ASX 200 up 0.6%: Vocus rockets, Zip surges, & Treasury Wine rebuffs speculation

Vocus Group Ltd (ASX:VOC) and Zip Co Ltd (ASX:Z1P) shares are making a big splash on the ASX 200 on Monday. Here's why…

| More on:

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

At lunch on Monday the S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a solid gain. The benchmark index is up 0.6% to 6,882.2 points.

Here's what is happening on the market today:

Vocus takeover approach

The Vocus Group Ltd (ASX: VOC) is rocketing higher today after being the subject of a takeover approach. The telco has received a confidential non-binding, indicative proposal from Macquarie Infrastructure and Real Assets (MIRA) and its managed funds. According to the release, MIRA has made an offer of $5.50 per share. This represents a 25.5% premium to its last close price. Vocus has granted MIRA with due diligence access.

Zip surges higher

The Zip Co Ltd (ASX: Z1P) share price is surging notably higher on Monday. This appears to have been driven by speculation that the company could be considering a secondary listing in the United States. This is expected to give the buy now pay later provider greater access to US capital markets. According to the AFR, management will spend the next few days in front of US investors. It will no doubt be highlighting the meteoric growth of its US based QuadPay business.

Treasury Wine demerger speculation rebuffed

The Treasury Wine Estates Ltd (ASX: TWE) share price is pushing higher today despite rebuffing speculation that it is planning to split into three separate entities. The wine company advised that it "has formally paused work on a potential demerger of its Penfolds brand, and further that it is not currently considering a demerger of any brands/businesses within its portfolio."

Best and worst ASX 200 performers

The best performer on the ASX 200 on Monday has been the Vocus share price with its 14% gain. This follows the aforementioned receipt of a takeover approach. The worst performer has been the News Corp (ASX: NWS) share price with a 3.5% decline. This appears to be due to profit taking after a particularly strong gain last week.

James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of ZIPCOLTD FPO. The Motley Fool Australia owns shares of and has recommended Treasury Wine Estates Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Share Market News

Woman in celebratory fist move looking at phone
Broker Notes

Top brokers name 3 ASX shares to buy next week

Brokers gave buy ratings to these ASX shares last week. Why are they bullish?

Read more »

A female financial services professional with a manicured black afro hairstyle turns an ipad screen to show a client across the table a set of ASX shares figures in graph format.
Share Market News

Record CBA share price and blockbuster merger push ASX 200 financials sector to the top

ASX financial stocks led the 11 market sectors last week with a 1.95% gain.

Read more »

A graphic showing a businessman running up a white upwards rising arrow symbolising the soaring Magellan share price today
Share Market News

CBA Shares in focus: How Australia's most valuable company is using AI to compete

Could AI initiatives drive CBA shares higher?

Read more »

Man jumps for joy in front of a background of a rising stocks graphic.
Broker Notes

These ASX 200 shares could rise 20% to 50%

Looking for big returns? Brokers think these shares could do the job.

Read more »

asx share price represented by cartoon letters spelling the word FOMO
Share Market News

What did Macquarie's "FOMO Meter" reveal about the stock market in May?

Is the market getting frothy or is there still room to climb?

Read more »

Market up or down
Share Gainers

Here are the top 10 ASX 200 shares today

ASX investors had a rough end to the week...

Read more »

Man in an office celebrates at he crosses a finish line before his colleagues.
Share Gainers

4 ASX 200 shares racing ahead of the benchmark this week

ASX investors sent these four stocks soaring 12% to 18% this week. But why?

Read more »

A young man sits at his desk working on his laptop with a big smile on his face.
Broker Notes

Brokers name 3 ASX shares to buy today

Here's why brokers are feeling bullish about these three shares this week.

Read more »