ASX 200 midday update: BHP’s Q4 update, JB Hi-Fi delivers record result

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

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

At lunch on Tuesday, the S&P/ASX 200 Index (ASX: XJO) is fighting hard to get into positive territory but has just fallen short. The benchmark index is currently down slightly to 6,682.1 points.

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

BHP share price rises on production update

The BHP Group Ltd (ASX: BHP) share price is pushing higher today after investors responded positively to the mining giant’s production update. The Big Australian revealed that its FY 2022 production for iron ore came in at 253.2Mt and its copper production was 1,573.5kt. This was in line with guidance of 249Mt to 259Mt for iron ore and 1,570kt to 1,620kt for copper.

JB Hi-Fi delivers record results

The JB Hi-Fi Limited (ASX: JBH) share price is charging higher after the retail giant delivered a record result in FY 2022. Thanks to a strong fourth quarter, JB Hi-Fi expects to report a 3.5% increase in sales to $9,232 million and a 7.7% lift in net profit after tax to $544.9 million. Both are records for the retailer. This reflects growth across the business and from its online operations. The latter’s sales were up 52.8% to $1.6 billion in FY 2022.

Hub24 shares tumble

The Hub24 Ltd (ASX: HUB) share price is tumbling on Tuesday despite the investment platform provider reporting a record annual increase in platform inflows of $11.7 billion. This took the company’s total funds under administration (FUA) to $65.6 billion. However, while this was an increase of 11.8% year on year, it was a 4% reduction quarter on quarter. This appears to have spooked investors.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Tuesday has been the Lake Resources N.L. (ASX: LKE) share price with an 8% gain. This is despite there being no news out of the embattled lithium developer. Going the other way, the Hub24 share price has been the worst performer with a 5% decline. This follows the release of the company’s aforementioned update.

The post ASX 200 midday update: BHP’s Q4 update, JB Hi-Fi delivers record result appeared first on The Motley Fool Australia.

Inflation pressures and bear market opportunities

According to The Motley Fool’s Chief Investment Officer Scott Phillips, how investors handle their investments right now could have a massive impact on their wealth in years to come.
While many investors will turn to real estate, gold and other commodities in times of inflation, Scott is quick to point out another way…
Get the details now…

Learn More
*Returns as of July 1 2022

(function() {
function setButtonColorDefaults(param, property, defaultValue) {
if( !param || !param.includes(‘#’)) {
var button = document.getElementsByClassName(“pitch-snippet”)[0].getElementsByClassName(“pitch-button”)[0];
button.style[property] = defaultValue;
}
}

setButtonColorDefaults(“#0095C8”, ‘background’, ‘#5FA85D’);
setButtonColorDefaults(“#0095C8”, ‘border-color’, ‘#43A24A’);
setButtonColorDefaults(“#fff”, ‘color’, ‘#fff’);
})()

More reading

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 Hub24 Ltd. The Motley Fool Australia has positions in and has recommended Hub24 Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

from The Motley Fool Australia https://ift.tt/asRcKUX

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s