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ASX 200 lunch update: Caltex, SEEK, & Westpac higher

James Mickleboro
asx 200

At lunch on Tuesday the S&P/ASX 200 index is on course to continue its positive run. At the time of writing the benchmark index is up 0.9% to 6,789.1 points.

Here’s what has been happening on the market today:

Westpac announces CEO and chairman exits.     

The Westpac Banking Corp (ASX: WBC) share price is pushing higher on Tuesday after announcing the exit of both its CEO and chairman. Westpac chairman Lindsay Maxsted revealed that Brian Hartzer will be stepping down from the CEO role following the AUSTRAC scandal. He will be replaced on an acting basis by the bank’s current chief financial officer, Peter King. Mr Maxsted will step down during the first half of next year.

Caltex takeover.

The Caltex Australia Limited (ASX: CTX) share price has rocketed higher on Tuesday. This follows an announcement out of the fuel retailer revealing the receipt of an unsolicited takeover proposal from Alimentation Couche-Tard (ACT). ACT has offered an indicative cash price of $34.50 cash per share, less any dividends declared by Caltex. The board is currently considering the offer having previously rejected a $32.00 per share proposal.

Bank of Queensland tumbles.

The Bank of Queensland Limited (ASX: BOQ) share price has tumbled lower today after successfully completing its $250 million institutional share placement. The bank revealed that it raised the funds at the very top of its price range at $7.78 per new share. This was a 10% discount to the last close price.

SEEK annual general meeting.

The SEEK Limited (ASX: SEK) share price is pushing higher after providing a trading update at its annual general meeting. The job listings company reiterated its guidance for FY 2020, but warned that trading conditions are tough. SEEK expects to report a net profit between $145 million to $155 million in FY 2020.

Best and worst performers.

The best performer on the ASX 200 index at lunch is the Caltex share price. It is up a sizeable 12% after receiving a takeover approach from Alimentation Couche-Tard. Going the other way is the Bank of Queensland share price. It is down 6% at lunch after completing its $250 million institutional share placement.

The post ASX 200 lunch update: Caltex, SEEK, & Westpac higher appeared first on Motley Fool Australia.

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Motley Fool contributor James Mickleboro owns shares of SEEK Limited and Westpac Banking. The Motley Fool Australia has recommended SEEK Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

The Motley Fool's purpose is to help the world invest, better. Click here now for your free subscription to Take Stock, The Motley Fool's free investing newsletter. Packed with stock ideas and investing advice, it is essential reading for anyone looking to build and grow their wealth in the years ahead. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson. 2019