It has been a volatile day of trade for the S&P/ASX 200 Index (ASX: XJO) on Tuesday. At lunch the benchmark index has given back its late morning gains and is now down 0.1% to 5,812.6 points.

Here’s what has been happening on the market today:

Bank shares drop lower.

The big four banks are trading lower ahead of the Reserve Bank’s meeting this afternoon. At lunch all of the big four are in the red and acting as a drag on the index. The worst performer in the group has been the Westpac Banking Corp (ASX: WBC) share price with a 1% decline.

ANZ asset sale.

The Australia and New Zealand Banking GrpLtd (ASX: ANZ) share price is trading lower today after announcing an asset sale. ANZ has agreed to sell its New Zealand asset finance business, UDC Finance, to Japan’s Shinsei Bank for NZ$762 million. The sale will provide ~A$439 million (~10bps) of Level 2 Group CET1 capital at settlement. It will also release more than NZ$2 billion of funding provided by ANZ New Zealand.

Vicinity completes placement.

The Vicinity Centres (ASX: VCX) share price has dropped lower after returning from its trading halt. This follows the completion of its $1.2 billion institutional placement. These funds were raised at $1.48 per share, representing a discount of 8% to its last close price. Management advised that the equity raising will strengthen its balance sheet and provide the shopping centre operator with flexibility to respond to the uncertainty caused by COVID-19 and the evolving retail landscape.

Best and worst ASX 200 performers.

The best performer on the ASX 200 on Tuesday has been the Domain Holdings Australia Ltd (ASX: DHG) share price with an 8.5% gain. This may be down to better than expected Australian house price data. The worst performer has been the Vicinity share price with a 3.5% decline after its placement.

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Motley Fool contributor James Mickleboro owns shares of Westpac Banking. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. 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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In late morning trade the S&P/ASX 200 Index (ASX: XJO) is on course to record another gain. At the time of writing the benchmark index is up 0.25% to 5,832.9 points.

Four shares that have climbed more than most today are listed below. Here’s why they are pushing higher:

The Amaysim Australia Ltd (ASX: AYS) share price has jumped 11% to 35.5 cents. This follows media speculation that the telco company is about to offload its energy business. Amaysim responded to the speculation by confirming that it engaged Luminis Partners some time ago to assist the board with considering options to unlock shareholder value. This includes looking at options for the energy business. However, it stopped short of confirming that a deal is close to being done.

The Bingo Industries Ltd (ASX: BIN) share price has surged 6% higher to $2.68. The catalyst for this strong gain appears to be a broker note out of Citi on Monday. Its analysts upgraded Bingo’s shares to a buy rating with a $3.10 price target. Citi believes concerns over a market share war are unnecessary and appears positive on margin improvements over the long term.

The Brickworks Limited (ASX: BKW) share price has risen 2.5% to $16.03. This follows the release of a trading update this morning by the building products company. For the four months ending 31 May, its BP Australia sales were down 10% on the prior corresponding period. BP North America sales were up 26% (due to acquisitions) and down 30% on a like for like basis. Some investors may have been expecting worse.

The BlueScope Steel Limited (ASX: BSL) share price has stormed 5% higher to $11.76. Investors have been buying the steel producer’s shares after analysts at Ord Minnett reiterated their accumulate rating and $11.90 price target. According to the note, the broker feels that now could be a good time to invest. It believes the worst is behind the company.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Brickworks. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. 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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The Amaysim Australia Ltd (ASX: AYS) share price is flying higher this morning after the company released an announcement in response to recent media speculation. 

Amaysim is a subscription utility provider, delivering mobile and energy plans to customers around the country. The company launched in 2010 and is Australia’s fourth-largest mobile service provider.

At the end of last year, Amaysim had 1.05 million total mobile subscribers and 201,000 energy subscribers.

Why the Amaysim share price is spiking today

This morning, Amaysim responded to recent media speculation about potential interest in its energy business.

“amaysim does, from time to time, receive a broad spectrum of interest in relation to its businesses. It is amaysim’s policy not to comment on, or engage with, market or media speculation,” the announcement read.

Shedding a bit more light, the company said, “as requested by the ASX, the company confirms that it engaged Luminis Partners some time ago to assist the Board with considering options to unlock shareholder value, including in respect of the energy business. A data room is maintained for the purpose of facilitating discussions with interested parties.”

Amaysim closed out the announcement by stating it is pleased with its overall performance in the current environment and confirmed it is in compliance with continuous disclosure obligations under the ASX Listing Rules.

Today’s announcement follows a report from the Australian Financial Review (AFR) last night that Origin Energy Ltd (ASX: ORG) is in the Amaysim data room, preparing a bid for Amaysim’s electricity and gas retailer, Click Energy. Amaysim acquired Click Energy in May 2017 for $120 million.

According to the AFR, the data room was originally set up to gauge investor interest in a potential capital injection or takeover. However, bidders quickly narrowed its sights to Amaysim’s energy operations.

The AFR believes the sale process has entered the second round and suitors have been sinking their teeth into detailed diligence measures. 

After being up by as much as 21.88% in early trade, the Amaysim share price is sitting 15.62% higher at the time of writing at 37 cents per share.

More reading

• Why Amaysim, Bingo, Brickworks, & BlueScope are pushing higher today
• 3 ASX sectors to benefit from local supply chains
• 3 ASX 200 energy shares to buy before crude oil price rises
• Leading fund manager sees good ASX buying opportunities
• Got $2,000? Here are 2 ASX 200 energy shares to buy today

Motley Fool contributor Cathryn Goh has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. 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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