At lunch on Monday, the S&P/ASX 200 Index (ASX: XJO) is having a decent start to the week. The benchmark index is currently up 0.5% to 7,031.4 points.
Here's what is happening on the ASX 200 today:
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Zip to acquire Sezzle for $491 million
The Zip Co Ltd (ASX: Z1P) share price is in a trading halt on Monday while it seeks to raise almost $200 million via a capital raising. This follows news that the buy now pay later (BNPL) provider has signed an agreement to acquire rival Sezzle Inc (ASX: SZL) in an all-scrip deal valued at $491 million. The funds from the capital raising will be used to support their combined growth plans.
Allkem shares fall on half year results
The Allkem Ltd (ASX: AKE) share price is falling on Monday following the release of its half year results. This morning the lithium miner reported first half revenue of US$192.3 million. This was driven by a 142% increase in Olaroz revenue to US$65.6 million and a four-month contribution from the Mt Cattlin business following the Galaxy-Orocobre merger. Management also revealed that it expects lithium prices to be even stronger in the second half.
InvoCare shares rise on full year results
The InvoCare Limited (ASX: IVC) share price is pushing higher today following the release of its full year results. For the 12 months ended 31 December, the funerals company reported an 11% increase in revenue to $532.5 million and a 51% jump in operating earnings per share to 31.6 cents. Management commented: "Recovery in the key value drivers of core operating earnings as well as a robust recovery in the mark-to-market (MTM) valuation of Prepaid Funds Under Management have driven this growth in Reported Profit."
Best and worst ASX 200 performers
The best performer on the ASX 200 on Monday has been the GrainCorp Ltd (ASX: GNC) share price with a 5% gain on no news. Though, with Russia being a major grain exporter, investors may expect GrainCorp to benefit from Russian sanctions. The worst performer has been the Fortescue Metals Group Limited (ASX: FMG) share price with a 4% decline after it went ex-dividend.
