At lunch on Wednesday the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has continued its poor run and is down a further 0.4% to 6,152.1 points.
Here's what has been happening on the ASX 200 today:
Sigma rejects API merger proposal.
The Sigma Healthcare Ltd (ASX: SIG) share price has sunk 4% lower after it rejected the merger proposal by rival Australian Pharmaceutical Industries Ltd (ASX: API). A business review found that the company and its shareholders would be better off if Sigma went it alone.
Appen shares push higher on broker upgrade.
The Appen Ltd (ASX: APX) share price has pushed higher 3.5% on Wednesday after being upgraded by analysts at Citi. According to the note, the broker has upgraded its shares from neutral and lifted the price target on them to $28.04 following the acquisition of Figure Eight.
Amcor makes progress with Bemis acquisition.
The Amcor Limited (ASX: AMC) share price has dropped lower despite the packaging giant announcing that it has made important progress towards the completion of its all-stock transaction of Bemis. According to the release, management believes the combination of the two complementary companies offers a transformational and unique opportunity to create the global leader in consumer packaging.
Corporate Travel Management shares higher.
The Corporate Travel Management Ltd (ASX: CTD) share price is up 2% at lunch after it revealed that it has been in discussions to acquire the travel businesses of UK-based Capita PLC. Management warned that talks are at an early stage and there's no guarantee of a deal being reached.
Best and worst performers.
The best performer on the ASX 200 on Wednesday has been the New Hope Corporation Limited (ASX: NHC) share price with a 4% gain. An increase in coal prices this week appears to have been the catalyst for this gain. Going the other way is the Sigma share price with its 4% decline. Not far behind is the Speedcast International Ltd (ASX: SDA) share price. It is down 3% on the back of no news.
