ASX 200 midday update: AMP asset sale talks, Syrah rockets

The ASX 200 is having a good day…

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A happy man and woman sit having a coffee in a cafe while she holds up her phone to show him the ASX shares that did best today

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At lunch on Tuesday, the S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a solid gain. The benchmark index is currently up 0.65% to 7,572 points.

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

AMP asset sale talks

The market has given a lukewarm response to news that AMP Ltd (ASX: AMP) is in talks with “multiple” parties in relation to the potential sale of its Collimate Capital business. One of those parties is DEXUS Property Group (ASX: DXS). Collimate is the new name of AMP’s private markets business, which it is currently in the process of demerging. It is a global asset manager and a leader in real assets.

Syrah shares jump

The Syrah Resources Ltd (ASX: SYR) share price is shooting higher today after the graphite producer secured a loan agreement with the US Department of Energy (DOE). Syrah revealed that it has finalised a non-binding term sheet for a conditional US$107 million loan from the DOE. This will be used to fund the initial expansion of its Vidalia active anode material facility in Louisiana to 11.25ktpa AAM production capacity.

Hub24 update

The Hub24 Ltd (ASX: HUB) share price is pushing higher following the release of the investment platform provider’s third quarter update. Hub24 revealed platform inflows of $2.6 billion for the quarter, up 36.4% on the prior corresponding period. This led to the company finishing the period with funds under administration (FUA) of $68.3 billion, which was flat due to negative market movements.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Tuesday has been the Imugene Limited (ASX: IMU) share price with a 7% gain despite there being no news out of the biotech. Going the other way, the worst performer has been the Lynas Rare Earths Ltd (ASX: LYC) share price with a 4.5% decline. This appears to have been driven by a bearish broker note out of Ord Minnett.

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 Hub24 Ltd. The Motley Fool Australia owns and has recommended 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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