At lunch on Friday, the S&P/ASX 200 Index (ASX: XJO) is on course to record a small gain. The benchmark index is currently up 0.2% to 7,267.4 points.
Here’s what is happening on the ASX 200 today:
Energy shares rise
It has been a good day for energy shares such as Santos Ltd (ASX: STO) and Woodside Petroleum Limited (ASX: WPL) on Friday. They are on course to end the week on a high after oil prices surged higher overnight. Traders were bidding oil prices higher after the IEA warned that supply is expected to fall more than demand.
Megaport shares sink on chairman share selldown
The Megaport Ltd (ASX: MP1) share price is sinking on Friday after the network as a service provider revealed that its founder and chairman, Bevan Slattery, has offloaded 3 million shares. Mr Slattery sold the shares for a discount of $13.05 per share, which equates to a total consideration of approximately $39 million. The chairman advised that he remains confident on Megaport’s future and was selling shares to fund other investments.
Zip shares jump
The Zip Co Ltd (ASX: Z1P) share price has continued its recovery on Friday. The buy now pay later provider’s shares have charged higher for a second day in a row. This is despite the rest of the tech sector having a subdued day. Investors appear to believe the Zip share price could have bottomed now.
Best and worst ASX 200 performers
The best performer on the ASX 200 on Friday has been the Zip share price with a 5.5% gain on no news. Going the other way, the worst performer has been the Megaport share price with a 7% decline. This follows Bevan Slattery’s $39 million share sale this morning.
The post ASX 200 (ASX:XJO) midday update: Energy shares rise on oil price jump, Megaport sinks appeared first on The Motley Fool Australia.
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More reading
- Megaport (ASX:MP1) share price sinks 7% after $39m founder share sale
- Why the wild ride looks set to continue in 2022 for Santos (ASX:STO) shares
- Why brokers love these ASX mining shares
- 5 things to watch on the ASX 200 on Friday
- These 3 ASX 200 shares are topping the volume charts this Thursday
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 and has recommended MEGAPORT FPO and ZIPCOLTD FPO. The Motley Fool Australia has recommended MEGAPORT 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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