. The proceeds will be used to strengthen its balance sheet following an $865 million business interruption claims provision.

Best and worst ASX 200 performers.

The best performer on the ASX 200 on Monday has been the Fortescue Metals Group Limited (ASX: FMG) share price with a gain of almost 6.5%. A number of resources shares are charging higher today with Fortescue. The worst performer has been the IAG share price with its decline of 5.5%. This follows the completion of its institutional placement.

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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 has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

The post ASX 200 up 0.7%; Zip trading update, Ampol buyback, IAG sinks appeared first on Motley Fool Australia.

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