At lunch the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is on course to make it three consecutive days of gains. At the time of writing the benchmark index is up 0.25% to 5,667.2 points.
Here's what has been happening on the ASX 200 on Thursday:
ACCC has concerns with the TPG Telecom-Vodafone merger.
The TPG Telecom Ltd (ASX: TPM) share price is down 14% to $6.63 after the ACCC revealed that it has concerns over the planned merger between it and Vodafone Australia. The ACCC said that "removing TPG as a new independent competitor with its own network, in what is a concentrated market for mobile services, would be likely to result in a substantial lessening of competition."
Telstra shares drop lower.
The Telstra Corporation Ltd (ASX: TLS) share price dropped as much as 5.5% after the ACCC revealed its concerns. The market had expected Telstra to benefit from reduced competition in the telco market if the merger went ahead.
Amazon takes aim at Coles and Woolies.
The Coles Group Ltd (ASX: COL) share price and the Woolworths Group Ltd (ASX: WOW) share price are both in the red at lunch after the AFR reported that Amazon plans to launch its "Subscribe & Save" program in Australia early next year. The new subscription service will allow consumers to purchase regularly bought items, such as toilet paper and pet food, at a big discount.
Adelaide Brighton higher on broker upgrade.
The Adelaide Brighton Ltd (ASX: ABC) share price is up 5.5% to $4.58 at lunch after the integrated construction material and lime producing company was the subject of a reasonably positive broker note out of Citi. According to the note, the broker has taken its sell rating off its shares and upgraded them to neutral with a $4.70 price target.
Best and worst performers.
The best performer on the ASX 200 so far today has been the IOOF Holdings Limited (ASX: IFL) share price which is 7% higher. Bargain hunters appear to have swooped in today after a major share price decline this month. Going the other way is the TPG Telecom share price which is down 14.5%. The next worst performer is the St Barbara Ltd (ASX: SBM) share price which has fallen 4% after being downgraded to an underperform rating by Credit Suisse.
