ASX 200 (ASX:XJO) midday update: Corp Travel Management's ACCC boost, Zip downgraded

The ASX 200 is on form again on Thursday…

James Mickleboro

Author Bio James Mickleboro is an investment writer and analyst who has worked with The Motley Fool Australia for 10 years, covering ASX shares, market news, broker research, dividends, growth stocks, and long-term investing ideas. Over that time, James has written extensively about Australian equities and developed a particular focus on helping everyday investors understand the stories behind share price moves, company announcements, broker views, and broader market trends. His best investment recommendation was identifying Afterpay while it was still a small-cap growth share, before its rise into one of Australia’s biggest technology success stories. His worst investment lesson came from CSL Ltd (ASX: CSL), where he was burnt by believing management could turn the business around sooner than the market ultimately allowed. Areas of Expertise ASX shares Growth and dividend investing Broker research Interpreting company announcements Market news Portfolio strategy Long-term wealth creation Education Bachelor of Politics, Philosophy and Economics. CFA Institute Social Media LinkedIn Favorite Investment Quote "It’s far better to buy a wonderful company at a fair price than a fair company at a wonderful price." — Warren Buffett

Published March 3, 2022 12:16 pm AEDT

At lunch on Thursday, the S&P/ASX 200 Index (ASX: XJO) has followed the lead of US markets and is storming higher. The benchmark index is currently up 0.7% to 7,171.7 points.

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

A group of market analysts sit and stand around their computers in an open-plan office environment. — Image source: Getty Images

Corporate Travel Management's acquisition boost

The Corporate Travel Management Ltd (ASX: CTD) share price is pushing higher today after receiving a boost from the ACCC. The competition regulator has approved the corporate travel specialist's proposed $175 million acquisition of the ANZ-based corporate and entertainment travel businesses of Helloworld Travel Ltd (ASX: HLO). The ACCC doesn't expect the deal to lessen competition.

IGO shares storm higher

The IGO Ltd (ASX: IGO) share price is storming higher today following another strong night for commodity prices. For example, according to CommSec, the nickel price rose 3.6% to US$26,489 per tonne overnight. In other news, this morning joint venture partner Impact Minerals Limited (ASX: IPT) revealed that a significant electromagnetic (EM) conductor has been identified in the extensive ground EM survey at the Broken Hill project in NSW.

Zip shares downgraded

The Zip Co Ltd (ASX: Z1P) share price is falling again on Thursday after being downgraded by the team at UBS. According to the note, the broker has downgraded the buy now pay later provider's shares to a sell rating and taken a hammer to its price target. The latter is now just $1.00, which is down 81% from UBS' previous price target of $5.20.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Thursday has been the Pointsbet Holdings Ltd (ASX: PBH) share price with a 14% gain on no news. This sports betting company's shares have been very volatile this week. The worst performer on the ASX 200 has been the Monadelphous Group Limited (ASX: MND) share price with a 4% decline. Some of this is due to its shares trading ex-dividend this morning.

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