The ASX 200 (Index: ^AXJO) (ASX: XJO) was eventful again this week. Here are four big stories you may have missed that affected the ASX 200 index:
Wesfarmers Ltd (ASX: WES)
Wesfarmers has been active this week with news, with some of the updates related to planning for the steady shift to online retailing.
Earlier in the week the old conglomerate announced the $230 million acquisition of Catch Group to boost its online offering. It seems to be needed with the Kmart Group guiding for a fall in profit in FY19.
News also broke that Bunnings will probably be available for online shopping by the end of the year.
Afterpay Touch Group Ltd (ASX: APT)
Afterpay also had an eventful week as it was announced that the buy now, pay later operator was facing AUSTRAC issues and faces an external audit.
The ASX has been asking questions of Afterpay to make sure the AUSTRAC issues weren’t a problem with the capital raising.
However, on the positive side it was announced that Afterpay would be entering the ASX 100 along with Beach Energy Ltd (ASX: BPT), taking the place of Janus Henderson PLC (ASX: JHG) and Adelaide Brighton Ltd (ASX: ABC).
Coles Group Limited (ASX: COL)
The supermarket giant was in the news this week as we learned that the company plans to cut some jobs at the head office.
Around 450 jobs are on the chopping block to save on costs whilst the business also shuffles around some of its management in different positions.
Apparently, Coles has also stolen a management position from Metcash Limited (ASX: MTS).
Commonwealth Bank of Australia (ASX: CBA)
Assuming the sale goes ahead, the big bank will then steadily sell its CountPlus shares over time and exit the business entirely.
Where to invest $1,000 right now
When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*
Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.
*Returns as of June 30th
Motley Fool contributor Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended COLESGROUP DEF SET and Wesfarmers Limited. The Motley Fool Australia owns shares of AFTERPAY T FPO. 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.