ASX 200 midday update: St Barbara and Zip drop to multi-year lows

The ASX 200 is edging higher on Wednesday…

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At lunch on Wednesday, the S&P/ASX 200 Index (ASX: XJO) is on track to record a modest gain. The benchmark index is currently up 0.1% to 6,531.5 points.

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

St Barbara share price tanks

The St Barbara Ltd (ASX: SBM) share price has been sold down to a multi-year low on Wednesday. This morning the gold miner revealed that it has deferred making a final investment decision on the Simberi sulphide expansion in favour of a strategic review. St Barbara also advised that there is a near-term risk of disruption to its Touquoy Operation.

Fletcher Building shares jump

The Fletcher Building Limited (ASX: FBU) share price is storming higher today. This follows the release of the building products company’s investor day update. That update reveals that Fletcher Building has reiterated its earnings before interest and tax (EBIT) guidance for FY 2022. It expects EBIT before significant items to come in at ~NZ$750 million.

Zip shares drop to multi-year low

The Zip Co Ltd (ASX: ZIP) share price has continued its slide and hit a new multi-year low. This buy now pay later provider’s shares have come under pressure this week amid speculation it could be about to give up on the UK and US markets. This is due to the large losses the company is making internationally.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Wednesday has been the Fletcher Building share price with a 6% gain following the release of its investor update. Going the other way, the worst performer has been the St Barbara share price with a 12% decline. This follows the aforementioned update out of the gold miner.

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 ZIPCOLTD FPO. 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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