ASX 200 lunch time report: Amcor, Speedcast, & Sigma shares lower

Appen Ltd (ASX:APX), Corporate Travel Management Ltd (ASX:CTD), and Sigma Healthcare Ltd (ASX:SIG) shares have been making a splash on the ASX 200 on Wednesday…

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At lunch on Wednesday the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has continued its poor run and is down a further 0.4% to 6,152.1 points.

Here’s what has been happening on the ASX 200 today:

Sigma rejects API merger proposal.

The Sigma Healthcare Ltd (ASX: SIG) share price has sunk 4% lower after it rejected the merger proposal by rival Australian Pharmaceutical Industries Ltd (ASX: API). A business review found that the company and its shareholders would be better off if Sigma went it alone.

Appen shares push higher on broker upgrade.

The Appen Ltd (ASX: APX) share price has pushed higher 3.5% on Wednesday after being upgraded by analysts at Citi. According to the note, the broker has upgraded its shares from neutral and lifted the price target on them to $28.04 following the acquisition of Figure Eight.

Amcor makes progress with Bemis acquisition.

The Amcor Limited (ASX: AMC) share price has dropped lower despite the packaging giant announcing that it has made important progress towards the completion of its all-stock transaction of Bemis. According to the release, management believes the combination of the two complementary companies offers a transformational and unique opportunity to create the global leader in consumer packaging.

Corporate Travel Management shares higher.

The Corporate Travel Management Ltd (ASX: CTD) share price is up 2% at lunch after it revealed that it has been in discussions to acquire the travel businesses of UK-based Capita PLC. Management warned that talks are at an early stage and there’s no guarantee of a deal being reached.

Best and worst performers.

The best performer on the ASX 200 on Wednesday has been the New Hope Corporation Limited (ASX: NHC) share price with a 4% gain. An increase in coal prices this week appears to have been the catalyst for this gain. Going the other way is the Sigma share price with its 4% decline. Not far behind is the Speedcast International Ltd (ASX: SDA) share price. It is down 3% on the back of no news.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Corporate Travel Management Limited. The Motley Fool Australia owns shares of Appen Ltd. 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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