At lunch on Wednesday, the S&P/ASX 200 Index (ASX: XJO) has bounced back from a poor start and is trading higher. The benchmark index is currently up 0.2% to 7,113.1 points.
Here’s what is happening on the ASX 200 today:
Mining sector lifts ASX 200
The mining sector has played a major role in driving the ASX 200 index into positive territory on Wednesday. The likes of Rio Tinto Limited (ASX: RIO) and South32 Ltd (ASX: S32) are storming higher following a strong night for commodity prices. According to CommSec, the spot iron ore price rose 3.8%, the aluminium price climbed 3.3%, and the thermal coal price jumped 14%.
PointsBet shares sink
The PointsBet Holdings Ltd (ASX: PBH) share price is tumbling lower today amid weakness in the tech sector and in response to a broker note out of Goldman Sachs. The latter has seen the broker retain its buy rating but slash its price target by a further 32% to $6.74. Goldman made the move to reflect a de-rating of peer multiples and lower earnings estimates.
Woodside shares hit 52-week high
The Woodside Petroleum Limited (ASX: WPL) share price has continued its impressive run on Wednesday. This morning the energy producer’s shares hit a new 52-week high of $29.72. This means the company’s shares are now up 31% in 2022. This appears to have been driven by a jump in oil prices to seven-year highs overnight.
Best and worst ASX 200 performers
The best performer on the ASX 200 on Wednesday has been the PolyNovo Ltd (ASX: PNV) share price with a 5.5% gain. This is despite there being no news out of the medical device company. Going the other way, the PointsBet share price is the worst performer with a 9% decline following Goldman’s broker note.
The post ASX 200 (ASX:XJO) midday update: Rio Tinto, South32 storm higher, PointsBet sinks appeared first on The Motley Fool Australia.
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More reading
- Why is the PointsBet (ASX:PBH) share price sinking 13% today?
- This broker tips South32 (ASX:S32) as one of the best ASX 200 mining shares to buy
- Own Woodside (ASX:WPL) shares? Here’s the latest on the energy giant’s major court win
- 5 things to watch on the ASX 200 on Wednesday
- Here are the top 10 ASX shares today
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. owns and has recommended POLYNOVO FPO and Pointsbet Holdings Ltd. The Motley Fool Australia has recommended Pointsbet Holdings Ltd. 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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