ASX 200 midday update: Pilbara Minerals jumps, bank shares fall

The ASX 200 is under pressure on Wednesday…

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At lunch on Wednesday, the S&P/ASX 200 Index (ASX: XJO) has followed the lead of US markets and is tumbling lower. The benchmark index is currently down 0.55% to 7,396.4 points.

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

Pilbara Minerals shares surge higher

The Pilbara Minerals Ltd (ASX: PLS) share price is surging higher today. This follows the release of very positive results from its second lithium spodumene concentrate digital auction. According to the update, the lithium miner received a bid of US$2,240/dmt for 8,000 dmt of its spodumene concentrate. This was almost double what it received at its inaugural auction last month, which highlights the insatiable demand for battery making ingredients.

Bank shares slide

The big four banks are all under pressure on Wednesday and are weighing on the ASX 200 index. The worst performer in the group has been the National Australia Bank Ltd (ASX: NAB) share price with a decline of 0.6%. This follows a tough night for US banks, which saw the likes of Bank of America and Citigroup fall around 2.5%.

Mining shares fall

The biggest drag on the ASX 200 index on Wednesday has been the resources sector. Miners such as BHP Group Ltd (ASX: BHP) and OZ Minerals Limited (ASX: OZL) are trading notably lower after pullbacks in the prices of a number of commodities overnight. Copper fell 1.2%, iron ore also fell 1.2%, and aluminium dropped 4%. This has led to the S&P/ASX 200 Resources sector trading 1.8% lower at the time of writing.

Best and worst ASX 200 performers

The best performer on the ASX 200 index on Wednesday has been the Pilbara Minerals share price with a 9% gain. This follows its highly successful lithium auction. The worst performer has been the AGL Energy Limited (ASX: AGL) share price with a 6.5% decline. This is despite there being no news out of the energy company.

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