ASX 200 (ASX:XJO) midday update: Magellan rebounds, Pilbara Minerals sinks

The ASX 200 is back on form…

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At lunch on Tuesday, the S&P/ASX 200 Index (ASX: XJO) is defying the weakness on Wall Street and pushing higher. The benchmark index is currently up 0.25% to 7,309.7 points.

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

Magellan shares bounce around

The Magellan Financial Group Ltd (ASX: MFG) share price has been bouncing around on Tuesday. After dropping to a new multi-year low, the fund manager’s shares are now trading meaningfully higher for the day. Though, this could have been driven partly by short sellers buying back shares today to close out their positions following yesterday’s 30%+ decline.

Pilbara Minerals shares tumble

The Pilbara Minerals Ltd (ASX: PLS) share price is under pressure on Tuesday after the release of a disappointing update. According to the release, the lithium miner has downgraded its December quarter and FY 2022 annual concentrate production and shipping guidance due to delays with commissioning, ramp-up initiatives and extended plant shutdowns at its Ngungaju and Pilgan Plants.

Afterpay makes new 52-week low

The Afterpay Ltd (ASX: APT) share price has continued its poor run and tumbled to a new 52-week low of $80.21 this morning. This followed another heavy decline by the Square share price overnight which devalued the takeover offer that Afterpay shareholders voted overwhelmingly in favour of last week.

Best and worst ASX 200 performers

The best performer on the ASX 200 today with a gain of almost 6% has been the Magellan share price. However, its shares are still down ~60% in 2021 despite this gain. The worst performer has been the Pilbara Minerals share price with a 7% decline after downgrading its production and shipments guidance.

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 and has recommended AFTERPAY T FPO. The Motley Fool Australia owns and has recommended AFTERPAY T 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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