ASX 200 (ASX:XJO) midday update: Zip confirms Sezzle talks, Fortescue’s Q2 update

The ASX 200 is having a day to forget… again

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A stressed businessman in a suit shirt and trousers sits next to his briefcase with his head in his hands while the ASX boards behind him show BNPL shares crashing

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At lunch on Tuesday, the S&P/ASX 200 Index (ASX: XJO) has followed the lead of global markets and is sinking. The benchmark index is currently down 2.6% to 6,957.6 points.

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

Zip confirms Sezzle talks

The Zip Co Ltd (ASX: Z1P) share price is on the move today after confirming that it is in talks to acquire rival Sezzle Inc (ASX: SZL). No details have been provided in respect to financial terms. Both companies have also warned that the talks are at an early stage and there is no guarantee that a deal will materialise.

Fortescue’s quarterly update

The Fortescue Metals Group Limited (ASX: FMG) share price is sliding today following the release of its second quarter update. Although Fortescue delivered record first half iron ore shipments, the discount for its product continues to widen. In addition, its C1 costs were up 20% year on year though flat quarter on quarter.

Novonix shares sink despite announcement

The Novonix Ltd (ASX: NVX) share price is sinking today after market volatility offset a positive announcement. According to the release, the advanced battery materials and technology company has signed a letter of intent to enter into investment and supply agreements with KORE Power. This will see Novonix become the exclusive supplier of high-performance graphite anode materials to KORE Power’s U.S. facility.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Tuesday has been the Codan Limited (ASX: CDA) share price with a 17% gain following the release of a trading update. The worst performer has been the Pointsbet Holdings Ltd (ASX: PBH) share price with a 7% decline. This follows broad weakness in the tech sector today.

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