At lunch on Monday, the S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a solid gain. The benchmark index is currently up 0.55% to 7,364.8 points.
Here's what is happening on the ASX 200 today:
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Westpac full year results disappoint
The Westpac Banking Corp (ASX: WBC) share price is sinking on Monday following the release of its full year results. Although the banking giant doubled its cash earnings in FY 2021, this was still a touch short of expectations. In addition, Australia's oldest bank announced a $3.5 billion off-market share buyback. A note out of Morgans reveals that its analysts were forecasting a $5 billion buyback
Macquarie share price returns
The Macquarie Group Ltd (ASX: MQG) share price has returned from its trading halt and is edging lower. The investment bank's shares returned to trade today after completing a $1.5 billion institutional placement. These funds were raised at $194.00 per new share, which represents a discount of just 1.9%. The new capital provides Macquarie "with additional flexibility to invest in new opportunities where the expected risk-adjusted returns are attractive."
Ausnet accepts Brookfield offer
The Ausnet Services Ltd (ASX: AST) share price is storming higher today after accepting a takeover offer from Brookfield Asset Management. According to the release, Brookfield has tabled a binding proposal of $2.65 per share, which is up from its original offer of $2.50 per share. As part of the terms of the agreement, Ausnet has terminated its due diligence process with APA Group (ASX: APA).
Best and worst ASX 200 performers
The best performer on the ASX 200 on Monday has been the Codan Limited (ASX: CDA) share price with a 6% gain. This appears to have been driven by bargain hunters swooping in after its shares were sold off last week. The worst performer has been the Westpac share price with a 6% decline following its full year results release.
