ASX 200 midday update: Rio Tinto drops, tech shares jump, Macquarie impresses

Smiling man sits in front of a graph on computer while using his mobile phone.

Smiling man sits in front of a graph on computer while using his mobile phone.At lunch on Thursday, the S&P/ASX 200 Index (ASX: XJO) has faded from its intraday highs but remains on course to record a decent gain. The benchmark index is currently up 0.5% to 6,856.1 points.

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

Rio Tinto shares drop

The Rio Tinto Limited (ASX: RIO) share price is missing out of the good times today. Investors have been selling the mining giant’s shares after its half-year results fell short of estimates. Rio Tinto reported a 26% decline in underlying EBITDA to US$15,597 million and declared an interim dividend of US$2.76 per share. This compares to estimates of US$16,813 million and US$3.97 per share, respectively.

Tech shares jump

One area of the market that is booming on Thursday is the tech sector. The likes of Block Inc (ASX: SQ2), Megaport Ltd (ASX: MP1), and Zip Co Ltd (ASX: ZIP) are all recording strong gains and helping to drive the S&P ASX All Technology index 1.3% higher today. This follows a very strong night of trade on Wall Street’s NASDAQ index, which saw the tech-focused index rise a stunning 4.1%.

Macquarie Q1 update impresses

The Macquarie Group Ltd (ASX: MQG) share price is pushing higher today after investors responded positively to the investment bank’s first quarter update. Management advised that favourable trading conditions saw Macquarie’s operating groups deliver net profit contributions that were up on the first quarter of FY 2022. The highlight was its annuity-style businesses, which delivered a combined first quarter net profit contribution that was “significantly” up on the prior corresponding period.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Thursday has been the Zip share price with a 16% gain on no news. Its shares have now risen over 200% since the end of June. Going the other way, the worst performer has been the Atlas Arteria Group (ASX: ALX) share price with a 7% decline. This follows news that IFM has walked away from takeover talks.

The post ASX 200 midday update: Rio Tinto drops, tech shares jump, Macquarie impresses 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 Block, Inc., MEGAPORT FPO, and ZIPCOLTD FPO. The Motley Fool Australia has positions in and has recommended Block, Inc. The Motley Fool Australia has recommended MEGAPORT FPO and Macquarie Group Limited. 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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