At lunch on Wednesday, the S&P/ASX 200 Index (ASX: XJO) is on course to record another solid gain. The benchmark index is currently up 0.7% to 7,514.9 points.
Here’s what is happening on the ASX 200 today:
Telstra CEO to retire
The Telstra Corporation Ltd (ASX: TLS) share price is in the red today. This follows news that the telco giant’s chief executive officer, Andrew Penn, will be stepping down from the role at the end of August. He will be replaced by the company’s current chief financial officer, Vicki Brady. She will take over on 1 September but will be working with Penn over the coming months to ensure that the transition is a smooth one.
Eagers Automotive announces acquisition
The Eagers Automotive Ltd (ASX: APE) share price is pushing higher today after the automotive retailer announced a major acquisition. According to the release, Eagers Automotive has entered into a non-binding agreement with WFM Motors to acquire a portfolio of dealerships and associated properties located in Canberra for approximately $205 million. The portfolio covers a range of brands including Toyota, Ford, Volkswagen, Jeep, Lexus, Subaru, Mitsubishi, Volvo, and GMSV.
Fortescue’s deal with E.ON
The Fortescue Metals Group Limited (ASX: FMG) share price is rising after the mining giant confirmed the signing of a memorandum of understanding with Germany’s E.ON. As part of the agreement, the company’s Fortescue Future Industries business will aim to supply Germany with green hydrogen by 2030. Fortescue estimates that it will require a US$50 billion investment but isn’t committing to this expenditure at this stage.
Best and worst ASX 200 performers
The best performer on the ASX 200 on Wednesday has been the Magellan Financial Group Ltd (ASX: MFG) share price with an 8% gain. Investors may believe this fund manager’s shares have been oversold following a severe decline this year. The worst performer has been the Incitec Pivot Ltd (ASX: IPL) share price with a 5% decline. This is despite there being no news out of the agricultural chemicals company.
The post ASX 200 (ASX:XJO) midday update: Telstra CEO steps down, Fortescue confirms E.ON deal appeared first on The Motley Fool Australia.
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More reading
- Why is the Fortescue share price paused?
- What you need to know about the new Telstra CEO
- Telstra share price on watch amid shock CEO exit
- 2 ASX dividend shares analysts rate as buys for April
- 5 things to watch on the ASX 200 on Wednesday
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. has no position in any of the stocks mentioned. The Motley Fool Australia owns and has recommended Telstra Corporation Limited. 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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