ASX 200 down 0.3%: SEEK record high, IGO jumps, Lendlease downgrade

It has been a disappointing start to the new financial year…

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At lunch on Thursday, the S&P/ASX 200 Index (ASX: XJO) is on course to start the financial year in a disappointing fashion. The benchmark index is currently down 0.3% to 7,289.8 points.

Here’s what is happening on the market today:

SEEK changes CEO

The SEEK Limited (ASX: SEK) share price hit a record high this morning. This follows confirmation that SEEK’s co-founder Andrew Bassat has stepped down as CEO and been placed by former Commonwealth Bank of Australia (ASX: CBA) CEO, Ian Narev. In addition to this, the job listings company hinted that it might announce a demerger of its SEEK Investments business in August with its full year results.

IGO rises on $1.9 billion transaction completion

The IGO Ltd (ASX: IGO) share price climbed to a decade-high this morning after completing its transformational transaction to form a new lithium joint venture with Tianqi Lithium. The $1.9 billion transaction sees the company acquire a 49% non-controlling interest in Tianqi Lithium Energy Australia, providing it with a 24.99% indirect interest in world-class Greenbushes Lithium Mining and Processing Operation. It also gives IGO a 49% interest in the Kwinana Lithium Hydroxide Plant.

Lendlease downgrades guidance

The Lendlease Group (ASX: LLC) share price is trading lower today after the international property and infrastructure company downgraded its guidance. According to the release, the pandemic’s resurgence in the UK has resulted in a delay in its expected timing to secure an investment partner for its International Quarter London. As a result, it is expecting a core operating profit of between $375 million and $410 million after tax for FY 2021.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Thursday has been the Regis Resources Limited (ASX: RRL) share price with a 5.5% gain. Regis is one of a number of gold miners charging higher today despite a relatively flat gold price. The worst performer has been the Metcash Limited (ASX: MTS) share price with a 5% decline. This morning its shares traded ex-dividend for its fully franked final dividend.

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