At lunch on Tuesday, the S&P/ASX 200 Index (ASX: XJO) is on course to record a disappointing decline. The benchmark index is current down 0.5% to 7,011.9 points.
Here's what is happening on the market today:
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Takeover offers
Both the Bingo Industries Ltd (ASX: BIN) share price and the Tabcorp Holdings Limited (ASX: TAH) share price are storming higher today follow the receipt of takeover offers. Macquarie Infrastructure and Real Assets has tabled a $2.3 billion offer for Bingo and UK-based Entain has increased its bid for the Tabcorp's wagering and media unit from $3 billion to $3.5 billion. While Bingo's board is recommending its approach, Tabcorp advised that it is yet to form a view on the latest offer.
BlueScope guidance upgrade
The BlueScope Steel Limited (ASX: BSL) share price is rising today after upgrading its guidance for FY 2021. The steel manufacturer now expects its underlying earnings before interest and tax (EBIT) for the second half to be in the range of $1 billion to $1.08 billion. This compares very favourably to its previous guidance range of $750 million to $830 million. A key driver of this outperformance was its US-based North Star business.
IRESS update
The IRESS Ltd (ASX: IRE) share price is pushing higher today after upgrading its net profit after tax guidance for FY 2021. The financial technology company now expects its earnings to be between $70 million and $77 million. This compares to previous guidance of $56 million and $63 million. This follows IRESS concluding its QuantHouse earnout ahead of schedule, enabling the full integration of the business.
Best and worst ASX 200 performers
The best performer on the ASX 200 on Tuesday has been the Bingo share price with a 6.5% gain following its takeover approach. Going the other way, the worst performer has been the Zip Co Ltd (ASX: Z1P) share price with a decline of almost 4% on no news. Positively, despite this decline, the Zip share price is still up 47% year to date.
