At lunch on Monday the S&P/ASX 200 index is on course to start the week on a positive note. The benchmark index is up 0.55% to 6,746.3 points at the time of writing.
Here's what has been happening on the market today:
Afterpay shares surge higher.
The Afterpay Touch Group Ltd (ASX: APT) share price is rocketing higher on Monday after providing the results and recommendations of its AML/CTF final audit. While the report notes historical non-compliance by Afterpay and makes six recommendations, the majority of these matters have now been addressed.
Westpac shares fall again.
The Westpac Banking Corp (ASX: WBC) share price is down almost 1% on Monday after providing its response plan to the AUSTRAC scandal. Westpac's chairman, Lindsay Maxsted, released a plan which includes a comprehensive set of actions across three areas. These include immediate fixes, lifting its standards, and protecting people. These commitments will increase expenses by up to $80 million (pre-tax) in FY 2020.
Nufarm accounting error.
The Nufarm Limited (ASX: NUF) share price is crashing lower on Monday after revealing a costly accounting error. While reconciling accounts with German customers for the 2019 calendar year, Nufarm identified additional sales rebate claims from customers. This is expected to result in a $9 million impact to its first half EBITDA. In addition to this, it has warned that trading conditions have been very difficult in FY 2020.
Best and worst performers.
The Afterpay share price is the best performer on the ASX 200 at lunch with a 9% gain. Investors have been buying its shares following a favourable audit update. The next best performer is the Caltex Australia Limited (ASX: CTX) share price with a 6% gain. This morning it announced plans to spin off some of its property assets. The worst performer on the index on Monday by some distance is the Nufarm share price with a whopping 18% decline.
