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ASX 200 midday update: Telstra 52-week high, PointsBet rises on US update

The ASX 200 looks set to finish the week on a high…
The post ASX 200 midday update: Telstra 52-week high, PointsBet rises on US update appeared first on The Motley Fool Australia. –

At lunch on Friday, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week on a positive note. The benchmark index is currently up 0.5% to 7,627.7 points.

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

Telstra share price hits 52-week high

The Telstra Corporation Ltd (ASX: TLS) share price has climbed to a new 52-week high on Friday. This follows a positive reaction to its full year results release from brokers. Among the most positive were analysts at Credit Suisse, Goldman Sachs, and Morgans. They have all retained the equivalent of buy ratings and lifted their price targets. Credit Suisse has retained its outperform rating and increased its price target to $4.25. Whereas Goldman has a buy rating and new $4.30 price target and Morgans has an add rating and new price target of $4.34.

PointsBet shares higher on

The PointsBet Holdings Ltd (ASX: PBH) share price is pushing higher today. This morning it revealed that it has received regulatory approval from the West Virginia Lottery Commission and has now launched online sports betting operations in the state. West Virginia marks the seventh operational US state for PointsBet’s premium sports betting product. Management believes West Virginia represents another tremendous opportunity.

Lithium miners sink

A number of lithium miners such as Orocobre Limited (ASX: ORE) and Pilbara Minerals Ltd (ASX: PLS) are under pressure on Friday. This appears to have been driven by profit taking after some sensational recent gains. For example, the Orocobre share price is still up 32% in the space of a month despite tumbling 5% today.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Friday has been the Premier Investments Limited (ASX: PMV) share price with a 5% gain. This morning UBS resumed coverage on the retailer with a buy rating and $30.00 price target. The worst performer on the ASX 200 has been the Orocobre share price with a 5% decline. This appears to have been driven by profit taking in the lithium sector.

The post ASX 200 midday update: Telstra 52-week high, PointsBet rises on US update appeared first on The Motley Fool Australia.

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More reading

Telstra (ASX:TLS) share of Digicel acquisition must be a minority — CEO
Top brokers give their verdict on the Telstra (ASX:TLS) share price
Here’s why the PointsBet (ASX:PBH) share price is racing higher today
5 things to watch on the ASX 200 on Friday

ASX 200 edges higher, Telstra climbs, NAB up

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. owns shares of and has recommended Pointsbet Holdings Ltd. The Motley Fool Australia owns shares of and has recommended Telstra Corporation Limited. 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 Bruce Jackson.

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