The S&P/ASX 200 Index (ASX: XJO) went up by 1.84% today to 6,063 points.
There was volatility for the ASX's leading buy now, pay later business today:
Afterpay Ltd (ASX: APT)
The Afterpay share price dropped 1.9% to $82.50 today, however it dropped as low as $74 in early trading.
The ASX 200 buy now, pay later (BNPL) sector learned that PayPal is going to launch its own interest-free instalment option for customers.
However, the CEO of BNPL peer Sezzle Inc (ASX: SZL), Charlie Youakim, was quoted by the Australian Financial Review offering a bit of reassurance:
"We always expected further competition in the buy now, pay later space and we are more than prepared for it.
"The buy now, pay later sector in the US is very nascent compared to Australia and there is more than room for multiple players.
"BNPL makes up just 1 per cent of the e-commerce payment mix in the US, whereas in Australia, it's 8 per cent. E-commerce comprises just 12.5 per cent of the $5.4 trillion retail market. The market is enormous.
"We're constantly evolving and adapting to the needs and wants of our consumers, rolling out new products, and expanding into new geographies."
The Sezzle share price finished lower by 3.8%. The Afterpay share price decline was among the worst performers in the ASX 200.
AMP Limited (ASX: AMP)
AMP has announced it's going to undertake a portfolio review of its assets and businesses.
The company said the review may conclude that AMP's current mix of assets and businesses delivers the best value for shareholders and may not result in a recommendation to pursue any specific transaction.
AMP said it periodically receives unsolicited interest in its assets and businesses. There has been a recent increase in the interest and enquiries to AMP. The review will look at both the relative merits as well as the potential separation costs and the 'dis-synergies' with a focus on maximising shareholder value.
Whilst the review goes on the company will continue to implement the planned transformation strategy.
AMP chair Debra Hazelton said: "The board believes that AMP has high-quality businesses with significant strategic value. The board and management firmly believe in our existing strategy, including a repivot to private markets in AMP Capital and are confident that this will deliver long-term value for shareholders. However, we have taken a decisive step to undertake a portfolio review to ensure we appropriately assess all options to maximise shareholder value in a considered and disciplined manner."
The AMP share price rose by almost 5%, making it one of the best performers in the ASX 200.
Nufarm Limited (ASX: NUF)
Agribusiness Nufarm saw its share price rise by 2.5% today. It announced impairments today as well as providing FY20 guidance.
Nufarm announced it expects to recognise $215 million of impairment charges relating to its European assets. It comprises a $190 million pre-tax impairment relating to intangible assets and a derecognition of tax assets of approximately $25 million.
The impairment was decided after taking into account the recent operating performance and a moderated outlook of future earnings based on an expectation of continuing margin pressure due to higher manufacturing costs and increased competition.
Based on preliminary, unaudited accounts, Nufarm expects underlying earnings before interest, tax, depreciation and amortisation (EBITDA) to between $290 million to $300 million. After the sale of its South American businesses, underlying EBITDA from continuing operations is expected to be in the range of $230 million to $240 million.
Australia was a highlight with drought breaking rains on the east coast of Australia in late January. There has been strong demand for crop protection products which has more than doubled second half underlying EBITDA for the ANZ business and provides a "much stronger outlook" for the summer cropping season.
