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ASX 200 lunch time report: CBA, Seven West Media, & St Barbara higher

At lunch on Wednesday the S&P/ASX 200 Index has bounced back from its morning decline and is a fraction higher at 6,223.9 points.

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

No dice for the Crown takeover.

The Crown Resorts Ltd (ASX: CWN) share price has dropped 8% after Wynn Resorts pulled the plug on its takeover approach for the casino and resorts operator. Wynn has terminated all discussions with Crown concerning any transaction after details of the approach leaked out.

Webjet’s shares ascend.

The Webjet Limited (ASX: WEB) share price is up 2.5% after the online travel agent provided an update ahead of its appearance at the UBS Emerging Companies Conference. The company revealed its new business unit, Umrah Holidays International, which aims to be a pioneer in the online provision of religious pilgrimage travel services. It also confirmed that it is on track to deliver at least $120 million EBITDA in FY 2019.

Gold miners charge higher.

Australian gold miners including Saracen Mineral Holdings Limited (ASX: SAR) and St Barbara Ltd (ASX: SBM) have charged higher on Wednesday after the spot gold price rose 0.5% overnight. This has taken the S&P/ASX All Ords Gold index 1.6% higher at lunch.

Bank shares rise.

The big four banks are performing better on Wednesday and look set to end their poor run. All four are in the black today, with Commonwealth Bank of Australia (ASX: CBA) shares leading the way with a gain of over 0.6%. On Tuesday the banking giant cut home loan rates in what appears to be an attempt to boost demand.

Best and worst performers.

The best performer on the ASX 200 on Wednesday has been the Seven West Media Ltd (ASX: SWM) share price with a gain of 6%. This morning the company announced the completion of the sale of its stake in Yahoo7. Going the other way is the Crown Resorts share price, followed by the Janus Henderson Group PLC (ASX: JHG) share price with its 4% decline 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 Crown Resorts 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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