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ASX 200 down 0.2%: Wesfarmers overhauls Target, Sydney Airport has no plans to raise equity

At lunch on Friday the S&P/ASX 200 Index (ASX: XJO) is on course to end the week in the red. The benchmark index is currently down 0.2% to 5,538.9 points.

Here’s what has been happening:

Wesfarmers Target update.

The Wesfarmers Ltd (ASX: WES) share price is edging higher on Friday after providing an update on its Target business. The conglomerate is planning to convert some stores in Kmart stores and close down a large number of other underperforming stores. It will then look into other options for the remaining Target stores. These actions will hit the company’s profits through both non-cash and cash charges.

Sydney Airport AGM update.

The Sydney Airport Holdings Pty Ltd (ASX: SYD) share price is pushing higher on Friday after revealing that it has no plans to raise equity in the near future. The company also confirmed there will be no interim distribution. It will be waiting for clarity on the path to recovery before confirming future distribution plans.

Travel shares rise.

One area of the market that is booming on Friday is the travel and tourism sector. The likes of Corporate Travel Management Ltd (ASX: CTD) and Flight Centre Travel Group Ltd (ASX: FLT) are all pushing notably higher at lunch. Investors appear hopeful that the potential development of a successful vaccine could unlock global borders and accelerate the recovery of international tourism.

Best and worst ASX 200 performers.

The best performer on the ASX 200 today has been the Corporate Travel Management share price with a gain of almost 8%. A good number of travel shares are storming higher today. The worst performer on the index is the Unibail-Rodamco-Westfield (ASX: URW) share price with a decline of almost 6%. The shopping centre operator’s shares have continued their downward trend and fallen to a new record low today. Investors have been selling its shares due to concerns over the negative impact of the pandemic on its centres.

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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 and has recommended Corporate Travel Management Limited. The Motley Fool Australia owns shares of Wesfarmers Limited. The Motley Fool Australia has recommended Flight Centre Travel Group 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.