At lunch on Wednesday, the S&P/ASX 200 Index (ASX: XJO) is on course to record a small decline. The benchmark index is currently down 0.15% to 6,595.5 points.
Here's what is happening on the ASX 200 today:
Energy shares tumble
The energy sector is in the red on Wednesday with Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) shares posting declines after oil prices crashed overnight. According to Bloomberg, the WTI crude oil price was down 8% to US$95.64 a barrel and the Brent crude oil price sank 7.5% to US$99.10 a barrel. Demand concerns weighed heavily on oil prices.
ANZ confirms MYOB talks
The Australia and New Zealand Banking Group Ltd (ASX: ANZ) share price is the worst performer among the big four on Wednesday. Investors appear to have responded negatively to confirmation that the bank is in talks to acquire accounting platform MYOB from KKR. No agreement has been reached and no details have been provided in respect to what the acquisition could cost.
Tech shares rebound
The tech sector is bouncing back after a terrible performance on Tuesday. The likes of Megaport Ltd (ASX: MP1) and Xero Limited (ASX: XRO) are recording decent gains at the time of writing. This is helping to drive the S&P ASX All Technology index 1% higher at lunch.
Best and worst ASX 200 performers
The best performer on the ASX 200 on Wednesday has been the Megaport share price with a 6% gain. Earlier this week Goldman Sachs reiterated its buy rating with a $9.00 price target on Megaport's shares. Going the other way, the worst performer has been the Zip Co Ltd (ASX: ZIP) share price with a 4% decline. This morning UBS retained its sell rating and 45 cents price target on the company's shares. It believes that significant uncertainty remains despite its merger termination.
