At lunch on Wednesday the S&P/ASX 200 index is closing in on 7,000 points. At the time of writing the benchmark index is up 0.3% to 6,980.7 points.
Here’s what has been happening on the market today:
Westpac rated as a buy.
The Westpac Banking Corp (ASX: WBC) share price is pushing 0.3% higher on Wednesday. The catalyst for this appears to be a broker note out of Morgans. Its analysts have retained their add rating and trimmed the price target on its shares slightly to $30.00. Morgans believes that its shares have been oversold following the AUSTRAC scandal. It also doesn’t believe the bank will need to raise capital this year.
Resolute offloads Ravenswood gold mine.
The Resolute Mining Limited (ASX: RSG) share price is pushing higher today after it announced the sale of its Ravenswood gold mine. The gold miner is selling the asset to a consortium comprising a fund managed by private equity manager EMR Capital and leading energy and mining company Golden Energy and Resources. Sale proceeds of up to A$300 million in cash will be received by Resolute. This comprises A$100 million of upfront value and up to A$200 million in potential payments.
A number of ASX 200 shares have climbed to all-time highs on Wednesday. These include electronics and white goods retailer JB Hi-Fi Limited (ASX: JBH), fashion retailer Premier Investments Limited (ASX: PMV), and business and accounting software platform provider Xero Limited (ASX: XRO).
Best and worst performers.
The best performer on the ASX 200 at lunch is the Nufarm Limited (ASX: NUF) share price. The agricultural chemicals company’s shares are up over 7% despite there being no news out of it. The worst performer is the Pilbara Minerals Ltd (ASX: PLS) share price with a decline of over 5%. A number of lithium miners have come under pressure today. This appears to be down to profit taking after some stellar gains so far in 2020.
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Motley Fool contributor James Mickleboro owns shares of Westpac Banking. The Motley Fool Australia owns shares of and has recommended Premier Investments Limited. The Motley Fool Australia owns shares of Xero. 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.