At lunch on Friday the S&P/ASX 200 Index (ASX: XJO) is on course to end the week on a disappointing note. The benchmark index is currently down 0.3% to 6,661.5 points.
Here’s what has been happening on the market today:
CSL terminates COVID-19 vaccine trial.
The CSL Limited (ASX: CSL) share price has come under pressure after announcing the termination of its COVID-19 vaccine trial. While the vaccine has shown that it elicits a robust response towards the virus and has a strong safety profile, it was also causing a false positive on a range of HIV assays. This was due to the molecular clamp component of the vaccine, which interferes with certain HIV diagnostic assays. This means significant changes would need to have been made to well-established HIV testing procedures to accommodate the rollout of this vaccine.
Zip signs deal with Facebook.
The Zip Co Ltd (ASX: Z1P) share price is edging higher on Friday after announcing a deal with social media giant Facebook. The deal will see the buy now pay later company allow Australian small to medium-sized businesses pay for their advertising on Facebook through its Zip Business platform. It notes that this will allow businesses to reach the millions of Australians now shopping online, drive sales, and invest in growth, without impacting their cash-flow.
Westpac annual general meeting.
The Westpac Banking Corp (ASX: WBC) share price is trading lower on the day of its annual general meeting. At the meeting, management discussed its performance in FY 2020 and its plans for the future. In respect to the latter, Westpac’s CEO, Peter King, commented: “We are working hard to resolve our issues and simplify the business. We are underway but have much more to do. As CEO, my role is to build sustainable long-term value for shareholders, and I am personally committed to see this through.”
Best and worst ASX 200 performers.
The best performer on the ASX 200 on Friday by some distance has been the IGO Ltd (ASX: IGO) share price with a 24% gain. Investors have been buying the nickel producer’s shares after it completed its institutional placement and entitlement offer. These funds will be used to acquire a 49% stake in Tianqi Lithium Energy Australia. The worst performer has been the Breville Group Ltd (ASX: BRG) share price with a 3.5% decline on no news.
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More reading
- Why Eagers Automotive, IGO, Marley Spoon, & Zip shares are charging higher
- Westpac (ASX:WBC) share price lower on AGM update
- Aussie dollar breaking to new 30-month high will boost these ASX stocks
- Zip (ASX:Z1P) share price pushes higher on Facebook deal
- Why the IGO (ASX:IGO) share price shot up 18% in early trade today
James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of CSL Ltd. and ZIPCOLTD FPO. The Motley Fool Australia has no position in any of the stocks mentioned. 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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