At lunch on Wednesday, the S&P/ASX 200 Index (ASX: XJO) is on course to record a disappointing decline. The benchmark index is currently down 0.5% to 7,340.1 points.
Here's what is happening on the ASX 200 today:
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Corporate Travel Management equity raising
The Corporate Travel Management Ltd (ASX: CTD) share price is in a trading halt today as it seeks to raise $100 million via a $75 million institutional placement and a $25 million share purchase plan. These funds will be raised at $21.00 per new share, which represents a 5.8% discount to its last close price. Corporate Travel Management is acquiring the corporate and entertainment travel businesses in Australia and New Zealand of Helloworld Travel Limited (ASX: HLO).
CSL shares upgraded
The CSL Limited (ASX: CSL) share price could be great value according to the team at Citi. In response to its acquisition of Vifor Pharma for $17.2 billion, this morning the broker upgraded the biotherapeutics company's shares to a buy rating with a $340.00 price target. Citi commented: "We calculate the acquisition to be ~9% accretive to NPATA per share."
Westpac annual general meeting
The Westpac Banking Corp (ASX: WBC) share price is pushing higher today following the release of its annual general meeting presentation. At the meeting, Westpac's Chair, John McFarlane, quashed concerns about its cost cutting plans. He firmly believes that the bank's cost base can reduce to $8 billion by 2024. This compares to $13.3 billion or $10.9 billion excluding notable items in FY 2021.
Best and worst ASX 200 performers
The best performer on the ASX 200 on Wednesday has been the Alumina Limited (ASX: AWC) share price with a 3% gain on the back of no news. The worst performer has been the Pointsbet Holdings Ltd (ASX: PBH) share price with a 5% decline. This follows broad weakness in the tech sector after a poor night of trade on Wall Street's Nasdaq index.
