At lunch on Wednesday the S&P/ASX 200 Index (ASX: XJO) is back on form and storming higher. The benchmark index is currently up 0.5% to 7,072.3 points.
Here's what is happening on the market today:
Westpac settles class action
The Westpac Banking Corp (ASX: WBC) share price is pushing higher today after releasing an update on a class action. According to the release, Westpac has settled a class action relating to premiums paid for certain insurance policies taken out with Westpac Life Insurance Services between 2011 and 2017. The banking giant advised that the settlement is capped at $30 million and remains subject to approval by the Federal Court of Australia. It stressed that it has resolved the matter without any admission of liability.
Coles third quarter update
The Coles Group Ltd (ASX: COL) share price is rising today following the release of its third quarter update. For the three months ended 31 March, Coles recorded total sales of $8,758 million. While this was down 5.1% from the prior corresponding period, it was up 7.2% from the same period in FY 2019. Panic buying in the prior corresponding period boosted its sales materially. Positively, supermarket sales are up 4% during the first four weeks of the fourth quarter.
Premier Investments poaches JB Hi-Fi CEO
The Premier Investments Limited (ASX: PMV) share price is charging higher after announcing the appointment of its new Premier Retail CEO. According to the release, the company has poached Richard Murray from retail giant JB Hi-Fi Limited (ASX: JBH). Mr Murray is currently Group CEO of JB Hi-Fi and has over 25 years' experience in retail and finance.
Best and worst ASX 200 performers
The best performer on the ASX 200 on Wednesday has been the Downer EDI Limited (ASX: DOW) share price with a 5.5% gain. This follows the announcement of a major share buyback plan. The worst performer has been the De Grey Mining Limited (ASX: DEG) share price with a 7% decline. This is despite there being no news out of the gold explorer.
