ASX 200 down 0.1%: CBA's COVID-19 loan deferrals improve, Link receives takeover approach

Commonwealth Bank of Australia (ASX:CBA) and Link Administration Holdings Ltd (ASX:LNK) shares are making a splash on the ASX 200 on Monday…

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

At lunch on Monday the S&P/ASX 200 Index (ASX: XJO) has just dropped into negative territory. The benchmark index is currently down 0.1% to 6,097.5 points.

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

CBA COVID-19 loan deferrals update.

The Commonwealth Bank of Australia (ASX: CBA) share price is pushing higher on Monday after the release of an update on its COVID-19 loan deferrals. According to the release, the banking giant has experienced another reduction in the number of loans on deferral. At the end of September, the total number of loan repayment deferrals stood at 129,000. This is down from 174,000 in August and 210,000 in June.

Link receives takeover approach.

The Link Administration Holdings Ltd (ASX: LNK) share price is rocketing higher on Monday after receiving a takeover approach. The administration services provider has received a non-binding and indicative offer of $5.20 cash per share from a consortium comprising Pacific Equity Partners, Carlyle Group, and their affiliates. This represents a 30% premium to its last close price. Major shareholder Perpetual Limited (ASX: PPT) intends to vote in favour of the proposal, subject to no superior proposal being tabled.

Gold miners charge higher.

The likes of Evolution Mining Ltd (ASX: EVN) and Newcrest Mining Limited (ASX: NCM) shares are racing higher today with the rest of the gold miners. A strong first quarter update from Evolution, a broker upgrade for Newcrest, and a solid rise in the gold price has lifted their shares. At the time of writing, the S&P/ASX All Ordinaries Gold index is up a sizeable 1.8%.

Best and worst ASX 200 performers.

The best performer on the ASX 200 on Monday has been the Link share price by some distance with its 25% gain. This follows the receipt of its takeover approach this morning. The worst performer has been the Orica Ltd (ASX: ORI) share price with a 3.5% decline. This morning it revealed that its FY 2020 underlying earnings before interest and tax (EBIT) would be slightly above $600 million. This compares to EBIT of $665 million in FY 2019.

James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Link Administration Holdings Ltd. The Motley Fool Australia has recommended Link Administration Holdings 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.

More on ASX Share Market News

Fancy font saying top ten surrounded by gold leaf set against a dark background of glittering stars.
Share Gainers

Here are the top 10 ASX 200 shares today

It was a lacklustre start to the trading week this Monday.

Read more »

A woman smiles at the outlook she sees through binoculars.
Broker Notes

Buy, hold, sell: Newmont, Stockland, NAB shares

Let's check out some new expert recommendations.

Read more »

Surprised child reading all about ASX 200 shares in a newspaper.
ASX Share Market News

Why is everyone talking about DroneShield, Treasury Wine and Westpac shares on Monday?

DroneShield, Westpac, and Treasury Wine shares are turning heads on Monday. But why?

Read more »

Red sell button on an Apple keyboard.
Broker Notes

Sell alert! Why this expert is calling time on Whitehaven and Beach Energy shares

A leading analyst forecasts mounting headwinds for Whitehaven and Beach Energy shares. But why?

Read more »

Invest written on a notepad with Australian dollar notes and piggybank.
ASX Share Market News

BOQ launches $295m capital return and special dividend in FY26 update

Bank of Queensland returns $295 million to shareholders and finalises transformational milestones in its latest capital and earnings update.

Read more »

Two playful kangaroos relaxing on a beach.
Opinions

2 strong Australian stocks to buy now with $9,000

These businesses have strong return potential…

Read more »

A group of stockbrokers sit in a room with several computer screens in front of them as they discuss the Zip share price and Zip's merger with Sezzle
Broker Notes

Buy, hold, sell: WiseTech, Whitehaven, AMP shares

Let's start the week with some fresh ratings from the experts. 

Read more »

A woman leans forward with her hand behind her ear, as if trying to hear information.
Broker Notes

How high does Macquarie think Resmed shares will go?

The hearing device company looks undervalued, according to the Macquarie team.

Read more »