ASX 200 (ASX:XJO) midday update: HUB24 & Netwealth impress, A2 Milk surges again

It has been a good day for the ASX 200 on Thursday…

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At lunch on Thursday, the S&P/ASX 200 Index (ASX: XJO) is back on form and charging higher. The benchmark index is currently up 0.85% to 7,333.3 points.

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

HUB24 and Netwealth impress

It has been a very good day for the shares of HUB24 Ltd (ASX: HUB) and Netwealth Group Ltd (ASX: NWL) on Thursday. The shares of both investment platform providers have stormed higher following the release of strong first quarter updates. HUB24 reported net inflows of $3 billion for the three months ended 30 September, whereas Netwealth recorded $4 billion of net inflows for the quarter. Both were first quarter records.

A2 Milk shares surge again

The A2 Milk Company Ltd (ASX: A2M) share price is surging higher again on Thursday. Investors have been scrambling to buy the struggling infant formula company’s shares since the release of a first quarter update from smaller rival Bubs Australia Ltd (ASX: BUB). That update appears to indicate that the worst may be behind the infant formula market, which may have led to short sellers quickly closing positions.

South32 shares rise on acquisition news

The South32 Ltd (ASX: S32) share price jumped to a multi-year high this morning after announcing a new acquisition. South32 has entered into binding conditional agreements with Sumitomo Metal Mining and Sumitomo Corporation to acquire a 45% interest in the Sierra Gorda copper mine in Chile for an upfront cash consideration of US$1.55 billion. Sierra Gorda is an operating mine in the prolific Antofagasta copper mining region in Chile. Management expects the transaction to be immediately earnings accretive.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Thursday has been the Netwealth share price with a 14% gain. This follows its record first quarter performance. The worst performer on the ASX 200 has been the NRW Holdings Limited (ASX: NWH) share price with a 2.5% 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 Hub24 Ltd and Netwealth. The Motley Fool Australia owns shares of and has recommended Netwealth. The Motley Fool Australia has recommended A2 Milk, BUBS AUST FPO, and Hub24 Ltd. 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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