ASX 200 (ASX:XJO) midday update: Pilbara Minerals hits record high, energy shares rise

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At lunch on Tuesday, the S&P/ASX 200 Index (ASX: XJO) is on course to start 2022 in a very positive fashion. The benchmark index is currently up 1.3% to 7,541.1 points.

Here’s what is happening on the ASX 200 today:

Coal miners rise

It has been a great start to the year for coal miners. With Indonesia banning thermal coal exports, coal prices have risen and are being tipped to continue rising if the ban continues. The Whitehaven Coal Ltd (ASX: WHC) share price jumped as much as 95% on the news. Morgan Stanley commented on the news, stating: “Losing 40% of the seaborne market overnight, in the midst of peak winter demand, could set us up for another coal price spike.”

Pilbara Minerals share reach new high

Another ASX 200 share rising strongly today has been Pilbara Minerals Ltd (ASX: PLS). The lithium miner’s shares jumped 9% to a record high of $3.51 this morning. This is despite there being no news out of the company. However, as mentioned previously, the team at Macquarie recently reiterated its outperform rating and lifted its price target to $3.70.

Energy share rise

It has been a good start to the year for Australian energy shares. The likes of Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) shares are pushing higher today following a rise in oil prices overnight. News that Libyan output will drop 200,000 barrels per day for one week due to pipeline maintenance gave prices a boost. At the time of writing, the S&P/ASX 200 Energy index is up 3%.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Tuesday has been the Lynas Rare Earths Ltd (ASX: LYC) share price with a gain of 9.5% on no news. The rare earths producer’s shares were among the best performers on the ASX 200 in 2021. The worst performer today has been the St Barbara Ltd (ASX: SBM) share price with a decline of almost 4% after weakness in the gold price.

The post ASX 200 (ASX:XJO) midday update: Pilbara Minerals hits record high, energy shares rise appeared first on The Motley Fool Australia.

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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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