ASX 200 up 0.2%: Westpac asset sale, Ramsay increases Spire offer

Here's what's happening today…

man thinking about whether to invest in bitcoin

Image source: Getty Images

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 Tuesday, the S&P/ASX 200 Index (ASX: XJO) is on track to record another small gain. The benchmark index is currently up 0.2% to 7,329.5 points.

Here's what's happening on the market today:

Westpac asset sale

The Westpac Banking Corp (ASX: WBC) share price is pushing higher today after announcing an agreement to sell its Westpac Life NZ business. The banking giant is selling the business to Fidelity Life Assurance Company for NZ$400 million (approximately A$373 million). The two parties have also entered into an exclusive 15-year agreement for the distribution of life insurance products to Westpac's New Zealand customers. This is expected to result in a post-tax gain on sale and add approximately 7 basis points to the bank's group common equity tier 1 capital ratio.

Ramsay increases offer for Spire

The Ramsay Health Care Limited (ASX: RHC) share price is trading largely flat today after increasing its takeover offer for UK-based private hospital operator, Spire Healthcare. According to the release, Ramsay has increased its cash offer to acquire Spire to 250 pence per share in cash. This compares to its previous offer of 240 pence per share. This values Spire's entire issued and to be issued share capital at approximately GBP1,041 million (A$1,900 million) on a fully diluted basis. Management advised that this is its final offer.

Ramelius falls short of guidance

The Ramelius Resources Limited (ASX: RMS) share price is under pressure today after falling short of its full year production guidance. For the 12 months ended 30 June, Ramelius achieved gold production of 272,109 ounces. While this was a record for the gold miner, it fell short of its upgraded guidance of 275,000 ounces to 280,000 ounces. Management blamed the miss on several issues such as rainfall and personnel shortages at the Edna May operation.

Best and worst ASX 200 performers

The best performer on the Genesis Energy Ltd (ASX: GNE) share price with a 6% gain on low volumes. The worst performer has been the Appen Ltd (ASX: APX) share price with a 5% decline. This appears to have been driven by a fund manager selling down its holding.

Motley Fool contributor James Mickleboro owns shares of Westpac Banking Corporation. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of and has recommended Appen Ltd. The Motley Fool Australia owns shares of and has recommended Appen Ltd. The Motley Fool Australia has recommended Ramsay Health Care 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

Mini house on a laptop.
Dividend Investing

Do ASX 200 dividend shares out-earn Aussie property?

We compare the forecast FY25 dividend yields of the top 10 ASX 200 companies to rental property yields.

Read more »

A fit woman in workout gear flexes her muscles with two bigger people flexing behind her, indicating growth.
Best Shares

Top ASX shares to buy with $500 in November 2024

$500 worth of ASX shares might not sound like a huge investment. But, to realise the benefits of compounding, you…

Read more »

A diverse group of people form a circle at a park and raise their arms together.
Share Market News

Here are the top 10 ASX 200 shares today

ASX investors ended the trading week on a high note this Friday...

Read more »

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 »

A businessman looking at his digital tablet or strategy planning in hotel conference lobby. He is happy at achieving financial goals.
Share Gainers

Why Catapult, De Grey Mining, Domino's, and Nufarm shares are charging higher

These shares are ending the week strongly. But why?

Read more »

A young woman holds an open book over her head with a round mouthed expression as if to say oops as she looks at her computer screen in a home office setting with a plant on the desk and shelves of books in the background.
Healthcare Shares

This ASX All Ords share is diving 18% as inflation pain draws blood

This healthcare company delivered a trading update at its annual general meeting today.

Read more »

Three analysts look at tech options on a wall screen
Technology Shares

Up 70%, is it too late to invest in Xero shares?

This ASX tech darling hit a new all-time share price record yesterday.

Read more »

A woman with a sad face looks to be receiving bad news on her phone as she holds it in her hands and looks down at it.
Share Fallers

Why Healius, Opthea, Peninsula Energy, and Wildcat shares are falling today

These shares are having a tough finish to the week. But why?

Read more »