ASX 200 (ASX:XJO) midday update: IGO dealt blow, Block’s data breach, Xero jumps

The ASX 200 is having another positive day…

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At lunch on Tuesday, 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 7,568 points.

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

IGO’s Western Areas acquisition blow

The IGO Ltd (ASX: IGO) share price is falling today after the planned acquisition of Western Areas Ltd (ASX: WSA) was dealt a major blow. IGO advised that it understands that the independent expert has concluded that the takeover offer is not in the best interests of Western Areas’ shareholders. In light of this, IGO is expecting the Western Areas board to terminate the scheme implementation deed.

Block share price higher despite data breach

The Block Inc (ASX: SQ2) share price is charging higher with the rest of the tech sector on Tuesday. This is despite the payments giant revealing that a former employee downloaded customer data after their employment had ended. The data that was downloaded relates to the Cash App Investing business in the US. No other customer data, such as Afterpay data, was impacted.

Macquarie hit with ASIC proceedings

The Macquarie Group Ltd (ASX: MQG) share price is edging higher today despite ASIC commencing legal proceedings against the investment bank. ASIC alleges “limited monitoring” by Macquarie of transactions made via its bulk transaction system using a fee authority. This allowed former financial adviser Ross Andrew Hopkins to allegedly make $2.9 million in unauthorised withdrawals.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Tuesday has been the Xero Limited (ASX: XRO) share price with a 4.5% gain. This follows a strong rise by tech stocks and news of a key new appointment by the cloud-based accounting company. Going the other way, the worst performer has been the Lynas Rare Earths Ltd (ASX: LYC) share price with a 5% decline. Investors may have concerns over the impact of a new rare earths facility which has been approved by a rival.

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 Block, Inc. and Xero. The Motley Fool Australia owns and has recommended Block, Inc. and Xero. The Motley Fool Australia has recommended Macquarie Group Limited. 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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