ASX 200 (ASX:XJO) midday update: BHP & Fortescue rise, Zip completes acquisition

group of traders cheering at stock market

At lunch on Friday, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week on a positive note. The benchmark index is currently up 0.95% to 7,451.6 points.

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

Iron ore miners storm higher

A key driver of the ASX 200’s gains today has been rallying mining shares. Among the best performers are BHP Group Ltd (ASX: BHP) and Fortescue Metals Group Limited (ASX: FMG) shares, which have risen 3% and 4.5%, respectively, following a rebound in iron ore prices overnight.

Zip completes acquisition

The Zip Co Ltd (ASX: Z1P) share price is pushing higher today after announcing the completion of its acquisition of European BNPL provider Twisto Payments for $115.8 million in shares. Management notes that the acquisition provides Zip with a gateway to one of the world’s largest ecommerce markets and access to all 27 member states of the European Union. Some of Twisto’s flagship merchants include KFC, Pizza Hut, Secret Escapes, Gap, New Balance, Delivery Hero, Takeaway, Yves Rocher and Under Armour.

Link receives offer for BCM business

The Link Administration Holdings Ltd (ASX: LNK) share price is rising today after revealing that it has received an offer for its Banking and Credit Management (BCM) business. A syndicate led by Pepper European Servicing has tabled a conditional, non-binding indicative proposal to acquire BCM for up to 55 million euros (A$86.5 million).

Best and worst ASX 200 performers

The best performer on the ASX 200 on Friday has been the Champion Iron Ltd (ASX: CIA) share price with a 5.5% gain following a rise in iron ore prices. The worst performer on the index has been the Eagers Automotive Ltd (ASX: APE) share price with a 3% decline on no news.

The post ASX 200 (ASX:XJO) midday update: BHP & Fortescue rise, Zip completes acquisition appeared first on The Motley Fool Australia.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Link Administration Holdings Ltd and ZIPCOLTD FPO. The Motley Fool Australia has no position in any of the stocks mentioned. 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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