At lunch on Tuesday, the S&P/ASX 200 Index (ASX: XJO) has run out of steam and is trading lower. The benchmark index is currently down 0.3% to 7,470.4 points.
Here's what is happening on the ASX 200 on Tuesday:
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Afterpay share price jumps
The Afterpay Ltd (ASX: APT) share price is jumping again on Tuesday. This follows a positive response on Wall Street to Square's acquisition of the company. This led to the Square share price jumping 10% overnight. And given that the acquisition is an all-scrip deal, any rises in the Square share price will be great news for Afterpay shareholders. Square has offered 0.375 shares per Afterpay share. This equates to approximately $138.78 per share today following last night's rise.
Qantas stands down crew
The Qantas Airways Ltd (ASX: QAN) share price is trading lower today after the airline operator announced that it would be standing down 2,500 crew for two months. Qantas is making the move after recent lockdowns and border closures led to expectations of an extended period of reduced flying.
Credit Corp lower following FY 2021 results
The Credit Corp Group Limited (ASX: CCP) share price is under pressure today following the release of its full year results. The debt receivables company reported an 11% increase in net profit after tax to $88.1 million in FY 2021. While this was in line with its guidance range of $85 million to $90 million, investors may be a touch concerned with its outlook for FY 2022. It is forecasting a 3.5% decline to 7.8% increase in net profit.
Best and worst ASX 200 performers
The best performer on the ASX 200 on Tuesday has been the Afterpay share price with a 12% gain. This follows a rise in the Square share price overnight. The worst performer on the ASX 200 has been the Pointsbet Holdings Ltd (ASX: PBH) share price with a 12% decline. The catalyst for this was the completion of its institutional entitlement offer and placement.
