ASX 200 (ASX:XJO) midday update: Rio Tinto cuts guidance, Treasury Wine disappoints

Man looks shocked as he works on laptop on top a skyscraper with stockmarket figures in graphic behind him.

At lunch on Friday, the S&P/ASX 200 Index (ASX: XJO) has followed the lead of US markets and is pushing higher. The benchmark index is currently up 0.3% to 7,334.6 points.

Here’s what is happening on the ASX 200 today:

Rio Tinto quarterly update

The Rio Tinto Limited (ASX: RIO) share price is trading lower today following the release of its third quarter update. That update reveals that the mining giant had a mixed quarter. As a result, management has downgraded its iron ore shipments and copper production guidance. In respect to the former, Pilbara iron ore shipments are now expected to be in the range of 320Mt to 325Mt. This compares to its previous guidance of 325Mt to 340Mt.

Treasury Wine update

The Treasury Wine Estates Ltd (ASX: TWE) share price is tumbling lower on Friday following the release of a first quarter trading update at its annual general meeting. That update reveals that Treasury Wine’s performance during the quarter was softer than expected. Management commented: “As we exit the first quarter of fiscal 22, the recovery of key luxury channels impacted by the pandemic are slightly behind the expectations we had at the beginning of the year.”

IAG taken to court by ASIC

Also heading lower today is the Insurance Australia Group Ltd (ASX: IAG) share price. This follows news that ASIC has launched civil proceedings against the insurance giant in the Federal Court. The corporate watchdog alleges Insurance Australia misled customers by applying discounts while simultaneously upping premiums. It is alleged NRMA customers missed out on more than $60 million worth of discounts.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Friday has been the ARB Corporation Limited (ASX: ARB) share price with a 6% gain. This morning Citi upgraded the auto parts company’s shares to a buy rating with a $55.45 price target. This was in response to its AGM update. The worst performer has been the Pendal Group Ltd (ASX: PDL) share price with a 10% decline following its funds under management update.

The post ASX 200 (ASX:XJO) midday update: Rio Tinto cuts guidance, Treasury Wine disappoints appeared first on The Motley Fool Australia.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Insurance Australia Group Limited and Treasury Wine Estates Limited. The Motley Fool Australia has recommended ARB Corporation Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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