ASX 200 (ASX:XJO) midday update: BNPL shares sold off, Corporate Travel returns

Here’s what’s happening on Friday on the ASX 200…

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At lunch on Friday, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week on a positive note. The benchmark index is currently up 0.55% to 7,335.6 points.

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

Corporate Travel Management shares to return

The Corporate Travel Management Ltd (ASX: CTD) share price is falling on Friday after raising $75 million through an institutional placement. These funds were raised at a 5.8% discount of $21.00 per new share. Combined with an upcoming $25 million share purchase plan, the proceeds will support the acquisition of the Australia and New Zealand corporate and entertainment travel businesses of Helloworld Travel Limited (ASX: HLO).

Healius and Sonic announce acquisition

Pathology companies Healius Ltd (ASX: HLS) and Sonic Healthcare Limited (ASX: SHL) have both announced acquisitions this morning. Healius is acquiring leading bioanalytical laboratory company Agilex for an enterprise value of $301.3 million. Whereas Sonic has announced the acquisition of US-based medically led anatomical pathology company, ProPath for an undisclosed fee. The deal will be funded from cash and available debt lines and be immediately earnings per share accretive.

BNPL shares sold off

It has been a very bad day for buy now pay later (BNPL) shares such as Afterpay Ltd (ASX: APT) and Zip Co Ltd (ASX: Z1P). This follows news that US authorities have launched an investigation into the BNPL sector. The US Consumer Financial Protection Bureau is looking to see if BNPL players need to be better regulated and if US consumers are adequately protected.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Friday is the St Barbara Ltd (ASX: SBM) share price with a gain of 6%. This follows a rise in the gold price overnight. The worst performer has been the Afterpay share price with a 7% decline following news of the US investigation into the BNPL sector.

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