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ASX 200 flat: Rio Tinto Q3 update, big four banks higher, GUD impresses

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At lunch on Friday the S&P/ASX 200 Index (ASX: XJO) is fighting hard to end the week in positive territory. The benchmark index is currently flat at 6,206.1 points.

Here’s what is happening on the market today:

Rio Tinto lower after third quarter update.

The Rio Tinto Limited (ASX: RIO) share price is trading lower on Friday following the release of its third quarter update. For the three months ended 30 September, Rio Tinto reported Pilbara iron ore shipments of 82.1Mt. This was a 5% decline on the prior quarter and a touch lower than expectations. However, it is worth noting that the mining giant has reaffirmed its full year production and cost guidance for iron ore and copper.

Big four banks push higher.

The big four banks are doing their part on Friday and are pushing higher. All four banks are in positive territory at lunch, with the National Australia Bank Ltd (ASX: NAB) share price leading the way with a 0.5% gain. Investors may be pleased with the latest COVID-19 data out of Victoria this morning. Just two new cases were recorded during testing yesterday.

GUD update impresses.

The GUD Holdings Limited (ASX: GUD) share price is storming higher today after investors responded positively to its first quarter update. The products company had a very positive quarter and experienced strong sales growth across both its Automotive and Water divisions. This led to GUD reporting a 14% increase in first quarter group sales. However, due to the uncertainty caused by COVID-19, management hasn’t been able to provide any guidance.

Best and worst ASX 200 performers.

The best performer on the ASX 200 on Friday has been the Unibail-Rodamco-Westfield (ASX: URW) share price with a 13% gain. Earlier this week the shopping centre operator announced a deal to sell its SHiFT office building in Paris for 620 million euros. Going the other way, the worst performer has been the Atlas Arteria Group (ASX: ALX) share price with a 3% decline. Last night the toll road operator revealed that the Hearing Examiner has recommended no increases to peak tolls on the Dulles Greenway in the United States.

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Returns As of 6th October 2020

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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.

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