At lunch on Tuesday the S&P/ASX 200 Index (ASX: XJO) has given back its morning gains and more. The benchmark index is currently down 0.15% to 6,788.8 points.
Here’s what has been happening on the market today:
AGL to split into two
The AGL Energy Limited (ASX: AGL) share price is pushing higher after announcing plans to split its business into two. The “New AGL” business will be Australia’s largest multi-product energy retailer, whereas “PrimeCo” will be Australia’s largest electricity generator. Management believes the proposed separation will give each business the opportunity to execute their own respective strategies and growth agendas. The market appears to see value in these plans.
NAB acquisition of 86 400 approved by ACCC
The National Australia Bank Ltd (ASX: NAB) share price is trading lower today after market weakness offset positive news. That positive news was the Australian Competition and Consumer Commission (ACCC) revealing that it will not oppose the bank’s proposed acquisition of digital bank, 86 400. The ACCC’s Chair, Rod Sims, said that the regulator’s consultation included banks, non-bank lenders, fintechs, mortgage brokers, industry and consumer bodies. However, most interested parties raised no or limited concerns with the transaction.
Santos pushes ahead with Barossa
The Santos Ltd (ASX: STO) share price is trading lower today despite the release of a big announcement. This morning the energy producer advised that it has made a final investment decision (FID) on the Barossa joint venture and will push ahead with the US$3.6 billion gas and condensate project. Management notes that Barossa is one of the lowest cost, new LNG supply projects in the world. It expects the project to give Santos and Darwin LNG a competitive advantage in a tightening global LNG market.
Best and worst ASX 200 performers
The best performer on the ASX 200 on Tuesday has been the Xero Limited (ASX: XRO) share price with a 3% gain. On Monday Morgan Stanley retained its buy rating and lifted its price target to $140.00. The worst performer has been the Pointsbet Holdings Ltd (ASX: PBH) share price with a 7.5% decline. This appears to have been driven by sizeable declines by some of its rivals in the US overnight.
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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 and recommends Pointsbet Holdings Ltd. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Xero. The Motley Fool Australia has recommended Pointsbet Holdings Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.