ASX 200 (ASX:XJO) midday update: Zip shares rise on Microsoft deal, big four banks rebound

group of traders cheering at stock market

At lunch on Thursday the S&P/ASX 200 Index (ASX: XJO) is back on form and charging higher. The benchmark index is currently up 1.4% to 7,298.9 points.

Here’s what is happening on the ASX 200 today:

Zip shares rise on Microsoft deal

The Zip Co Ltd (ASX: Z1P) share price is pushing higher today after it announced a deal with tech giant Microsoft. This agreement will see the integration of Zip’s technology into the shopping experiences within the Microsoft Edge web browser. This will allow shoppers using the web browser to use a digital payment option provided by Zip.

South32 acquisition

Also rising today is the South32 Ltd (ASX: S32) share price. This follows news that it has acquired an additional 25% shareholding in Mozal Aluminium in Mozambique from MCA Metals. South32 has exercised its pre-emptive rights to acquire the additional stake for US$250 million. This brings its ownership of the smelter up to 72.1%.

Big four banks rise

Investors have been flooding back into the banking sector on Thursday. This has helped drive the big four banks notably higher. The best performer in the group has been the Westpac Banking Corp (ASX: WBC) share price with a 3% gain. The laggard in the group is the Commonwealth Bank of Australia (ASX: CBA) share price with a 1.2% gain.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Thursday by some distance is the Orica Ltd (ASX: ORI) share price with a gain of 15%. This morning Morgans upgraded its shares to an add rating with a $13.70 price target. The worst performer has been the Pinnacle Investment Management Group Ltd (ASX: PNI) share price with a 2.5% decline on no news.

The post ASX 200 (ASX:XJO) midday update: Zip shares rise on Microsoft deal, big four banks rebound appeared first on The Motley Fool Australia.

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Motley Fool contributor James Mickleboro owns shares of Westpac Banking Corporation. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended PINNACLE FPO and ZIPCOLTD FPO. The Motley Fool Australia owns shares of and has recommended PINNACLE FPO. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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