At lunch on Thursday, the S&P/ASX 200 Index (ASX: XJO) is on course to record another decline. The benchmark index is currently down 0.8% to 6,645.2 points.
Hereâs what is happening on the ASX 200 today:
Energy shares drop
The energy sector is weighing on the ASX 200 index on Thursday. The likes of Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) are tumbling following a pullback in oil prices overnight. This was driven by fears that a recession could lessen demand for oil. The S&P/ASX 200 Energy index is down 1.7% at the time of writing.
CSR announces share buyback
The CSR Limited (ASX: CSR) share price is trading lower today despite the company announcing a share buyback. The building products company is planning to return $100 million to shareholders via an on-market buyback. CSR notes that its strong balance sheet has positioned it to repurchase shares. A broker downgrade by Ord Minnett to “hold” appears to be offsetting this positive news.
OZ Minerals upgraded
The OZ Minerals Limited (ASX: OZL) share price is pushing higher today. This appears to have been driven by a broker note out of UBS. This morning the broker upgraded the companyâs shares to a buy rating with a $23.65 price target. It believes that OZ Minerals’ shares have dropped to an attractive level for investors to invest.
Best and worst ASX 200 performers
The best performer on the ASX 200 on Thursday has been the Pointsbet Holdings Ltd (ASX: PBH) share price with a 12% gain. This is despite there being no news out of the sports betting company. Going the other way, the worst performer has been the Coronado Global Resources Inc (ASX: CRN) share price with a 6% decline. This is likely to have been driven by a pullback in coal prices overnight.
The post ASX 200 midday update: Energy shares drop, PointsBet jumps appeared first on The Motley Fool Australia.
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More reading
- CSR share price lights up amid mega $100 million buyback
- Can the Beach Energy share price hit $1.95?
- Why have ASX lithium shares had such a lousy month in June?
- 5 things to watch on the ASX 200 on Thursday
- Volt gets packing as ASX 200 bank shares prove to be a formidable force
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 positions in and has recommended 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 Scott Phillips.
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