ASX 200 down 1.7%: Appen jumps 12%, EML Payments crashed 37%

Appen Ltd (ASX:APX) and EML Payments Ltd (ASX:EML) shares are among the movers and shakers on the ASX 200 on Wednesday…

| More on:
man with head in hands after looking at stock market crash on computer, asx 200 share market crash

Image Source: Getty Images

At lunch on Wednesday, the S&P/ASX 200 Index (ASX: XJO) is well and truly out of form and sinking lower. The benchmark index is currently down 1.7% to 6,945.2 points.

Here’s what is happening on the market today:

Appen restructure

The Appen Ltd (ASX: APX) share price is charging higher today after announcing a new organisational structure. The new structure is aligned to its product-led and customer-centric strategy. Management notes that the changes reflect Appen’s evolution from being the leading provider of artificial intelligence (AI) data annotation services to the provider of a broad range of AI data annotation products and solutions that unlock growth in new markets. In addition to this, management reaffirmed its guidance for FY 2021.

EML Payments shares to return

The EML Payments Ltd (ASX: EML) share price is crashing lower today after returning from its trading halt. Investors have been selling the payments company’s shares after the Central Bank of Ireland raised concerns over its PFS Card Services Ireland business. These concerns relate to PFS Card Services Ireland’s Anti-Money Laundering/Counter Terrorism Financing (AML/CTF), risk and control frameworks, and governance. Management notes that 27% of its revenue goes through this business.

Webjet full year results

The Webjet Limited (ASX: WEB) share price is trading lower today after the release of its full year results. The online travel agent recorded total transaction value (TTV) of $453 million and revenue of $38.5 million in FY 2021. And despite cutting its expenses materially, Webjet posted an underlying loss of $88.8 million. One positive, though, was that management revealed that its performance improved greatly in April.

Best and worst ASX 200 performers

The best performer on the ASX 200 today has been the Appen share price with a 12% gain. This follows its restructure update. Going the other way, the worst performer has been the EML Payments share price with a massive 37% decline following its AML/CTF update.

Wondering where you should invest $1,000 right now?

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes could be the five best ASX stocks for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now.

*Returns as of May 24th 2021

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 EML Payments. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Appen Ltd. The Motley Fool Australia owns shares of and has recommended Webjet Ltd. The Motley Fool Australia has recommended EML Payments. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Share Market News