ASX 200 (ASX:XJO) midday update: AMP shares jump, Collins Foods impresses

The ASX 200 is back on form today….

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At lunch on Tuesday, the S&P/ASX 200 Index (ASX: XJO) is back on form and charging higher. The benchmark index is currently up 1.1% to 7,321.6 points.

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

AMP demerger update

The AMP Ltd (ASX: AMP) share price is charging higher today following the release of a demerger and strategy update. Management notes that the demerger will see AMP Limited operate as a retail wealth manager in Australia and New Zealand. Whereas PrivateMarketsCo will operate as a global manager of infrastructure and real estate investments with a growing focus on international institutional clients. PrivateMarketsCo will focus on leveraging the significant opportunity to become a global leader in the fast-growing private markets industry.

Collins Foods’ result impresses

The Collins Foods Ltd (ASX: CKF) share price is racing higher today following the release of a strong half year result. The quick service restaurant operator reported a 9.5% increase in revenue to a record of $534.2 million and a 31.6% jump in underlying net profit after tax to $28.9 million. The KFC Europe business was a key driver of this strong half.

Westpac’s ASIC agreement

The Westpac Banking Corp (ASX: WBC) share price is pushing higher after reaching an agreement with ASIC to resolve six separate longstanding matters through agreed civil penalty proceedings filed in the Federal Court of Australia. Westpac and ASIC will jointly submit agreed proposed penalties for each of the proceedings, totalling $113 million. The matters include the provision of incorrect interest rate information provided to debt purchasers and the charging of advice related fees to deceased customer accounts.

Best and worst ASX 200 performers

The Credit Corp Group Limited (ASX: CCP) share price is the best performer on the ASX 200 today with a 9% gain. This follows the announcement of the acquisition of Radio Rentals. The worst performer has been the BlueScope Steel Limited (ASX: BSL) share price with a 2.5% decline on no news.

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Motley Fool contributor James Mickleboro owns shares of Collins Foods Limited and Westpac Banking Corporation. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Collins Foods Limited and Westpac Banking Corporation. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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