At lunch on Tuesday the S&P/ASX 200 Index (ASX: XJO) has given back its morning gains. The benchmark index is trading flat at 5,318.3 points currently.
Here's what has been happening today:
NAB shares return to trade.
The National Australia Bank Ltd (ASX: NAB) share price has returned from its trading halt and dropped lower. This morning the banking giant completed the institutional component of its capital raising. It successfully raised $3 billion at $14.15 per share. The company advised that it received significant interest in the placement from both domestic and offshore institutional investors. It will now seek to raise up to $500 million through a share purchase plan.
Westpac impairments update.
The Westpac Banking Corp (ASX: WBC) share price is pushing higher on Tuesday after providing an update on its first half impairment charges. The bank revealed that it expects to report total charges of $2,238 million (pre-tax). This includes $0.6 billion from individually assessed provisions and approximately $1.6 billion of additional impairment charges related to COVID-19 impacts. Positively, management advised that its capital position is strong enough to absorb these charges. This appears to rule out the need for a capital raising.
Lendlease equity raising.
The Lendlease Group (ASX: LLC) share price is in a trading halt today as it seeks to raise $1.15 billion from investors. Lendlease is undertaking a fully underwritten institutional placement of $950 million and a non-underwritten Security Purchase Plan to eligible security holders of up to $200 million. Management believes it is prudent to strengthen its balance sheet given the current market uncertainties. It will also enable Lendlease to be well positioned to continue with the delivery of its development pipeline and take advantage of investment and development opportunities as markets stabilise.
Best and worst ASX 200 performers.
The best performer on the ASX 200 is the Corporate Travel Management Ltd (ASX: CTD) share price with a 9% gain. A number of travel shares are on the rise today, possibly due to news that the U.S. is aiming to ease its lockdowns. The worst performer is the Mayne Pharma Group Ltd (ASX: MYX) share price with a 6% decline on no news.
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Motley Fool contributor James Mickleboro owns shares of Westpac Banking. The Motley Fool Australia owns shares of and has recommended Corporate Travel Management 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.
