At lunch on Thursday the S&P/ASX 200 Index (ASX: XJO) has failed to follow Wall Street’s lead and is trading lower. The benchmark index is down 0.15% to 6,784.5 points.
Here’s what is happening on the market today:
The Webjet Limited (ASX: WEB) share price is edging lower today following the release of an update ahead of the UBS Sydney event. In its presentation the company updated the market on its transformation progress. Management believes the company is well-placed for a post-COVID world, particularly its WebBeds business. It also noted that initiatives are currently underway to be 20% more cost efficient at scale and that WebBeds is taking advantage of new revenue and cost reduction opportunities.
Westpac asset sale
The Westpac Banking Corp (ASX: WBC) share price is trading lower today despite announcing another asset sale. The banking giant has signed an agreement to sell its Westpac Lenders Mortgage Insurance (WLMI) business to Arch Capital. While Westpac will record a loss on sale in FY 2021, the sale is expected to add approximately 7 basis points to Westpac’s Common Equity Tier 1 capital ratio. Management expects completion to occur by the end of August 2021.
Gold miners charge higher
It has been a great day of trade for gold miners such as Resolute Mining Limited (ASX: RSG) and Silver Lake Resources Limited (ASX: SLR) on Thursday. They are charging higher after a strong night of trade for the gold price following the latest FOMC meeting. At the meeting, the US Fed committed to not increasing rates until 2023. At the time of writing, the S&P/ASX All Ords Gold index is up a sizeable 3.4%.
Best and worst ASX 200 performers
The best performer on the ASX 200 on Thursday has been the Silver Lake share price with an 8% gain. This follows a rise in the gold price overnight after the FOMC meeting. The worst performer has been the SKYCITY Entertainment Group Limited (ASX: SKC) share price with a 4% decline on no news.
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Motley Fool contributor James Mickleboro owns shares of Westpac Banking. The Motley Fool Australia owns shares of and has recommended Webjet Ltd. The Motley Fool Australia has recommended Sky City Entertainment Group Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.