ASX 200 midday update: Regis Resources jumps, BHP and Rio Tinto drop

The ASX 200 is having a better day on Friday…

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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 0.6% to 6,606.8 points.

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

Regis Resources shares jump on failed Twiggy raid

The Regis Resources Limited (ASX: RRL) share price is jumping today following reports that Andrew ‘Twiggy’ Forrest tried, but ultimately failed, to acquire a 15% stake in the gold miner. The iron ore billionaire was hoping to snap up the stake for $1.48 per share, which represents a 13.8% premium to its last close price. However, his kill or fill order fell short at 12% filled and thus was cancelled.

ASX 200 miners drop

The rest of the resources sector hasn’t fared as well as Regis Resources. The likes of BHP Group Ltd (ASX: BHP) and Rio Tinto Limited (ASX: RIO) are in the red today and dragging on the ASX 200 index. This has been driven by further weakness in commodity prices overnight. One of those was copper, which lost 1.7% to record its biggest quarterly slump since 2011.

AVZ Minerals shares fail to return

This morning the embattled Avz Minerals Ltd (ASX: AVZ) extended the suspension of its shares for another two weeks. The lithium developer continues to battle legal action from a Chinese company that claims it owns a stake in the Manono Lithium project. There are fears that AVZ could end up owning as little as 36% of the project. Management appears optimistic the matter could be resolved by 15 July.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Friday has been the Regis Resources share price with an 11% gain. This follows news that Twiggy Forrest was aiming to acquire a large stake at a premium. Going the other way, the worst performer has been the Mineral Resources Limited (ASX: MIN) share price with a 3% decline on commodity price weakness.

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 no position in any of the stocks mentioned. 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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