At lunch on Monday the S&P/ASX 200 Index (ASX: XJO) is on course to start the week on a positive note. The benchmark index is currently up 0.7% to 6,585.7 points.
Here's what has been happening on the market today:
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Zip Co update.
The Zip Co Ltd (ASX: Z1P) share price is edging lower despite revealing strong growth for the first four months of FY 2021. The buy now pay later (BNPL) provider delivered a 91% increase in BNPL revenue to $96.7 million for the period. Approximately $27.6 million of this was generated in October. Management also revealed that trading had been strong in November, with all regions set to deliver step change month-on-month growth.
Ampol $300 million buyback.
The Ampol Ltd (ASX: ALD) share price is jumping higher today after announcing an off-market share buyback worth $300 million. The fuel retailer announced the surprise buyback after completing the sale of its convenience retail properties. Originally the company, formerly known as Caltex, was going to use the funds to reduce its leverage. But due to improving trading conditions, it has opted to use the proceeds to buy back shares as well.
Insurance Australia placement.
The Insurance Australia Group Ltd (ASX: IAG) share price is sinking lower today after completing its institutional placement. The insurance giant raised $650 million through the issue of approximately 128.7 million new shares to institutional investors at a 7.5% discount of $5.05 per new share. The proceeds will be used to strengthen its balance sheet following an $865 million business interruption claims provision.
Best and worst ASX 200 performers.
The best performer on the ASX 200 on Monday has been the Fortescue Metals Group Limited (ASX: FMG) share price with a gain of almost 6.5%. A number of resources shares are charging higher today with Fortescue. The worst performer has been the IAG share price with its decline of 5.5%. This follows the completion of its institutional placement.
