At lunch on Tuesday, the S&P/ASX 200 Index (ASX: XJO) is on track to record another small gain. The benchmark index is currently up 0.2% to 7,329.5 points.
Here's what's happening on the market today:
Image source: Getty Images
Westpac asset sale
The Westpac Banking Corp (ASX: WBC) share price is pushing higher today after announcing an agreement to sell its Westpac Life NZ business. The banking giant is selling the business to Fidelity Life Assurance Company for NZ$400 million (approximately A$373 million). The two parties have also entered into an exclusive 15-year agreement for the distribution of life insurance products to Westpac's New Zealand customers. This is expected to result in a post-tax gain on sale and add approximately 7 basis points to the bank's group common equity tier 1 capital ratio.
Ramsay increases offer for Spire
The Ramsay Health Care Limited (ASX: RHC) share price is trading largely flat today after increasing its takeover offer for UK-based private hospital operator, Spire Healthcare. According to the release, Ramsay has increased its cash offer to acquire Spire to 250 pence per share in cash. This compares to its previous offer of 240 pence per share. This values Spire's entire issued and to be issued share capital at approximately GBP1,041 million (A$1,900 million) on a fully diluted basis. Management advised that this is its final offer.
Ramelius falls short of guidance
The Ramelius Resources Limited (ASX: RMS) share price is under pressure today after falling short of its full year production guidance. For the 12 months ended 30 June, Ramelius achieved gold production of 272,109 ounces. While this was a record for the gold miner, it fell short of its upgraded guidance of 275,000 ounces to 280,000 ounces. Management blamed the miss on several issues such as rainfall and personnel shortages at the Edna May operation.
Best and worst ASX 200 performers
The best performer on the Genesis Energy Ltd (ASX: GNE) share price with a 6% gain on low volumes. The worst performer has been the Appen Ltd (ASX: APX) share price with a 5% decline. This appears to have been driven by a fund manager selling down its holding.
