At lunch the S&P/ASX 200 Index is on course to give back a portion of yesterday’s solid gain and is down 0.15% to 6,269.2 points.
Here’s what has been happening on the market today:
The BHP Group Ltd (ASX: BHP) share price is down 2% at lunch following the release of its third quarter update. The mining giant reported declines in petroleum, iron ore, and metallurgical coal production during the quarter. Whereas copper production and thermal coal production rose modestly on the prior corresponding period.
The Fortescue Metals Group Limited (ASX: FMG) share price has tumbled 7% lower after iron ore prices weakened overnight. In addition to this, news that a Brazilian court has given mining giant Vale permission to resume operations at its Brucutu mine appears to have investors concerned that the additional supply will hurt iron ore prices.
The DuluxGroup Ltd (ASX: DLX) share price has rocketed 27% higher after its board unanimously recommended a $9.80 cash per share takeover offer from Japan’s Nippon Paint. Management believes a takeover would provide increased opportunity for Dulux to pursue its growth ambitions, leveraging Nippon’s global scale and resources to realise significant synergies for the combined entity.
Telstra shares upgraded.
The Telstra Corporation Ltd (ASX: TLS) share price is up over 2% to $3.36 after analysts at UBS upgraded its shares from a neutral rating to a buy rating. The broker also lifted its price target on the company’s shares by a sizeable 20% to $3.60 from $3.00. It believes there are external tailwinds building that have yet to be priced in by the market.
Best and worst performers.
The best performer on the index today is of course the Dulux share price with its massive 27% gain. The next best performer is the Emeco Holdings Limited (ASX: EHL) share price with a gain of 3.5% on the back of no news. Going the other way is the Fortescue share price, followed by the WiseTech Global Ltd (ASX: WTC) share price which has dropped 5%.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Telstra Limited. The Motley Fool Australia owns shares of WiseTech Global. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.