At lunch on Friday, the S&P/ASX 200 Index (ASX: XJO) is on course to end a positive week on a disappointing note. The benchmark index is currently down 0.45% to 7,351.2 points.
Here's what is happening on the ASX 200 today:
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Fortescue CEO steps down
The Fortescue Metals Group Limited (ASX: FMG) share price is trading lower today after announcing the surprise exit of its CEO, Elizabeth Gaines. Once a replacement is found, Ms Gaines will transition to a Non-Executive Director role. Global management consulting and executive search firm Egon Zehnder has been tasked with identifying a CEO and other leaders with exceptional skills and global experience across heavy industry, manufacturing, and renewable energy.
Westpac $3.5bn buyback update
The Westpac Banking Corp (ASX: WBC) share price is edging lower today despite sweetening the terms of its $3.5 billion share buyback. One amendment is the discount range of the buyback to a more generous 0% to 10% discount from 8% to 14% previously. Management notes this will improve the potential return of the buyback for shareholders. The Westpac Board made the move in response to an 18% decline in the Westpac share price since the buyback was announced.
Rio Tinto shares upgraded
The Rio Tinto Limited (ASX: RIO) share price is pushing higher today after being upgraded by the team at Morgan Stanley. This morning the broker upgraded the mining giant's shares to an overweight rating with an improved price target of $110.50. Morgan Stanley likes Rio Tinto partly due to its exposure to aluminium.
Best and worst ASX 200 performers
The best performer on the ASX 200 on Friday has been the Iluka Resources Limited (ASX: ILU) share price with a 5% gain. This morning Macquarie retained its outperform rating and lifted its price target on the mineral sands company's shares to $12.00. The worst performer has been the Afterpay Ltd (ASX: APT) share price with a 4.5% decline. This follows another poor night of trade for the Square share price, which devalues its takeover offer for Afterpay even further.
