ASX 200 midday update: Big four banks rebound, Atlas Arteria’s takeover update

A woman looks quizzical as she looks at a graph of the share market.

A woman looks quizzical as she looks at a graph of the share market.

At lunch on Friday, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week with another day in the red. The benchmark index is currently down 0.75% to 6,967.3 points.

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

Atlas Arteria takeover update

The Atlas Arteria Group (ASX: ALX) share price is trading largely flat on Friday. This is despite the toll road operator denying potential suitor IFM access to non-public information to support a takeover proposal. It has instead offered the investment company the chance to meet with management. IFM acquired a 15% stake in Atlas Arteria earlier this week.

Xero shares rise despite tech selloff

The Xero Limited (ASX: XRO) share price is rising despite weakness in the tech sector. This follows a positive response from analysts to the cloud accounting platform company’s price increases. Goldman Sachs, for example, has retained its buy rating and $118.00 price target. It is “confident Xero will be able to execute on these increases while preserving its existing subscriber base.” The S&P/ASX All Technology Index is down 1.1% at lunch.

Bank shares rebound

After a couple of terrible trading sessions, Australia’s big four banks are rebounding on Friday despite the market weakness. The best performer in the group has been the Australia and New Zealand Banking Group Ltd (ASX: ANZ) share price with a 1.5% gain. Investors appear to believe the big four banks have been oversold since the Reserve Bank lifted the cash rate on Tuesday. A note today reveals that analysts at Macquarie have have suggested the recent bank selloff is a buying opportunity.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Friday has been the Healius Ltd (ASX: HLS) share price with a 3% gain on no news. Going the other way, the Lynas Rare Earths Ltd (ASX: LYC) share price is the worst performer with a 7.5% decline amid weakness in the resources sector. The S&P/ASX 200 Resources index is down 2.3% at lunch.

The post ASX 200 midday update: Big four banks rebound, Atlas Arteria’s takeover update appeared first on The Motley Fool Australia.

Wondering where you should invest $1,000 right now?

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for over ten years has provided thousands of paying members with stock picks that have doubled, tripled or even more.* Scott just revealed what he believes could be the “five best ASX stocks” for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now

See The 5 Stocks
*Returns as of January 12th 2022

(function() {
function setButtonColorDefaults(param, property, defaultValue) {
if( !param || !param.includes(‘#’)) {
var button = document.getElementsByClassName(“pitch-snippet”)[0].getElementsByClassName(“pitch-button”)[0];[property] = defaultValue;

setButtonColorDefaults(“#0095C8”, ‘background’, ‘#5FA85D’);
setButtonColorDefaults(“#0095C8”, ‘border-color’, ‘#43A24A’);
setButtonColorDefaults(“#fff”, ‘color’, ‘#fff’);

More reading

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 positions in and has recommended Xero. The Motley Fool Australia has positions in and has recommended Xero. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

from The Motley Fool Australia

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s