ASX 200 (ASX:XJO) midday update: Zip update impresses, BOQ rises

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

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At lunch on Tuesday, the S&P/ASX 200 Index (ASX: XJO) is on course to record a strong gain. The benchmark index is currently up 0.5% to 7,278.8 points.

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

Zip update impresses

The Zip Co Ltd (ASX: Z1P) share price is racing higher on Tuesday after releasing an update on its performance in November. According to the release, Zip delivered record monthly transaction volume of $906.5 million during the month. This represents an increase of 52% or $310.5 million over the prior corresponding period and annualises at over $10 billion. This was driven by an 86% lift in transaction numbers to a record of 7.5 million and a 71% jump in customer numbers to 9.2 million.

Bank of Queensland update

The Bank of Queensland Limited (ASX: BOQ) share price is pushing higher after releasing a trading update ahead of its annual general meeting. That update revealed that the regional bank’s growth momentum has continued throughout the first quarter, with strong application volumes across both the housing and business lending portfolios. And while management has revised its net interest margin guidance lower, this was widely expected following recent updates from its peers.

Oil Search-Santos merger update

Oil Search Ltd (ASX: OSH) and Santos Ltd (ASX: STO) shares are rising today after their proposed merger took a step forward. On Tuesday, Oil Search shareholders are voting on the proposal. However, enough proxy votes have been cast prior to the meeting to confidentially predict that the resolution will pass.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Tuesday has been the Zip share price with a 6% gain following its update. The worst performer has been the Magellan Financial Group Ltd (ASX: MFG) share price with a 4% decline. This follows the announcement of the exit of its CEO, Dr Brett Cairns.

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