At lunch on Friday the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has given back its morning gains and is down almost 0.5% to 5,480.2 points following sizeable declines in the telco, energy, and financial sectors.
Here’s what has been happening on the ASX 200 on Friday:
Healthscope shares higher on takeover updates.
The Healthscope Ltd (ASX: HSO) share price has stormed 6% higher after the private hospital operator provided positive updates on takeover offers from both BGH-AustralianSuper and Brookfield Capital Partners. BGH-AustralianSuper confirmed it will now commence due diligence immediately and Brookfield Capital Partners has advised that it sees no reason to believe it would not be willing and able to proceed with its $2.585 per share takeover offer.
Sydney storm hits Insurance Australia Group shares.
The Insurance Australia Group Ltd (ASX: IAG) share price is down 3% at lunch after updating the market on the potential claim costs from the severe storms in Sydney on Thursday. Management estimates the pre-tax cost of the Sydney storms will be $169 million. The AMA Group Ltd (ASX: AMA) share price is notably higher after the storms. AMA provides auto repair services and is likely to be in demand after the severe hailstorm. The Suncorp Group Ltd (ASX: SUN) share price has also tumbled lower.
Lithium miners continue to slide.
Lithium miners Galaxy Resources Limited (ASX: GXY), Orocobre Limited (ASX: ORE), and Pilbara Minerals Ltd (ASX: PLS) have acted as a drag on the ASX 200 on Friday after falling heavily for a second day in a row. The lithium miners crashed lower on Thursday after Orocobre revealed a sharp decline in the price of its lithium carbonate.
Best and worst performers.
The best performer on the ASX 200 at lunch is the Healthscope share price which is 6% higher. Not far behind is the Resolute Mining Limited (ASX: RSG) share price with a 5.5% gain thanks to an increase in the gold price overnight. Going the other way is the Vocus Group Ltd (ASX: VOC) share price which has fallen over 7% on the back of no news.
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Motley Fool contributor James Mickleboro owns shares of Galaxy Resources Limited. The Motley Fool Australia owns shares of Insurance Australia Group Limited. The Motley Fool Australia has recommended Vocus Communications Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. 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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