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.
