ASX 200 up 0.25%: AMP names new CEO, Boral’s buyback, Webjet sinks

AMP Ltd (ASX:AMP) and Webjet Ltd (ASX:WEB) shares are making a splash on the ASX 200 on Thursday…

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At lunch on Thursday, the S&P/ASX 200 Index (ASX: XJO) is on course to start the month on a positive note. The benchmark index is up 0.25% to 6,807.3 points.

Here’s what is happening on the market today:

AMP changes its CEO

The AMP Ltd (ASX: AMP) share price is charging higher today after announcing the exit of its CEO Francesco De Ferrari. Following weeks of speculation, the company has confirmed that he will retire from the role later this year and be replaced by Alexis George from Australia and New Zealand Banking GrpLtd (ASX: ANZ). Ms George is the currently the Deputy CEO at ANZ and was previously the Group Executive Wealth Australia. When she was in the latter role, she oversaw the sale of the business in 2018.

Webjet raises $250 million

The Webjet Ltd (ASX: WEB) share price is sinking today after announcing a convertible note offering to raise $250 million. The net proceeds from the offering are expected to be used to repay $43 million of Webjet’s existing term debt, fund potential acquisitions, and for capital management or general corporate purposes.

Boral announces buyback

The Boral Limited (ASX: BLD) share price has started the month strongly after announcing an asset sale. This morning the building products company revealed that it has completed the sale of its 50% share in the USG Boral joint venture to Gebr Knauf KG. According to the release, the two parties agreed a price of US$1.015 billion (A$1.33 billion) for its share of the business. Boral intends to use some of the proceeds to buy back up to 10% of its shares on issue.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Thursday has been the Boral share price with a 6% gain. This follows the announcement of its buyback. The worst performer has been the Webjet share price with a 5% gain. Investors don’t appear pleased to see the online travel agent raising money yet again.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Webjet 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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