At lunch on Wednesday, the S&P/ASX 200 Index (ASX: XJO) has defied weakness on Wall Street and is pushing higher. The benchmark index is currently up 0.1% to 7,462.1 points.
Here's what is happening on the ASX 200 today:
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AVZ shares jump on Manono lithium update
The AVZ Minerals Ltd (ASX: AVZ) share price is racing higher today after releasing an update on the Manono Lithium and Tin Project in the Democratic Republic of the Congo. AVZ revealed that it has now received a positive technical opinion from the Department of Mines. This paves way for an imminent decision on the award of a mining licence for its flagship project.
EML jumps on takeover talks
The EML Payments Ltd (ASX: EML) share price is rocketing higher after the payments company confirmed that it has been in takeover talks. EML revealed that earlier this year, the company held talks with private equity firm Bain Capital. However, no deal was agreed and talks have since ended. This appears to have spooked short sellers, which may have led to a short squeeze today. At the last count, EML was one of the most shorted ASX 200 shares with short interest of ~9.5%.
Iluka to demerge Sierra Rutile operations
The Iluka Resources Limited (ASX: ILU) share price is rising today after announcing demerger plans. According to the release, Iluka notes that demerging the West African mineral sands operation will allow the company to focus on its core activities and growth opportunities in Australia. It also believes that a demerger represents the optimal pathway for Sierra Rutile to reach its full potential.
Best and worst ASX 200 performers
The best performer on the ASX 200 on Wednesday has been the EML share price with a 12% gain following confirmation of failed takeover talks with Bain Capital. Going the other way, the worst performer has been the Adbri Ltd (ASX: ABC) share price with a 4% decline. This morning Morgan Stanley downgraded the building products company's shares to an equal-weight rating from overweight.
