At lunch on Wednesday, the S&P/ASX 200 Index (ASX: XJO) is back on form and charging higher. The benchmark index is currently up 0.9% to 7,042.4 points.
Here's what is happening on the ASX 200 today:
Image source: Getty Images
Nickel Mines shares smashed
The Nickel Mines Ltd (ASX: NIC) share price crashed 23% before being placed in a trading halt late this morning. This appears to have been driven by concerns that one of its largest customers and shareholders, Xiang Guangda of steel maker Tsingshan, has been caught up in a massive short squeeze after the nickel price rocketed to $100,000 a tonne. It is possible that with Mr Guangda reportedly struggling to pay margin calls, he could have been selling shares today.
Origin's $250 million buyback
The Origin Energy Ltd (ASX: ORG) share price is pushing higher today. This follows news that it will be returning $250 million to shareholders via an on-market share buyback. The energy giant also revealed its new refreshed strategy, which sees the company aim to lead the transition to net zero through cleaner energy and customer solutions.
IAG's flood update
The Insurance Australia Group Ltd (ASX: IAG) share price is having a subdued day after an update on claims from severe storms and widespread flooding in south-east Queensland and New South Wales. As of 6am today, IAG had received approximately 24,000 claims across its brands for the floods and storms. It expects to incur a net claims cost of approximately $74 million from the storm and flooding event.
Best and worst ASX 200 performers
The best performer on the ASX 200 on Wednesday has been the Polynovo Ltd (ASX: PNV) share price with a 6% gain. This medical device company's shares are rebounding after hitting a two-year low. The worst performer by some distance has been the Nickel Mines share price with a 23% decline following the aforementioned short squeeze.
