ASX 200 midday update: Iress sinks on CEO exit, Flight Centre shares descend

A man working in the stock exchange.

A man working in the stock exchange.

At lunch on Tuesday, the S&P/ASX 200 Index (ASX: XJO) is having a very subdued day. The benchmark index is currently down a fraction to 6,789.8 points.

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

Iress tumbles on CEO exit

The Iress Ltd (ASX: IRE) share price is sinking deep into the red on Tuesday following news that the financial technology company’s CEO is leaving. Iress CEO, Andrew Walsh, is retiring at the start of October after 21 years with the company and 13 years as its leader. Walsh will remain with Iress as a consultant until the end of January 2023. He will be replaced by Marcus Price.

Flight Centre shares tumble

The Flight Centre Travel Group Ltd (ASX: FLT) share price has come under pressure today. Investors have been selling the travel agent’s shares following a lukewarm response from brokers to its guidance upgrade on Monday. This morning Credit Suisse put an underperform rating and $14.00 price target on the company’s shares. Elsewhere, Morgans has warned that Flight Centre’s earnings may not recover to pre-COVID levels until FY 2025.

South32 shares charge higher

The South32 Ltd (ASX: S32) share price is on form on Tuesday. In contrast to Flight Centre, brokers have responded very positively to this mining giant’s latest update. For example, the team at Goldman Sachs has reiterated its conviction buy rating with a $4.90 price target. Elsewhere Citi has retained its buy rating with a $4.90 price target and Macquarie has held firm with its outperform rating with a $5.90 price target.

Best and worst ASX 200 performers

The best performer on the ASX 200 by some distance on Tuesday has been the Zip Co Ltd (ASX: ZIP) share price. The buy now pay later provider’s shares are inexplicably up 15% at lunch on new news. Going the other way, the worst performer has been the Iress share price with an 11% decline. This is in response to the exit of its long-serving CEO.

The post ASX 200 midday update: Iress sinks on CEO exit, Flight Centre shares descend 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 ZIPCOLTD FPO. The Motley Fool Australia has recommended Flight Centre Travel Group Limited. 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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