ASX 200 down 0.6%: Telstra upgraded, Webjet rated as a buy, Westpac update
James Mickleboro | March 17, 2021 12:00pm |
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At lunch on Wednesday the
S&P/ASX 200 Index (ASX: XJO) is giving back the majority of yesterday’s gains. The benchmark index is down 0.6% to 6,784 points at the time of writing.
Here’s what is happening on the market today:
Telstra shares upgraded
The
Telstra Corporation Ltd(ASX: TLS) share price is rising today after being the subject of a positive broker note. According to a note out of Ord Minnett, its analysts have upgraded the telco giant’s shares to a buy rating with an improved price target of $4.05. The broker believes Telstra’s key post-paid mobile business is well-placed to benefit from the 5G rollout.
Why are Corporate Travel Management’s shares sinking today?
The Corporate Travel Management share price has come under pressure today after it announced that its Chief Executive Officer, Jamie Pherous, has offloaded a large number of shares.
According to the release, Mr Pherous disposed of 1.5 million of the company’s shares via an on-market trade on Tuesday.
The CEO was able to command an average of $21.00 per share sold, which equates to a total consideration of $31.5 million.
While no explanation was given for the sale, the company notes that Mr Pherous remains the company’s largest shareholder even after accounting for this transaction. He is left with a total of 19.24 million shares, which represents a 14.1% stake in the company.
ASX 200 flat: SEEK CEO exits, Afterpay sold off, BOQ surges higher
James Mickleboro | February 23, 2021 12:00pm |
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Here’s what is happening today:
SEEK founder and CEO to step down
The
SEEK Limited(ASX: SEK) share price has tumbled lower today despite upgrading its full year earnings guidance. Weakness in the tech sector and news that its founder and CEO, Andrew Bassat, is stepping down appear to be weighing on its shares. Former
Commonwealth Bank of Australia(ASX: CBA) boss, Ian Narev, will replace Mr Bassat on 1 July. Mr Narev is currently SEEK’s COO. SEEK also announced plans to sell down its stake in the China-based Zhaopin business.