At lunch on Thursday the S&P/ASX 200 Index (ASX: XJO) has followed the lead of U.S. markets and is charging higher. The benchmark index is currently up 0.7% to 6,050 points.
Here’s what has been happening on the market today:
The Fortescue Metals Group Limited (ASX: FMG) share price is pushing higher today after its fourth quarter update impressed the market. During the fourth quarter Fortescue shipped 47.3 million tonnes (mt) of iron ore, bringing its FY 2020 total shipments to 178.2mt. This means the miner outperformed the top end of its guidance of 177mt. It is also a 6% increase on the prior year. In FY 2021, management is aiming to ship 175mt to 180mt.
Big four bank rise.
It has been a reasonably positive but subdued day for the big four banks. Although the big four are all pushing higher, they are underperforming the ASX 200 index. The Commonwealth Bank of Australia (ASX: CBA) share price is the best performer in the group with a 0.45% gain. Earlier today Goldman Sachs released its revised estimates for the big four’s dividend payments in FY 2020.
The Macquarie Group Ltd (ASX: MQG) share price is pushing higher after the release of its first quarter update at its annual general meeting. The investment bank advised that it has been impacted by mixed trading conditions during the first quarter. As a result, its operating profit during the quarter was slightly down on the prior corresponding period. No guidance was provided for the full year due to the uncertain global economic outlook.
Best and worst ASX 200 performers.
The best performer on the ASX 200 on Thursday has been the WiseTech Global Ltd (ASX: WTC) share price with a 5% gain. A number of tech shares are pushing notably higher today following a positive night of trade on the tech-heavy Nasdaq index. The worst performer has been the Sandfire Resources Ltd (ASX: SFR) share price with a 7% decline. The copper miner’s FY 2021 guidance appears to have disappointed investors.
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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 Macquarie Group 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.