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ASX200 dips; Corporate Travel Management announces strategic acquisition; BNK Banking Corp. soars 16% on sale of Finsure.

  • The ASX200 is trading 0.65% lower after lunchtime at 7330.4 points.
  • Corporate Travel Management announced Helloworld Travel corporate business acquisition.
  • BNK Banking Corporation soars 16% on Finsure sale to MA Financial.

The Australian market’s losses have extended into Wednesday as the key index trades 0.65% lower at 7330.40 after lunchtime, weighed down by a sharp sell off in tech stocks.

The tech sector tumble follows a turbulent session for the Nasdaq on Wall St overnight, with Megaport’s 5.33% dive leading the sector lower, followed by Codan down 4.5% and EML Payments trading 3.57% lower.

Bitcoin is trading 2.13% higher over the last 24-hours at US$47,910.59 at 1:15pm AEDT.

Corporate Travel Management (CTM) entered a trading halt today to announce it has entered into a binding agreement to acquire 100% of Helloworld Travel Ltd’s Corporate and Entertainment travel business in Australia and New Zealand for an enterprise value of $175m. The acquisition is highly complementary to CTM’s existing Australian and New Zealand corporate travel management operations, and adds industry verticals which are expected to perform strongly amid the COVID-19 recovery, according to CTM.

Making headlines, BNK Banking Corporate shares are rocketing almost 17% today so far after the financial services provider announced it has entered into a binding agreement to sell 100% of its mortgage broker network Finsure to MA Financial for $145m. Finsure is a leading Australian mortgage aggregator with a lending portfolio of $60.8bn, focused on the home lending market.

And just a short time after Pony.ai was granted a licence to test its fully-autonomous, driverless vehicles in California, the Department of Motor Vehicles has moved to suspend the company’s testing permit after one of the vehicles crashed into a centre divider containing a traffic sign.

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