At lunch on Tuesday the S&P/ASX 200 Index (ASX: XJO) is on course to record a small gain. The benchmark index is currently up 0.1% to 6,681 points.
Here’s what has been happening on the market today:
Bank of Queensland update.
The Bank of Queensland Limited (ASX: BOQ) share price is trading lower today despite the release of a positive business update. As well as revealing that it is performing in line with expectations in FY 2021, the regional bank reported a significant reduction in COVID-related loan deferrals. At the end of November, just 3% of its housing loans and 3% of its small to medium sized business (SME) loans were on deferral. This represents an 80% and 82% reduction, respectively, since the end of June.
Link share prices rockets higher.
The Link Administration Holdings Ltd (ASX: LNK) share price is rocketing higher today after receiving an unsolicited takeover approach from SS&C Technology. The Nasdaq listed company has tabled an offer of $5.65 per share, which represents a 13.9% premium to Link’s last close price. The Link board advised that it will consider the SS&C proposal and provide further updates when necessary. This offer is 4.6% higher than the $5.40 per share offered by a consortium comprising Pacific Equity Partners and Carlyle Group.
Woodside CEO to step down.
The Woodside Petroleum Limited (ASX: WPL) share price is edging lower after the energy producer announced the retirement of its Chief Executive Officer, Peter Coleman. After 10 years in the role, Mr Coleman advised that he believes now is the right time to retire and transition leadership. Woodside has commenced an internal and external search for the company’s next CEO
Best and worst ASX 200 performers.
The best performer on the ASX 200 on Tuesday by some distance has been the Link share price with a 14% gain following its takeover approach. Going the other way, the worst performer has been the G8 Education Ltd (ASX: GEM) share price with a 5.5% decline. This was driven by the release of a trading update by the childcare operator this morning. It also revealed that it has been underpaying staff by mistake. Remediation costs are presently estimated to be in the range of $50 million to $80 million pretax over the period from 1 July 2014 to today.
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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. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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