ASX 200 midday update: Spark takeover, Virgin Money update

It has been another eventful day on the ASX 200…

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shocked and stressed man looking at his laptop and trying to absorb bad news about the share price falling

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At lunch on Wednesday, the S&P/ASX 200 Index (ASX: XJO) has followed the lead of US markets and is tumbling lower. The benchmark index is currently down 0.5% to 7,395.5 points.

Here’s what is happening on the ASX 200 on Wednesday:

Spark Infrastructure takeover update

The Spark Infrastructure Group (ASX: SKI) share price is charging higher today after the electricity distribution company received another takeover offer. The company revealed that the Ontario Teachers’ Pension Plan Board and KKR have increased their offer to $2.95 per share after two previous rejections. On this occasion, the Spark Board has granted due diligence. Though, it has warned that there is no certainty that this will result in a control transaction.

Virgin Money UK Q3 update

The Virgin Money UK CDI (ASX: VUK) share price is pushing higher today after investors responded positively to the UK bank’s third quarter update. Among the highlights, Virgin Money UK reported a 0.7% increase in mortgages to 58.7 billion pounds and a 2.5% lift in personal lending to 5.2 billion pounds. Also heading in the right direction was its net interest margin, which increased to 168bps.

Eagers Automotive reports profit surge

The Eagers Automotive Ltd (ASX: APE) share price is rising today after reporting a surge in its half year profits. According to the release, for the six months ended 30 June, Eagers Automotive expects to record an underlying operating profit before tax from continuing operations of approximately $218.6 million. This will be up 442% on the prior corresponding period, which was impacted by COVID-19.

Best and worst ASX 200 performers

The best performer on the ASX 200 today has been the Spark Infrastructure share price with a 5.5% gain. This follows the receipt of another takeover offer. The worst performer on the ASX 200 has been the Nickel Mines Ltd (ASX: NIC) share price with a 7% decline. This follows the release of the nickel producer’s quarterly update.

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