At lunch on Wednesday, the S&P/ASX 200 Index (ASX: XJO) has given back its early gains and is now trading lower. The benchmark index is currently down 0.2% to 7,340.3 points.
Here's what is happening on the ASX 200 today:
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Rio Tinto acquires lithium operation
The Rio Tinto Limited (ASX: RIO) share price is trading lower today despite announcing an acquisition. The mining giant intends to pay US$825 million or A$1.15 billion for the Argentina-based Rincon lithium project. The release notes that it is a large brine project with the potential to be one of the lowest carbon operations in the industry.
Pilbara Minerals shares surge higher
The Pilbara Minerals Ltd (ASX: PLS) share price is surging higher today following the release of a bullish broker note out of Macquarie Group Ltd. Its analysts suspect that lithium prices could remain at sky high levels for the next four years. As a result, they have upgraded their earnings forecasts and price target on Pilbara Minerals' shares accordingly. Macquarie now has an outperform rating and $3.70 price target on its shares.
Charter Hall tumbles
The Charter Hall Group (ASX: CHC) share price is tumbling today after announcing the acquisition of a 50% interest in Paradice Investment Management (PIM). Charter Hall will pay $207 million for the stake. This comprises 70% in shares and 30% in cash. PIM is a fund manager with around $18.2 billion in funds under management.
Best and worst ASX 200 performers
The best performer on the ASX 200 on Wednesday has been the Pilbara Minerals share price with a 7%. Macquarie's bullish note appears to be behind this. The worst performer has been the Charter Hall share price with a 5% decline. Investors don't appear keen on its new acquisition.
