At lunch on Tuesday, the S&P/ASX 200 Index (ASX: XJO) is on course to record another decline. The benchmark index is currently up 0.25% to 7,459.8 points.
Here’s what is happening on the ASX 200 on Tuesday:
Crown keeps Melbourne licence
The Crown Resorts Ltd (ASX: CWN) share price is storming higher today after revealing that it will not be stripped of its casino licence in Melbourne. Although the final report of the Royal Commission into Crown’s suitability to run Crown Melbourne found the company unfit, it did not recommend removing its casino licence. Instead, the report recommends Crown keep its casino licence under the close watch of a special manager.
Pilbara Minerals-POSCO joint venture
The Pilbara Minerals Ltd (ASX: PLS) share price is back from its trading halt and surging higher. This morning the lithium producer announced the formation of an incorporated joint venture with Korean giant POSCO. The joint venture will develop and operate a 43ktpa lithium hydroxide monohydrate (LHM) conversion facility in South Korea. Pilbara Minerals will initially hold an 18% stake in the joint venture but has opportunities to increase this to 30% in the future.
Ampol Q3 update
The Ampol Ltd (ASX: ALD) share price is edging higher today following the release of its third quarter update. For the three months ended 30 September, the fuel retailer reported a 76% increase in unaudited EBIT to $102 million. This was largely driven by an improved performance from its Lytton refinery, which offset earnings declines from its Convenience Retail (CR) business due to lockdowns.
Best and worst ASX 200 performers
The best performer on the ASX 200 on Tuesday has been the Crown share price with a 9% gain. This follows the update on its Melbourne casino licence. The worst performer has been the Mineral Resources Limited (ASX: MIN) share price with a 7% decline following the release of its quarterly exploration and mining activities report.
The post ASX 200 (ASX:XJO) midday update: Crown and Pilbara Minerals surge higher appeared first on The Motley Fool Australia.
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More reading
- Pilbara Minerals (ASX:PLS) share price jumps 8% on POSCO joint venture news
- Why ASX lithium shares are surging higher on Tuesday
- Crown (ASX:CWN) share price surges 9% as Victorian casino licence pronounced safe
- Ampol (ASX:ALD) share price higher following Q3 update
- 5 things to watch on the ASX 200 on Tuesday
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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