ASX 200 (ASX:XJO) midday update: ANZ hit with class action, GUD sinks

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

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At lunch on Wednesday, the S&P/ASX 200 Index (ASX: XJO) is on course to start the month with a decline. The benchmark index is currently down 1% to 7,185 points.

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

GUD shares sink

The GUD Holdings Limited (ASX: GUD) share price has returned from its trading halt and is sinking. This morning the products company announced the completion of the institutional component of its equity raising. GUD raised $405 million at a 13% discount of $12.03. These funds will be used to acquire Autopacific Group for approximately $744.6 million.

ANZ hit with credit card class action

The Australia and New Zealand Banking GrpLtd (ASX: ANZ) share price is trading lower after acknowledging that class action proceedings have been filed against it by Phi Finney McDonald in the Federal Court of Australia. The bank understands that the class action covers certain credit card holders in the period from 1 July 2010 to 1 January 2019. Phi Finney McDonald is believed to be alleging that ANZ’s credit card contracts were unfair, and contravened the Australian Securities and Investments Commission Act.

Codan announces acquisition

The Codan Limited (ASX: CDA) share price is falling on Wednesday despite announcing a new acquisition. The technology company has acquired UK-based Broadcast Wireless Systems (BWS) for up to $8.5 million. This comprises an upfront payment of $3.7 million and an additional payment of up to $4.8 million if certain earn-out targets are achieved over three years. BWS’ technology portfolio consists primarily of wireless video camera links and a newly developed range of high-quality video broadcast products.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Wednesday has been the Graincorp Ltd (ASX: GNC) share price with a 2% gain. Although Bell Potter downgraded its shares today, a number of other brokers have chimed in with bullish views. The worst performer has been the Pro Medicus Limited (ASX: PME) share price with a 6% decline on no news.

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