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.

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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. 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.

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