ASX 200 (ASX:XJO) midday update: Beach shares jump, a2 Milk rises

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

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At lunch on Tuesday, the S&P/ASX 200 Index (ASX: XJO) is giving back yesterday’s gains and more. The benchmark index is currently down 0.8% to 7,323.4 points.

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

Beach shares charge higher

The Beach Energy Ltd (ASX: BPT) share price is charging higher today after the release of an investor update. According to the release, the company has outlined its low risk strategy targeting production of 28 MMboe by FY 2024. This represents a 27% increase on the midpoint of its FY 2022 guidance of 21 to 23 MMboe. This target excludes exploration upside and pre-final investment decision projects.

Origin’s successful investment

It has been a good day for the Origin Energy Ltd (ASX: ORG) share price following an update on its investment in Octopus Energy. According to the release, the UK based energy retailer and emerging technology business has received a 211 million pounds investment from Generation Investment Management for a 7% stake. This investment values Octopus at approximately 3 billion pounds or $5.5 billion. As a comparison, last year Origin agreed to invest a total of $507 million for a 20% stake in the company. Origin has also invested to maintain its current interest.

A2 Milk shares rise

Also performing positively today is the A2 Milk Company Ltd (ASX: A2M) share price. The infant formula company’s shares are pushing higher today after analysts at Citi retained their buy rating and $7.20 price target. The broker believes there could be more bad news on the horizon. However, it suspects that any share price weakness could be greeted by a takeover offer.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Tuesday has been the Beach share price by some distance. Its shares are up 8% at lunch following its investor update. The worst performer has been the Megaport Ltd (ASX: MP1) share price with a 7% decline on no news.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended MEGAPORT FPO. The Motley Fool Australia has recommended A2 Milk and MEGAPORT FPO. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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