The S&P/ASX 200 index is on course to record a disappointing decline on Wednesday. At lunch the benchmark index is down a sizeable 1% to 6,759.1 points.
Here's what has been happening on the market today:
WiseTech Global announces another acquisition.
The WiseTech Global Ltd (ASX: WTC) share price is tumbling lower after announcing its second acquisition in the space of a month. This morning it revealed that it will pay $15.5 million upfront to acquire Switzerland-based SISA Studio Informatica SA. The deal includes a further multi-year earn-out potential of up to ~$8.9 million. SISA Studio Informatica is a leading customs and freight forwarding solutions provider in the Swiss market.
Independence Group impresses.
The Independence Group NL (ASX: IGO) share price is racing higher on Wednesday after releasing a first half production update. That update revealed that the nickel miner's production during the half was well ahead of where it should be to achieve its FY 2020 guidance. Pleasingly, management appears confident its strong form will continue in the second half.
Bank shares drop lower.
The big four banks are on course to give back the strong gains they recorded on Tuesday. At lunch all four banks are down by at least 1.2%. The worst performer in the group is the Westpac Banking Corp (ASX: WBC) share price with a disappointing decline of 1.4%.
Best and worst performers.
The best performer on the index on Wednesday has been the Independence Group share price with a gain of 7%. Investors have been scrambling to buy shares after it smashed its pro-rated half year guidance for FY 2020. Going the other way, the worst performer on the ASX 200 today has been the Pilbara Minerals Ltd (ASX: PLS) share price. This appears to be down to profit taking after some strong gains by the lithium miner in 2020.
