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ASX 200 midday update: Pilbara Minerals’ lithium price update, BHP tumbles

The ASX 200 has been having a better day on Thursday…
The post ASX 200 midday update: Pilbara Minerals’ lithium price update, BHP tumbles appeared first on The Motley Fool Australia. –

At lunch on Thursday, the S&P/ASX 200 Index (ASX: XJO) is on course to record a decent gain. The benchmark index is currently up 0.4% to 6,534.2 points.

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

Pilbara Minerals’ lithium price update

The Pilbara Minerals Ltd (ASX: PLS) share price is defying weakness in the lithium industry and charging higher. This has been driven by the release of an update on its BMX auction. According to the release, the company’s next auction has concluded before it even started after Pilbara Minerals received and accepted a pre-auction bid that equates to approximately US$7,000 per dry metric tonne (dmt). This is up from US$6,586 per dmt a month earlier.

ASX 200 mining giants tumble

It has been a difficult day of trade for mining giants BHP Group Ltd (ASX: BHP), Fortescue Metals Group Limited (ASX: FMG), and Rio Tinto Limited (ASX: RIO). They have taken a tumble this morning after the iron ore price continued its decline. According to Metal Bulletin, the benchmark iron ore price fell a further 5.5% to US$109.40 a tonne.

ANZ shares lift on MYOB rumours

The Australia and New Zealand Banking Group Ltd (ASX: ANZ) share price is outperforming on Thursday. This appears to have been driven by rumours that the banking giant is close to acquiring accounting software company MYOB. The bank is understood to be interested in building a one-stop platform for small businesses.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Thursday has been the IPH Ltd (ASX: IPH) share price with a 4.5% gain despite there being no news out of the IP services provider. Going the other way, the Lake Resources N.L. (ASX: LKE) share price is the worst performer with a 17% decline. The exit of its CEO and lithium demand concerns have been weighing on this new entrant to the ASX 200.

The post ASX 200 midday update: Pilbara Minerals’ lithium price update, BHP tumbles appeared first on The Motley Fool Australia.

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More reading

Should you ‘buy the dip’ in ASX 200 bank shares?
Could this be weighing down the Rio Tinto share price today?
ANZ share price rises as MYOB acquisition rumours swirl
Pilbara Minerals share price storms higher amid ‘unprecedented demand’ for lithium
Can the Fortescue share price hold up if the iron ore price falls?

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 recommended IPH Ltd. The Motley Fool Australia has recommended IPH 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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