ASX 200 midday update: Appen crashes, lithum shares jump

The ASX 200 is ending the week strongly…

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At lunch on Friday, the S&P/ASX 200 Index (ASX: XJO) has followed the lead of US markets and is pushing higher. The benchmark index is currently up 0.9% to 7,169.7 points.

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

Appen share price crashes after takeover offer withdrawn

The Appen Ltd (ASX: APX) share price is crashing on Friday after Telus International withdrew its takeover approach. The offer was withdrawn without comment but appears to have been triggered either by the leak to the media or a poor trading update. Appen is currently holding a fiery annual general meeting and could receive a second strike to its remuneration report.

Battery materials shares rise

The battery materials sector has been performing strongly on Friday after risk sentiment improved. For example, the likes of Liontown Resources Limited (ASX: LTR) and Pilbara Minerals Ltd (ASX: PLS) are both recording gains of almost 5% at the time of writing.

Billionaire coal magnate exits Novonix board

The rampant buying in the battery materials sector has allowed the Novonix Ltd (ASX: NVX) share price to push higher despite the company announcing the exit of a key board member. Billionaire coal magnate Trevor St Baker AO has retired from the Novonix board with immediate effect. He is exiting the role due to excessive company board representations on behalf of the St Baker Energy Innovation Fund.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Friday has been the Pointsbet Holdings Ltd (ASX: PBH) share price with an 8% gain. This follows a strong session for tech shares on the Nasdaq overnight. Going the other way, the Appen share price is the worst performer with a 21% decline. This has been driven by its takeover collapse.

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 positions in and has recommended Appen Ltd and Pointsbet Holdings Ltd. The Motley Fool Australia has recommended Pointsbet Holdings Ltd. 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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