ASX 200 midday update: Energy shares drop, PointsBet jumps

The ASX 200 is having a tough day on Thursday…

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At lunch on Thursday, the S&P/ASX 200 Index (ASX: XJO) is on course to record another decline. The benchmark index is currently down 0.8% to 6,645.2 points.

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

Energy shares drop

The energy sector is weighing on the ASX 200 index on Thursday. The likes of Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) are tumbling following a pullback in oil prices overnight. This was driven by fears that a recession could lessen demand for oil. The S&P/ASX 200 Energy index is down 1.7% at the time of writing.

CSR announces share buyback

The CSR Limited (ASX: CSR) share price is trading lower today despite the company announcing a share buyback. The building products company is planning to return $100 million to shareholders via an on-market buyback. CSR notes that its strong balance sheet has positioned it to repurchase shares. A broker downgrade by Ord Minnett to “hold” appears to be offsetting this positive news.

OZ Minerals upgraded

The OZ Minerals Limited (ASX: OZL) share price is pushing higher today. This appears to have been driven by a broker note out of UBS. This morning the broker upgraded the company’s shares to a buy rating with a $23.65 price target. It believes that OZ Minerals’ shares have dropped to an attractive level for investors to invest.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Thursday has been the Pointsbet Holdings Ltd (ASX: PBH) share price with a 12% gain. This is despite there being no news out of the sports betting company. Going the other way, the worst performer has been the Coronado Global Resources Inc (ASX: CRN) share price with a 6% decline. This is likely to have been driven by a pullback in coal prices overnight.

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 Pointsbet Holdings Ltd. The Motley Fool Australia has recommended Pointsbet Holdings Ltd. 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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