ASX 200 midday update: Qantas’ market update, lithium shares rebound

The ASX 200 is ending the week positively…

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At lunch on Friday, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week on a positive note. The benchmark index is currently up 0.25% to 6,544.6 points.

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

Qantas market update

The Qantas Airways Limited (ASX: QAN) share price is trading higher today after the airline operator released a market update. That update reveals that Qantas is on track to achieve second half underlying EBITDA of between $450 million to $550 million. Management also advised that it is cutting domestic capacity to help offset rising fuel costs.

Lithium miners rally

The lithium industry is rebounding on Friday with strong gains being recorded from the likes of Lake Resources N.L. (ASX: LKE) and Pilbara Minerals Ltd (ASX: PLS). This follows news that lithium developer Vulcan Energy Resources Ltd (ASX: VUL) has received an investment from a major automaker at a massive 32% premium to its last close price.

Tech shares rebound

Also performing strongly today has been the tech sector. A number of beaten down tech shares are rebounding such as Life360 Inc (ASX: 360) and even the unloved Zip Co Ltd (ASX: ZIP). This has led to the S&P ASX All Technology index rise 4.4% at the time of writing.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Friday has been the Lake Resources share price with a 20% gain. This follows a rebound in the lithium industry after some very big falls this week. Going the other way, the worst performer has been the Viva Energy Group Ltd (ASX: VEA) share price with a 3.5% decline on no news.

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 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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