Image source: Getty Images
At lunch on Thursday, the S&P/ASX 200 Index (ASX:XJO) challenges Wall Street weakness and pushes higher. The benchmark is currently up 0.35% at 6,644.5 points.
Here’s what’s happening on the ASX 200 today:
Telstra completes acquisition
The Telstra Company Ltd. (ASX:TLS) stock price rises on Thursday. This follows news that the telecommunications giant has completed its acquisition of Digicel Pacific for US$1.6 billion. While Telstra will own 100% of the major Pacific Islands-based communications service provider, it will only contribute $270 million of the purchase price. The balance of US$1.33 billion is covered by the Australian government.
Lake Resources returns and sinks
The Lake NL Resources (ASX: LKE) The stock price came back from its trading stop and plunged deep into the red. This morning, the lithium developer responded to a scathing report from short seller J Capital. Although he said the report “presents incorrect information on technical matters and inaccurate assertions about Lake Resources’ progress to date,” that hasn’t stopped investors from selling its shares today.
Bega Cheese advice disappoints
The Fromagerie Bega Ltd (ASX:BGA) The stock price declines today after the food company’s disappointing guidance for fiscal 2023. While Bega Cheese continues to expect to report normalized EBITDA in the mid- $175 million to $190 million in fiscal year 2022, it projects a potential decline in fiscal year 2023 to $160 million to $190 million. The company’s earnings are expected to be “affected by the delay in timing some of these higher product prices and the finalization of secured milk volumes in July.” A memo from Bell Potter reveals that it forecast EBITDA of $195 million for fiscal 2023.
The Best and Worst Performers of the ASX 200
The best performer on the ASX 200 on Thursday was the Whitehaven Coal Ltd (ASX:WHC) stock price with an 8% gain. Coal miners performed well this week amid rising prices. The worst performer was the Lake resources share price down 8%. This follows the lithium developer’s response to a short seller attack.