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ASX 200 midday update: BHP and Pilbara Minerals shares tumble

The ASX 200 is having a strong day…
The post ASX 200 midday update: BHP and Pilbara Minerals shares tumble appeared first on The Motley Fool Australia. –

At lunch on Wednesday, the S&P/ASX 200 Index (ASX: XJO) is back on form and charging higher. The benchmark index is currently up 0.8% to 7,183.6 points.

Here’s what is happening on the ASX 200 today:

BHP share price sinks

The BHP Group Ltd (ASX: BHP) share price has taken a big tumble on Wednesday. This has been driven by the Big Australian’s shares trading ex-dividend for its in-specie dividend. Eligible BHP shareholders can now look forward to receiving one new Woodside Energy Group Ltd (ASX: WDS) share for every 5.534 BHP shares they own when the demerger of BHP’s petroleum assets completes on June 1.

Pilbara Minerals shares fall following BMX auction

The Pilbara Minerals Ltd (ASX: PLS) share price is dropping today. This is despite the lithium miner releasing the results of the fifth Battery Material Exchange (BMX) auction. A cargo of 5,000 dmt at a target grade of ~5.5% lithia received a winning bid of US$5,955 per dry metric tonne. This was up from US$5,650 per tonne last month. While this came in 9% ahead of what Macquarie Group Ltd (ASX: MQG) was expecting, some investors appear to have been betting on even stronger pricing.

Worley wins two new contracts

The Worley Ltd (ASX: WOR) share price is charging higher today. This follows the announcement of two new contract wins. The first is the award of a contract for the fourth expansion of an integrated polyolefins complex in Ruwais, United Arab Emirates. The other is a contract by Heartwell Renewables for field engineering services for a greenfield renewable diesel plant in Hastings, Nebraska.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Wednesday has been the Nufarm Ltd (ASX: NUF) share price with a 5% gain. Bargain hunters appear to be swooping after recent weakness. Going the other way, the worst performer has been the BHP share price with an 8.5% decline. This has been driven by its shares trading ex-dividend this morning.

The post ASX 200 midday update: BHP and Pilbara Minerals shares tumble appeared first on The Motley Fool Australia.

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More reading

Do South32 shares have exposure to ‘green metals’?
What exactly is the difference between Woodside Energy (WDS) and Woodside Petroleum (WPL)?
Pilbara Minerals share price falls despite record BMX auction
Why is the BHP share price sinking 10% today?
3 ‘disruptive’ ASX companies Aussies now can’t live without

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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