ASX 200 midday update: Boral rockets, big four banks tumble

The ASX 200 is rebounding on Wednesday…

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At lunch on Wednesday, the S&P/ASX 200 Index (ASX: XJO) is on course to rebound from yesterday’s selloff. The benchmark index is currently up 0.6% to 7,138.1 points.

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

Boral rockets on new CEO appointment

The Boral Limited (ASX: BLD) share price is rocketing higher on Wednesday. This follows news that the building products company has appointed Vik Bansal as its new CEO. Mr Bansal stepped down from the role of CEO of Cleanaway Waste Management Ltd (ASX: CWY) last year amid a scandal which saw him accused of creating a culture of workplace bullying. This overshadowed an otherwise highly successful six years at Cleanaway.

Big four banks tumble

Australia’s big four banks are tumbling today. The worst performer in the group has been the Westpac Banking Corp (ASX: WBC) share price with a 4% decline. This appears to have been driven by concerns that an aggressive tightening cycle by the Reserve Bank could create challenges for the banking sector. The market was previously expecting a more gradual and measured tightening cycle.

Uranium shares take off

The Paladin Energy Ltd (ASX: PDN) share price is taking off on Wednesday along with other uranium shares. This follows news that the United States is seeking to wean itself off Russian uranium for its nuclear reactors. The Biden Administration is seeking support for a US$4.3 billion plan to help with the transition.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Wednesday has been the Atlas Arteria Group (ASX: ALX) share price with a 16% gain. This follows news that IFM Global Infrastructure Fund has acquired a 15% stake in the toll road operator at a significant premium to its last close price. Going the other way, the worst performer has been the Westpac share price with a 4% decline amid weakness in the banking sector.

Motley Fool contributor James Mickleboro has positions in Westpac Banking Corporation. 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 recommended Westpac Banking Corporation. 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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