ASX 200 midday update: Pilbara Minerals names new CEO, Wesfarmers’ strategy update

The ASX 200 is in the red on Thursday…

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At lunch on Thursday, the S&P/ASX 200 Index (ASX: XJO) is on course to record a disappointing decline. The benchmark index is currently down 0.9% to 7,168.7 points.

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

Pilbara Minerals shares push higher

The Pilbara Minerals Ltd (ASX: PLS) share price is recovering on Thursday. This follows a rebound in the lithium sector and news the company has named its new CEO. In respect to the latter, Pilbara Minerals revealed that it will promote its chief operating officer, Dale Henderson, to the top job. The company’s long-serving CEO, Ken Brinsden, will formally step down as CEO on 30 July.

Pro Medicus wins major contract

Weakness in the tech sector is holding back the Pro Medicus Limited (ASX: PME) share price on Thursday. The health imaging technology company’s shares are in the red today despite announcing a major contract win. According to the release, Pro Medicus has signed a $28 million, seven-year contract with Allina Health.

Wesfarmers falls on strategy update

The Wesfarmers Ltd (ASX: WES) share price is trading lower today. This follows the release of the conglomerate’s strategy update. According to a note out of Goldman Sachs, its analysts felt the update was “uninspiring at first glance.” The broker added: “There were fewer details than we had hoped for on key drivers of the growth algorithm, particularly around Bunnings and Kmart, and the presentation did not offer any aspirational outlook for API nor corporate restructuring options for Officeworks and Industrials.”

Best and worst ASX 200 performers

The best performer on the ASX 200 on Thursday has been the Woodside Energy Group Ltd (ASX: WDS) share price with a 5% gain. The energy sector is the only area of the market making real progress today. Going the other way, the worst performer has been the Life360 Inc (ASX: 360) share price with a 6% decline amid broad weakness in the tech sector.

Motley Fool contributor James Mickleboro has positions in Life360, Inc. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Life360, Inc. and Pro Medicus Ltd. The Motley Fool Australia has positions in and has recommended Pro Medicus Ltd. and Wesfarmers Limited. 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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