At lunch on Friday, the S&P/ASX 200 Index (ASX: XJO) is rebounding and on course to end the week on a high. The benchmark index is currently up 1.1% to 7,139.9 points.
Here’s what is happening on the ASX 200 today:
BHP shares rise on merger update
The BHP Group Ltd (ASX: BHP) share price is on course to end the week on a positive note. This follows news that Woodside Petroleum Limited (ASX: WPL) shareholders have voted in favour of the merger with BHP’s oil and gas portfolio. If all goes to plan, eligible BHP shareholders will receive one newly issued Woodside share for every 5.534 BHP shares they hold at the close of play on Thursday 26 May.
IGO’s lithium update
The IGO Ltd (ASX: IGO) share price is racing higher today. This follows news that the battery materials company has achieved the first and consistent production of battery grade lithium hydroxide from the Kwinana Lithium Hydroxide Refinery. Management believes this represents an important milestone for the lithium joint venture between IGO and lithium giant Tianqi Lithium Corporation.
Woolworths to acquire MyDeal
The Woolworths Group Ltd (ASX: WOW) share price is rising today after the retail giant announced a deal to acquire 80.2% of online marketplace MyDeal.com.au Ltd (ASX: MYD). Woolies will pay $1.05 cash per share, which represents a generous 62.8% premium to MyDeal’s last close price. The remaining 19.8% of MyDeal will be held by key management shareholders. This includes MyDeal’s CEO, Sean Senvirtne, who will hold an 18.9% stake.
Best and worst ASX 200 shares
The best performer on the ASX 200 on Friday has been the Novonix Ltd (ASX: NVX) share price with a 14% gain on no news. Though, its shares have been hammered recently and remain down 60% in 2022. The worst performer has been the Nufarm Ltd (ASX: NUF) share price with a 5% decline. This morning analysts at Morgans downgraded the company’s shares to a hold rating and cut the price target on them to $6.65.
The post ASX 200 midday update: BHP, IGO, and Woolworths higher appeared first on The Motley Fool Australia.
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More reading
- Here’s why the MyDeal share price is rocketing 56% today
- BHP share price higher following Woodside shareholder merger approval
- IGO share price surges 7% higher on lithium update
- Woolworths share price in focus on MyDeal acquisition proposal
- 5 things to watch on the ASX 200 on Friday
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 Scott Phillips.
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