At lunch on Thursday, the S&P/ASX 200 Index (ASX: XJO) is on course to record a solid gain. The benchmark index is currently up 0.7% to 7,466.8 points.
Here's what is happening on the ASX 200 on Thursday:
Telstra T25 strategy
The Telstra Corporation Ltd (ASX: TLS) share price is pushing higher today after investors responded positively to its new T25 strategy. Telstra's CEO, Andrew Penn, highlighted that its T22 strategy was based on transforming the company, whereas T25 will be about driving growth. Mr Penn is aiming for sustained growth and value. This is by targeting mid-single digit underlying EBITDA and high-teens underlying earnings per share compound annual growth rates (CAGR) from FY21 to FY25.
Wesfarmers acquisition
The Wesfarmers Ltd (ASX: WES) share price is trading broadly flat on Thursday after increasing its takeover offer for Australian Pharmaceutical Industries Ltd (ASX: API). According to the release, the conglomerate has tabled a $1.55 per share offer. This compares to its previous offer of $1.38 per share, which was rejected by the API board in July. Wesfarmers has been granted due diligence on this occasion.
PointsBet lower despite agreement
The Pointsbet Holdings Ltd (ASX: PBH) share price is trading lower on Thursday. This is despite announcing a new agreement. According to the release, the sports betting company has entered into an exclusive agreement with Major League Soccer team Austin FC. It will be the club's exclusive sportsbook partner.
Best and worst ASX 200 performers
The best performer on the ASX 200 on Thursday has been the Incitec Pivot Ltd (ASX: IPL) share price with a 4.5% gain. This appears to have been driven by improving investor sentiment since its Waggaman update earlier this week. The worst performer on the ASX 200 has been the Washington H. Soul Pattinson and Co. Ltd (ASX: SOL) share price with a 4.5% decline. Earlier today, the company revealed that it would vote in favour of Wesfarmers' takeover of Australian Pharmaceutical Industries. In addition, its merger partner Milton Corporation Limited (ASX: MLT) declared a special dividend of 37 cents per share ahead of the scheme meeting.
