ASX 200 (ASX:XJO) midday update: EML crashes, mining shares rise

The ASX 200 is ending the week on a positive note…

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At lunch on Friday, the S&P/ASX 200 Index (ASX: XJO) is pushing higher again. The benchmark index is currently up 0.7% to 7,305.4 points.

Here’s what’s happening on the ASX 200 on Friday:

EML Payments shares sink

The EML Payments Ltd (ASX: EML) share price is crashing lower today after releasing an update on regulatory action by the Central Bank of Ireland (CBI). According to the release, the CBI is planning to take action against its PFS Card Services (Ireland) business. Management has warned that the potential directions “could materially impact the European operations of the Prepaid Financial Services (PFS) business.”

Mining shares lift ASX 200

One area of the market helping to drive the ASX 200 index higher today is the mining sector. The likes of BHP Group Ltd (ASX: BHP) and Rio Tinto Limited (ASX: RIO) shares are pushing higher following a decent night for base metals. Copper, nickel, and aluminium prices all pushed higher amid global economic growth optimism.

ANZ BNPL offering

The Australia and New Zealand Banking GrpLtd (ASX: ANZ) share price is struggling today amid broad weakness in the banking sector. Not even news that the bank is planning to offer a buy now pay later solution with its credit cards has been able to support its shares. Once launched in 2022, the new Visa Instalments feature will provide ANZ credit card customers with an option at the checkout or online to make purchases through interest free instalments across a wide range of terms.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Friday has been the Chalice Mining Ltd (ASX: CHN) share price with a 5% gain. This is despite there being no news out of the gold explorer. The worst performer has been the EML Payments share price with a 14% decline following the update on its Ireland business.

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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 EML Payments. The Motley Fool Australia owns shares of and has recommended EML Payments. 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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