At lunch on Wednesday the S&P/ASX 200 Index (ASX: XJO) has followed the lead of U.S. markets and is dropping lower. At the time of writing, the benchmark index is down a disappointing 1.1% to 5,884.9 points.
Here's what has been happening on the market today:
Corporate Travel Management charges higher.
The Corporate Travel Management Ltd (ASX: CTD) share price has returned from its trading halt and is charging higher. This morning the corporate travel company completed the institutional component of its entitlement offer. These funds will be used to acquire Travel & Transport for $274.5 million. Management is forecasting the acquisition to be approximately 30% earnings per share accretive post-synergies.
Gold miners push higher
One area of the market which is performing positively today is the gold sector. The likes of Newcrest Mining Limited (ASX: NCM) and Northern Star Resources Ltd (ASX: NST) have all pushed higher after another rise in the spot gold price. This was driven by the further softening of the U.S. dollar and stimulus optimism. The S&P/ASX All Ordinaries Gold index is up 0.4% at the time of writing.
Santos given approval.
The Santos Ltd (ASX: STO) share price is dropping lower today despite news of a positive development. This morning the New South Wales Independent Planning Commission gave the green light to the Narrabri Gas Project with conditions. Santos has accepted the conditions proposed and will now work with the Federal Department of Agriculture, Water and Environment as it considers its recommendation to the Minister on EPBC Act approval.
Best and worst ASX 200 shares.
The best performer on the ASX 200 on Wednesday has been the Corporate Travel Management share price with an 11% gain following the completion of its institutional placement. The worst performer has been the Pendal Group Ltd (ASX: PDL) share price with a decline of over 5%. This may be due to concerns over a sharp rise in COVID cases in the UK.
