At lunch on Wednesday, the S&P/ASX 200 Index (ASX: XJO) recovery has run out of steam and the market has tumbled lower. The benchmark index is currently down 1.3% to 6,677.7 points.
Here's what is happening on the ASX 200 today:
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Carsales sinks following capital raising
The Carsales.Com Ltd (ASX: CAR) share price has dropped deep into the red. This follows the completion of the auto listings company's institutional entitlement offer. Carsales raised approximately $842 million at a 14.5% discount of $17.75 per new share. The proceeds from this and its upcoming retail entitlement offer will be used to fund the acquisition of the remaining 51% of Trader Interactive.
Pilbara Minerals' update
A strong quarterly update hasn't been enough to stop the Pilbara Minerals Ltd (ASX: PLS) share price from dropping today. That update revealed that the lithium miner's fourth quarter production is expected to be 123,000 to 127,000 dry metric tonnes (dmt) of spodumene concentrate. The high end of this guidance range represents a 56% increase on the previous quarter. Pilbara Minerals expects to end FY 2022 with a cash position of $850 million to $855 million.
Liontown signs agreements with Ford
The Liontown Resources Limited (ASX: LTR) share price is charging higher today after the release of a couple of positive announcements. One reveals that the lithium developer has signed offtake and funding agreements with auto giant Ford. The other reveals that these agreements have led to the Liontown board approving the development of the Kathleen Valley Lithium Project.
Best and worst ASX 200 performers
The best performer on the ASX 200 on Wednesday has been the Liontown share price with a 5% gain. This follows the announcement of funding and offtake agreements with Ford. Going the other way, the Imugene Limited (ASX: IMU) share price is the worst performer with a 14% decline. This immuno-oncology company's shares rocketed higher earlier this week on positive study results but have given back the majority of these gains now.
