ASX 200 up 1.2%: Bingo rockets, Rio Tinto update, Domino’s jumps

Bingo Industries Ltd (ASX:BIN) and Rio Tinto Limited (ASX:RIO) shares are making a big splash on the ASX 200 on Tuesday…

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At lunch on Tuesday the S&P/ASX 200 Index (ASX: XJO) is on course to record a strong gain. The benchmark index is currently up 1.2% to 6,741.9 points.

Here’s what is happening on the market today:

Bingo rockets on takeover approach.

The Bingo Industries Ltd (ASX: BIN) share price is rocketing higher on Tuesday. Investors have been fighting to get hold of the waste management company’s shares after it confirmed the receipt of a takeover approach. BINGO revealed that it has received an unsolicited, highly conditional, non-binding, indicative proposal from funds advised by CPE Capital. The indicative cash price currently offered to BINGO shareholders under the proposal is $3.50 per share.

Rio Tinto update.

The Rio Tinto Limited (ASX: RIO) share price is pushing higher today after releasing its fourth quarter and full year production update. According to the release, the mining giant’s Pilbara iron ore production came in 3% higher for the quarter to 86Mt, bringing its full year production to 333.4Mt. The latter was up 2% on the prior corresponding period despite negative impacts from Cyclone Damien in the first quarter and COVID-19 disruptions. Rio Tinto is aiming for iron ore shipments of up to 340Mt in FY 2021.

Domino’s jumps.

The Domino’s Pizza Enterprises Ltd (ASX: DMP) share price is jumping higher today after being upgraded by a leading broker. According to a note out of Macquarie, its analysts have upgraded the pizza chain operator’s shares to an outperform rating with a $90.30 price target. Macquarie believes Domino’s is winning market share from its rivals and is well placed for further growth in the coming years.

Best and worst ASX 200 performers.

The best performer on the ASX 200 index today has been the BINGO share price with its 21% gain. This follows the receipt of a takeover approach. The Megaport Ltd (ASX: MP1) share price is the worst performer with a 3% decline. Investors have been selling the global elastic interconnection services provider’s shares following the release of its second quarter update.

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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of and recommends MEGAPORT FPO. The Motley Fool Australia has recommended Dominos Pizza Enterprises Limited and MEGAPORT FPO. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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