Wednesday’s ASX 200 lunch time report

It has been a disappointing day of trade for the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) with just the utilities sector in positive territory at lunch. This has led to the ASX 200 dropping 1.4% lower to 5,635.1 points.

Here’s what has been happening on the benchmark index today:

Trade Me Group receives improved takeover offer.

The Trade Me Group Ltd (ASX: TME) share price has climbed 3.5% higher after the online marketplace and classifieds company revealed that it has received an alternative takeover offer from San Francisco-based private equity group Hellman & Friedman at NZ$6.45 per share. This follows an offer from Apax Partners of NZ$6.40 per share last month.

Bank of Queensland CEO resigns.

The Bank of Queensland Limited (ASX: BOQ) share price is down over 2.5% at lunch after the regional bank announced that managing director and CEO, Jon Sutton, has resigned after six years in the job in order to focus on his long-term health following a heart operation earlier this year. The bank’s chief operating officer, Anthony Rose, will be interim CEO while a national and international executive search is completed.

Lynas shares crash lower.

The Lynas Corporation Ltd (ASX: LYC) share price has crashed 20% lower after Malaysian authorities told the rare earths producer that it must remove the radioactive waste that accumulated as a result of its activities over the past six years if it wants to continue to operate in the country.

TPG Telecom AGM.

The TPG Telecom Ltd (ASX: TPM) share price has edged higher after the telco company advised that its FY 2019 “year-to-date results are tracking well” to its previous guidance. This year TPG Telecom expects BAU EBITDA of $800 million to $820 million and BAU capex of $180 million to $220 million.

Best and worst performers.

The best performer on the ASX 200 today has been the Trade Me share price. Not far behind is the Coles Group Ltd (ASX: COL) share price which is up 2.5% thanks to a broker upgrade by Macquarie. The worst performer on the ASX 200 on Wednesday has unsurprisingly been the Lynas share price. The next worst performer is the Seven Group Holdings Ltd (ASX: SVW) share price which is down 7% at lunch.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of COLESGROUP DEF SET. The Motley Fool Australia has recommended TPG Telecom Limited. 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.

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