At lunch on Wednesday the S&P/ASX 200 Index (ASX: XJO) is off its lows for the day but still notably lower. The benchmark index is down 0.65% to 5,186.7 points.
Here's what has been happening on the market today:
Ramsay to raise $1.4 billion.
The Ramsay Health Care Limited (ASX: RHC) share price is in a trading halt on Wednesday while it undertakes a $1.4 billion equity raising. This comprises $1.2 billion from an underwritten institutional placement and up to $200 million from a non-underwritten share purchase plan. Ramsay is raising the funds at $56.00 per new share, which represents a 12.9% discount from its last close price of $64.29. The private hospital operator also revealed that it is suspending its dividend.
WiseTech Global reiterates guidance.
The WiseTech Global Ltd (ASX: WTC) share price has stormed higher after the release of a trading update. According to the release, the logistics solutions company's performance during the third quarter was in line with its expectations. As a result, it has reaffirmed its FY 2020 guidance for revenue of $420 million to $450 million (growth of 21% to 29%) and EBITDA of $114 million to $132 million (growth of 5% to 22%).
A2 Milk Company upgrades its guidance.
The A2 Milk Company Ltd (ASX: A2M) share price has edged higher today after upgrading its guidance for FY 2020. This morning the fresh milk and infant formula company revealed that demand for its products has been strong during the coronavirus pandemic. As a result, it now expects revenue in the range of NZ$1,700 million to NZ$1,750 million and an EBITDA margin in the range of 31% to 32%. The latter compares to its previous guidance of 29% to 30%.
Best and worst ASX 200 performers.
The best performer on the ASX 200 on Wednesday by some distance has been the WiseTech Global share price with a 10% gain. Investors appear pleased that it has reaffirmed its guidance and ruled out a capital raising. The worst performer has been the oOh!Media Ltd (ASX: OML) share price with a decline of 8%. A number of media shares have fallen hard on Wednesday.
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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 A2 Milk and WiseTech Global. The Motley Fool Australia has recommended oOh!Media Ltd and Ramsay Health Care 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.
