At lunch on Wednesday, the S&P/ASX 200 Index (ASX: XJO) has given back its early gains and is now trading lower. The benchmark index is currently down 0.2% to 7,340.3 points.
Here’s what is happening on the ASX 200 today:
Rio Tinto acquires lithium operation
The Rio Tinto Limited (ASX: RIO) share price is trading lower today despite announcing an acquisition. The mining giant intends to pay US$825 million or A$1.15 billion on the Argentina-based Rincon lithium project. The release notes that it is a large brine project with the potential to be one of the lowest carbon operations in the industry.
Pilbara Minerals shares surge higher
The Pilbara Minerals Ltd (ASX: PLS) share price is surging higher today following the release of a bullish broker note out of Macquarie Group Ltd (ASX: MQG). Its analysts suspect that lithium prices could remain at sky high levels for the next four years. As a result, they have upgraded their earnings forecasts and price target on Pilbara Minerals’ shares accordingly. Macquarie now has an outperform rating and $3.70 price target on its shares.
Charter Hall tumbles
The Charter Hall Group (ASX: CHC) share price is tumbling today after announcing the acquisition of a 50% interest in Paradice Investment Management (PIM). Charter Hall will pay $207 million for the stake. This comprises 70% in shares and 30% in cash. PIM is a fund manager with around $18.2 billion in funds under management.
Best and worst ASX 200 performers
The best performer on the ASX 200 on Wednesday has been the Pilbara Minerals share price with a 7%. Macquarie’s bullish note appears to be behind this. The worst performer has been the Charter Hall share price with a 5% decline. Investors don’t appear keen on its new acquisition.
The post ASX 200 (ASX:XJO) midday update: Rio Tinto’s lithium acquisition, Pilbara Minerals jumps 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 more than eight 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 August 16th 2021
More reading
- Should Appen (ASX:APX) shareholders worry about Amazon in 2022?
- Invested in Wesfarmers (ASX:WES) shares? Here’s what to watch in 2022
- Charter Hall (ASX:CHC) share price sinks 6% on acquisition news
- Macquarie names the best ASX lithium shares to buy in 2022
- Rio Tinto (ASX:RIO) share price slumps amid $1.15b lithium acquisition
from The Motley Fool Australia https://ift.tt/3ehvbDs
Leave a Reply