At lunch on Wednesday, the S&P/ASX 200 Index (ASX: XJO) has bounced back from a poor start and is trading higher. The benchmark index is currently up 0.2% to 7,113.1 points.
Here's what is happening on the ASX 200 today:
Mining sector lifts ASX 200
The mining sector has played a major role in driving the ASX 200 index into positive territory on Wednesday. The likes of Rio Tinto Limited (ASX: RIO) and South32 Ltd (ASX: S32) are storming higher following a strong night for commodity prices. According to CommSec, the spot iron ore price rose 3.8%, the aluminium price climbed 3.3%, and the thermal coal price jumped 14%.
PointsBet shares sink
The PointsBet Holdings Ltd (ASX: PBH) share price is tumbling lower today amid weakness in the tech sector and in response to a broker note out of Goldman Sachs. The latter has seen the broker retain its buy rating but slash its price target by a further 32% to $6.74. Goldman made the move to reflect a de-rating of peer multiples and lower earnings estimates.
Woodside shares hit 52-week high
The Woodside Petroleum Limited (ASX: WPL) share price has continued its impressive run on Wednesday. This morning the energy producer's shares hit a new 52-week high of $29.72. This means the company's shares are now up 31% in 2022. This appears to have been driven by a jump in oil prices to seven-year highs overnight.
Best and worst ASX 200 performers
The best performer on the ASX 200 on Wednesday has been the PolyNovo Ltd (ASX: PNV) share price with a 5.5% gain. This is despite there being no news out of the medical device company. Going the other way, the PointsBet share price is the worst performer with a 9% decline following Goldman's broker note.
