At lunch on Thursday the S&P/ASX 200 Index (ASX: XJO) is on course to record a decent gain. The benchmark index is up 0.3% to 5,235.4 points at the time of writing.
Here's what is happening on the market today:
Big four banks mixed.
The big four banks are trading mixed on Thursday and holding back the ASX 200 index. The only bank in positive territory is the Australia and New Zealand Banking Group (ASX: ANZ) share price with a 0.4% gain. Earlier this month analysts at Citi slapped a buy rating and lofty $24.75 price target on the bank's shares.
Lynas rockets higher on U.S. contract award.
The Lynas Corporation Ltd (ASX: LYC) share price is rocketing higher on Thursday. Investors have been scrambling to buy the rare earths producer's shares after it revealed that it has been awarded the Phase 1 contract for a U.S. based Heavy Rare Earth separation facility by the U.S. Department of Defense. Management notes that the successful completion of Phase 1 milestones could lead to further contracts for commercial scale production and operation of the separation facility.
Ramsay Health Care returns and sinks lower.
The Ramsay Health Care Limited (ASX: RHC) share price has returned to trade on Thursday and sunk lower. The driver of this decline was the successful completion of its $1.2 billion underwritten institutional placement at $56.00 per new share. This was a sizeable 12.9% discount to its last close price. Ramsay is now seeking to raise a further $200 million from shareholders. This equity raising will provide it with financial flexibility and security in the current environment. It will also aim to use some of the proceeds to take advantage of any future growth opportunities.
Best and worst performers.
The best performer on the ASX 200 on Thursday has been the Lynas share price with a 13% gain. UBS was pleased with the aforementioned news and retained its buy rating and $2.70 price target on its shares. The worst performer on the index is the Blackmores Limited (ASX: BKL) share price with a 6% decline. Investors appear nervous about the health supplements company's upcoming third quarter update.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Blackmores Limited. The Motley Fool Australia has recommended Ramsay Health Care Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
