ASX 200 midday update: Brambles takeover talks end, resources shares charge higher

The ASX 200 is rising on Tuesday…

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At lunch on Tuesday, the S&P/ASX 200 Index (ASX: XJO) is on form and pushing higher. The benchmark index is currently up 0.4% to 7,120.3 points.

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

Brambles sinks after takeover talks collapse

The Brambles Limited (ASX: BXB) share price is sinking on Tuesday. This follows news that the logistics solutions company’s takeover talks with CVC Capital Partners have collapsed. Brambles will now focus on implementing the Shaping our Future transformation plan. This plan builds on the strength of Brambles’ sustainable business model to transform the business and unlock value for customers and shareholders.

Resources sector drives ASX 200 higher

The ASX 200’s gains today are being driven largely by the resources sector. Both energy and materials shares are rising thanks to a positive night of trade for commodity prices. Among the best performers are Beach Energy Ltd (ASX: BPT) and Whitehaven Coal Ltd (ASX: WHC).

James Hardie tumbles on Q4 update

The James Hardie Industries plc (ASX: JHX) share price is falling on Tuesday. This follows the release of the building materials company’s fourth quarter update. James Hardie reported a 20% year-on-year lift in fourth quarter global net sales to US$968 million. This took its global net sales to US$3.6 billion for FY 2022, which was a 24% increase from the prior year. As strong as this was, it still fell a touch short of consensus estimates.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Tuesday has been the Mineral Resources Limited (ASX: MIN) share price with a 6% gain. This follows a strong day in the resources sector. The worst performer has been the Brambles share price with a 7% decline. This follows the aforementioned collapse of takeover talks.

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. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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