At lunch on Thursday, the S&P/ASX 200 Index (ASX: XJO) is defying the weakness on Wall Street and pushing higher. The benchmark index is currently up 0.35% to 6,644.5 points.
Here's what is happening on the ASX 200 today:
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Telstra completes acquisition
The Telstra Corporation Ltd (ASX: TLS) share price is pushing higher on Thursday. This follows news that the telco giant has completed its acquisition of Digicel Pacific for US$1.6 billion. While Telstra will own 100% of the leading provider Pacific-islands based communications services provider, it is contributing just US$270 million of the purchase price. The remaining US$1.33 billion is being covered by the Australian Government.
Lake Resources returns and sinks
The Lake Resources N.L. (ASX: LKE) share price has returned from its trading halt and sunk deep into the red. This morning the lithium developer responded to a scathing report from short seller J Capital. Although it said that the report "puts forth incorrect information on technical matters and inaccurate assertions on Lake Resources' progress to date," this hasn't stopped investors selling off its shares today.
Bega Cheese guidance disappoints
The Bega Cheese Ltd (ASX: BGA) share price is dropping today after the food company's FY 2023 guidance disappointed. While Bega Cheese continues to expect to report normalised EBITDA in the range of $175 million to $190 million in FY 2022, it is forecasting a potential decline in FY 2023 to $160 million to $190 million. The company's earnings are expected to be "impacted by the delay in timing of some of these higher product prices and the finalisation of secured milk volumes during July." A note out of Bell Potter reveals that it was forecasting EBITDA of $195 million in FY 2023.
Best and worst ASX 200 performers
The best performer on the ASX 200 on Thursday has been the Whitehaven Coal Ltd (ASX: WHC) share price with an 8% gain. Coal miners have been performing strongly this week amid rising prices. The worst performer has been the Lake Resources share price with an 8% decline. This follows the lithium developer's response to a short seller attack.
