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ASX 200 midday update: PointsBet jumps, energy shares sink, Vicinity’s upgrade

The ASX 200 is having a poor start to the week…
The post ASX 200 midday update: PointsBet jumps, energy shares sink, Vicinity’s upgrade appeared first on The Motley Fool Australia. –

At lunch on Monday, the S&P/ASX 200 Index (ASX: XJO) has given back its early gains and dropped deep into the red. The benchmark index is currently down 0.8% to 6,424.6 points.

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

PointsBet’s strategic investment

The PointsBet Holdings Ltd (ASX: PBH) share price is surging higher today. This follows news that the sports betting company has received a major strategy investment. SIG Sports Investment Corp has invested $94.16 million into PointsBet via a placement of shares at a 13% premium to its last close price. This makes SIG Sports Investment Corp the company’s largest shareholder with a 12.8% stake.

Energy shares tumble

One area of the market that is struggling today is the energy sector. The likes of Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) are taking a tumble after oil prices sank on Friday night. Traders were selling down oil prices amid concerns that a potential global recession could weigh on demand.

Vicinity upgrades guidance

The Vicinity Centres (ASX: VCX) share price is charging higher today after the shopping centre operator upgraded its guidance. Vicinity now expects funds from operations to be at or above 12.6 cents per security in FY 2022. This compares to its previous guidance of 11.8 cents to 12.6 cents. Management stated that this “reflects the sustained strength of retail sales and improved negotiation outcomes with retailers.”

Best and worst ASX 200 performers

The best performer on the ASX 200 on Monday has been the PointsBet share price with an 11% gain. This follows SIG’s major investment in the sports betting company. Going the other way, the worst performer has been the Silver Lake Resources Limited (ASX: SLR) share price with an 8.5% decline. This follows heavy declines in the gold sector.

The post ASX 200 midday update: PointsBet jumps, energy shares sink, Vicinity’s upgrade appeared first on The Motley Fool Australia.

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More reading

Why is the Beach Energy share price tumbling 7% on Monday?
Transurban share price jumps as dividends hit pre-pandemic highs
PointsBet share price jumps 15% on SIG investment and bonus options news
5 things to watch on the ASX 200 on Monday
Have ASX 200 shares bottomed? Experts weigh in

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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