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ASX 200 lunch time report: Afterpay, Treasury Wine, & WiseTech lower

The S&P/ASX 200 index has started the week on a subdued note. At lunch the benchmark index is down 0.25% to 6,633.9 points.

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

WiseTech Global crashes lower.

The WiseTech Global Ltd (ASX: WTC) share price crashed lower this morning after returning from its trading halt. The logistics solutions company’s shares were down as much as 12% before they were halted again. This latest trading halt was in response to a second short seller report by Hong Kong-based J Capital.

Afterpay responds to regulatory concerns.         

This morning Afterpay Touch Group Ltd (ASX: APT) provided a response to concerns that the RBA is looking into the BNPL industry. The payments company advised that it has not been contacted by the central bank as of yet. It also defended its business model and highlighted the benefits its platform brings to both consumers and retailers.

Treasury Wines CEO to retire.

The Treasury Wine Estates Ltd (ASX: TWE) share price has been sold off after the wine company announced that its CEO would retire in 12 months. According to the release, CEO Michael Clarke intends to return to the UK to focus on spending time with his family. He will be replaced by the company’s chief operating officer, Tim Ford.

Lynas storms higher.

The Lynas Corporation Ltd (ASX: LYC) share price has stormed higher on Monday following the release of a solid first quarter update. During the quarter Lynas’ production was managed in line with the calendar year production limit applied by the Malaysian government. This led to NdPr production coming in at 1,242 tonnes and total REO production coming in at 3,926 tonnes.

Best and worst performers.

The Inghams Group Ltd (ASX: ING) share price is the best performer on the ASX 200 index. The poultry producer’s shares are up almost 5% thanks to a broker note out of Citi. This morning the broker upgraded its shares to a buy rating with a $3.40 price target on valuation grounds. The worst performer was the WiseTech Global share price with a 12% decline before being halted.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended or owns Afterpay, Treasury Wine Estates Limited, WiseTech. 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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