At lunch on Wednesday the S&P/ASX 200 index is on course to record another disappointing decline. At the time of writing the benchmark index is down 0.5% to 6,099.1 points.
Here's what has been happening on the ASX today:
Lynas rejects Wesfarmers takeover offer.
The Lynas Corporation Ltd (ASX: LYC) share price has edged higher on Wednesday after providing a response to the $2.25 cash per share takeover offer from Wesfarmers Ltd (ASX: WES). According to the release, the Lynas board has evaluated the indicative non-binding highly conditional proposal and concluded that it will not engage with Wesfarmers on the terms outlined within it.
Eclipx share price rebounds.
The Eclipx Group Ltd (ASX: ECX) share price has stormed higher and is up 18% at lunch after the embattled diversified financial services company released a market update. According to the update, the company has confirmed it remains compliant with its corporate debt covenants and has net debt of $283.7 million at present.
Tech shares rise.
The tech sector has been one of the best performing areas of the market on Wednesday. Appen Ltd (ASX: APX) and Xero Limited (ASX: XRO) shares are leading the way with gains of around 1.5% each at lunch. The S&P/ASX 200 Info Tech index is up 0.3% at the time of writing.
Bank shares slide lower.
It has been another disappointing day of trade for Australia's big four banks. All four banks are in the red at lunch, with Australia and New Zealand Banking Group (ASX: ANZ) and Westpac Banking Corp (ASX: WBC) shares the worst performers with declines of more than 0.75%.
Best and worst performers.
The best performer on the ASX 200 by some distance on Wednesday is the Eclipx share price. The next best performer is the Challenger Ltd (ASX: CGF) share price which has built on yesterday's strong gain with a 2% rise. Takeover speculation is largely behind this rise. Going the other way is the Tassal Group Limited (ASX: TGR) share price which has dropped 7% after the AFR reported that listeria was detected in its salmon when tested at a Queensland warehouse in February.
