At lunch on Thursday, the S&P/ASX 200 Index (ASX: XJO) is on course to record another decline. The benchmark index is currently down 0.25% to 7,280.5 points.
Here's what is happening on the market today:
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Woolworths-Endeavour spin-off
The Woolworths Group Ltd (ASX: WOW) share price is sinking notably lower on Thursday. However, this decline reflects the spin-off of its drinks business. This has seen Endeavour Group Limited (ASX: EDV) join the ASX 200 index today. Woolworths' shareholders are receiving one Endeavour Group share for every Woolworths share they hold.
Westpac to keep NZ business
The Westpac Banking Corp (ASX: WBC) share price is trading lower on Thursday. This appears to have been driven by broad weakness in the banking sector which offset a potentially positive announcement. That announcement reveals that after assessing whether a demerger of its Westpac NZ business would be in the best interests of shareholders, the bank has concluded that more value could be created by holding onto the business.
Afterpay jumps
The Afterpay Ltd (ASX: APT) share price is charging higher today after expanding its one-time card footprint materially. The buy now pay later provider will now let users shop with some of the most popular and largest merchants in the United States. This includes Amazon, CVS, Dell, Kroger, Macy's, Nike, Nordstrom, Nordstrom Rack, Sephora, Target, Victoria's Secret, Walgreens and Yeti. These merchants represent almost half of all U.S. ecommerce volume.
Best and worst ASX 200 performers
The best performer on the ASX 200 on Thursday has been the De Grey Mining Limited (ASX: DEG) share price with a 9% gain. This appears to be a delayed reaction to yesterday's mineral resource update. The worst performer has been the Woolworths share price with a 12% decline following the Endeavour demerger.
