At lunch on Friday, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week on a very disappointing note. The benchmark index is currently down 1.6% to 7,223.2 points.
Here’s what is happening on the ASX 200 today:
Whitehaven shares tumble on guidance downgrade
The Whitehaven Coal Ltd (ASX: WHC) share price is tumbling lower today after downgrading its production guidance. The coal miner revealed that it now expects coal production of 19 to 20.5 Mt in FY 2022. This is down from 20 to 21.5 Mt previously. In addition, coal sales have been downgraded and costs have been upgraded. This has been driven by La Niña and COVID impacts.
BHP shareholders approve unification
The BHP Group Ltd (ASX: BHP) share price is falling on Friday despite announcing the results of its unification vote. According to the release, the Big Australian will scrap its dual listing after shareholders voted overwhelmingly in favour of its unification. BHP has been tipped to go on a buying spree post-unification to boost its future growth.
Allkem shares fall on broker downgrade
The Allkem Ltd (ASX: AKE) share price is falling on Friday after being downgraded by the team at UBS. According to the note, the broker has downgraded the lithium miner’s shares to a neutral rating with a price target of $11.20. While UBS is positive on lithium prices and expects Allkem to benefit greatly, it doesn’t see enough value in its shares now to maintain a buy rating.
Best and worst ASX 200 performers
The best performer on the ASX 200 on Friday has been the Boral Limited (ASX: BLD) share price with a 2.5% gain on no news. Going the other way, the worst performer has been the Whitehaven Coal share price with an 8% decline following its guidance downgrade.
The post ASX 200 (ASX:XJO) midday update: Whitehaven sinks, BHP to unify appeared first on The Motley Fool Australia.
Wondering where you should invest $1,000 right now?
When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for over ten years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*
Scott just revealed what he believes could be the five best ASX stocks for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now.
*Returns as of January 12th 2022
More reading
- BHP (ASX:BHP) shareholders approve unification: What’s next for the mining giant?
- 5 things to watch on the ASX 200 on Friday
- Why were Rio Tinto (ASX:RIO) and BHP (ASX:BHP) shares in the green today?
- Here are the top 10 ASX shares today
- Here are the 3 most heavily traded ASX 200 shares this Thursday
Motley Fool contributor James Mickleboro owns Orocobre Limited. 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.
from The Motley Fool Australia https://ift.tt/3tJkNxc
Leave a Reply