ASX 200 midday update: ANZ confirms MYOB talks, energy shares fall

At lunch on Wednesday, the S&P/ASX 200 Index (ASX: XJO) is on course to record a small decline. The benchmark index is currently down 0.15% to 6,595.5 points.

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

Energy shares tumble

The energy sector is in the red on Wednesday with Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) shares posting declines after oil prices crashed overnight. According to Bloomberg, the WTI crude oil price was down 8% to US$95.64 a barrel and the Brent crude oil price sank 7.5% to US$99.10 a barrel. Demand concerns weighed heavily on oil prices.

ANZ confirms MYOB talks

The Australia and New Zealand Banking Group Ltd (ASX: ANZ) share price is the worst performer among the big four on Wednesday. Investors appear to have responded negatively to confirmation that the bank is in talks to acquire accounting platform MYOB from KKR. No agreement has been reached and no details have been provided in respect to what the acquisition could cost.

Tech shares rebound

The tech sector is bouncing back after a terrible performance on Tuesday. The likes of Megaport Ltd (ASX: MP1) and Xero Limited (ASX: XRO) are recording decent gains at the time of writing. This is helping to drive the S&P ASX All Technology index 1% higher at lunch.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Wednesday has been the Megaport share price with a 6% gain. Earlier this week Goldman Sachs reiterated its buy rating with a $9.00 price target on Megaport’s shares. Going the other way, the worst performer has been the Zip Co Ltd (ASX: ZIP) share price with a 4% decline. This morning UBS retained its sell rating and 45 cents price target on the company’s shares. It believes that significant uncertainty remains despite its merger termination.

The post ASX 200 midday update: ANZ confirms MYOB talks, energy shares fall appeared first on The Motley Fool Australia.

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

setButtonColorDefaults(“#43B02A”, ‘background’, ‘#5FA85D’);
setButtonColorDefaults(“#43B02A”, ‘border-color’, ‘#43A24A’);
setButtonColorDefaults(“#fff”, ‘color’, ‘#fff’);
})()

More reading

• Why are ASX 200 energy shares underperforming today?
• ANZ share price drops amid MYOB takeover talks
• This broker sees 30% upside for the Xero share price over the next year
• Can the second half of 2022 be even better for the Woodside share price?
• How does the Woodside dividend compare to Santos over the last 5 years?

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 MEGAPORT FPO, Xero, and ZIPCOLTD FPO. The Motley Fool Australia has positions in and has recommended Xero. The Motley Fool Australia has recommended MEGAPORT FPO. 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 https://ift.tt/2cnyWPE