ASX 200 midday update: Rio Tinto’s update, BHP and Fortescue sink, AVZ remains suspended

A man working in the stock exchange.

A man working in the stock exchange.

At lunch on Friday, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week with a sizeable decline. The benchmark index is currently down 1.3% to 6,566.3 points.

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

Miners weigh on ASX 200

The resources sector is weighing heavily on the ASX 200 index on Friday. The likes of BHP Group Ltd (ASX: BHP) and Fortescue Metals Group Limited (ASX: FMG) are deep in the red and have led to the S&P/ASX 200 Resources index falling 3% today. This has been driven by a pullback in the iron ore prices amid concerns over the Chinese property market.

Rio Tinto’s quarterly update

The Rio Tinto Limited (ASX: RIO) share price has tumbled lower today after the iron ore price weakness offset the release of the company’s second quarter update. During the quarter, the mining giant achieved iron ore shipments of 79.9Mt. This was ahead of the market consensus estimate of 79.3Mt. Rio Tinto also reaffirmed its full year iron ore guidance for costs and shipments.

AVZ shares remain suspended

The AVZ Minerals Ltd (ASX: AVZ) share price was due to return to trade this morning. However, the embattled lithium developer has requested that its suspension continues for a further two weeks. This will bring the length of its suspension to just under three months. AVZ is battling legal action from a Chinese company that claims it owns a stake in the Manono Lithium project.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Friday has been the WiseTech Global Ltd (ASX: WTC) share price with a 4% gain. This morning the logistics solutions company upgraded its FY 2022 guidance. Going the other way, the Pendal Group Ltd (ASX: PDL) share price is the worst performer with a 9% decline. This follows another disappointing funds under management update.

The post ASX 200 midday update: Rio Tinto’s update, BHP and Fortescue sink, AVZ remains suspended 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 positions in and has recommended WiseTech Global. The Motley Fool Australia has positions in and has recommended WiseTech Global. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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