At lunch on Wednesday the S&P/ASX 200 Index (ASX: XJO) has given back its early gains and is dropping lower. The benchmark index is currently down 0.2% to 6,576.6 points.
Here’s what has been happening on the market today:
Zip delivers record November.
The Zip Co Ltd (ASX: Z1P) share price is trading lower despite revealing a record performance during November. The buy now pay later provider delivered record transaction value of $577.1 million for the month. This is up 44% on October and more than 100% year on year. Based on this, Zip’s transaction value is now annualising at almost $7 billion. Management advised that this was driven by a 157% increase in monthly transaction numbers and a 104% year on year increase in customer numbers to 5.3 million.
The Mesoblast limited (ASX: MSB) share price jumped as much as 19% higher this morning after the release of an announcement relating to its remestemcel-L product. That announcement revealed that the United States Food and Drug Administration (FDA) has granted Fast Track designation for remestemcel-L in the treatment of acute respiratory distress syndrome (ARDS) due to COVID-19 infection.
Westpac general insurance sale.
The Westpac Banking Corp (ASX: WBC) share price is edging lower today despite announcing the sale of its Westpac General Insurance and Westpac General Insurance Services businesses to Allianz for $725 million. The two parties have also entered into an exclusive 20-year agreement for the distribution of general insurance products to Westpac’s customers. Management notes that the sale will add around 12 bps to Westpac’s common equity Tier 1 capital ratio.
Best and worst ASX 200 performers.
The best performer on the ASX 200 at lunch is the Sandfire Resources Ltd (ASX: SFR) share price with an 8.5% gain. This morning Morgan Stanley retained its overweight rating and $6.60 price target on its shares. It was pleased with its T3 progress. The worst performer has been the Worley Ltd (ASX: WOR) share price with a 3% decline on no news.
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James Mickleboro owns shares of Westpac Banking. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of ZIPCOLTD FPO. The Motley Fool Australia has no position in any of the stocks mentioned. 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.
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