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ASX 200 lunch update: Webjet & Westpac higher, Nearmap sinks

At lunch on Wednesday the S&P/ASX 200 index has returned to form and is pushing higher. The benchmark index is up over 0.2% to 6,723.1 points at the time of writing.

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

Webjet shares surge higher on takeover speculation.   

The Webjet Limited (ASX: WEB) share price is surging higher on Wednesday after it responded to takeover speculation. The online travel agent said that no proposal has been made, but it would put forward a proposal to shareholders if it was compelling and certain. For now, Webjet is focussed on executing its growth strategy.

Tech shares tumble.

It has been a disappointing day of trade for Australia’s leading tech shares. The likes of Appen Ltd (ASX: APX) and Nearmap Ltd (ASX: NEA) are tumbling notably lower today and are weighing on the index. This has led to the S&P/ASX 200 Info Tech index falling by a sizeable 1.4% at the time of writing.

Westpac completes share purchase plan.

The Westpac Banking Corp (ASX: WBC) share price is up 1% on Wednesday after it successfully raised $770 million from shareholders at a price of $24.20. The banking giant raised these funds despite $68 million worth of withdrawals from shareholders following the AUSTRAC scandal.

CSL shares push higher.

The CSL Limited (ASX: CSL) share price is pushing higher today after being the subject of a positive broker note. Goldman Sachs has been looking through its development pipeline, leading to an increase in its price target to $312.00. The broker has a buy rating on the biotherapeutics company’s shares.

Best and worst performers.

The best performer by some distance on Wednesday has been the Webjet share price with a 10% gain. Investors have been buying its shares following the takeover speculation. Going the other way, the Appen share price is the worst performer with a 4% decline. General weakness in the tech sector appears to be behind this decline.

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James Mickleboro owns shares of Westpac Banking. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of CSL Ltd. The Motley Fool Australia owns shares of and has recommended Nearmap Ltd. The Motley Fool Australia owns shares of Appen Ltd. The Motley Fool Australia has recommended Webjet 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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