ASX 200 (ASX:XJO) midday update: Zip shares tumble, AUSTRAC takes aim at Crown

The ASX 200 is having a strong day…

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At lunch on Tuesday, the S&P/ASX 200 Index (ASX: XJO) is on form again and charging higher. The benchmark index is currently up 1.3% to 7,142 points.

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

Zip shares tumble after raising ~$150m

The Zip Co Ltd (ASX: Z1P) share price sank to a new 52-week low on Tuesday morning after returning from a trading halt. This followed the completion of a ~$150 million institutional placement which was undertaken at a 14% discount of $1.90 per new share. Separate news that the company has signed an agreement to acquire Sezzle Inc (ASX: SZL) for $491 million wasn’t enough to support its shares.

Crown hit by AUSTRAC proceedings

The Crown Resorts Ltd (ASX: CWN) share price is falling today after the casino and resort operator revealed that AUSTRAC has commenced civil penalty proceedings against its Crown Melbourne and Crown Perth businesses. The regulator is alleging contraventions of obligations under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006.

IGO shares jump on Glencore update

The IGO Ltd (ASX: IGO) share price is storming higher today. This follows the release of an update on its talks with Glencore regarding the potential acquisition of the CSA Copper Mine. According to the release, talks have now concluded and no agreement has been reached. It appears as though the market was not keen on the deal.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Tuesday has been the Yancoal Australia Ltd (ASX: YAL) share price with a 15% gain. This follows the release of the coal miner’s full year results after the market close on Monday. The worst performer has been the Sandfire Resources Ltd (ASX: SFR) share price with an 11% decline. This morning Ord Minnett reaffirmed its sell rating with a reduced price target of $5.00.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns and has recommended ZIPCOLTD FPO. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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