ASX 200 up 0.5%: BHP’s update, PolyNovo jumps, Ansell impresses

Ansell Limited (ASX:ANN) and BHP Group Ltd (ASX:BHP) shares are on the move on the ASX 200 on Wednesday. Here’s what you need to know…

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At lunch on Wednesday the S&P/ASX 200 Index (ASX: XJO) is on course to record another solid gain. The benchmark index is currently up 0.5% to 6,778.6 points.

Here’s what has been happening on the market today:

BHP second quarter update

The BHP Group Ltd (ASX: BHP) share price is trading higher following the release of its second quarter and half year production update. BHP reported iron ore production of 62,394kt for the second quarter and 128,434kt for the first half. This represents a 3% and 6% increase, respectively, on the prior corresponding periods. It also reported a 35% improvement in the average realised price of iron ore to US$103.78 a tonne since the end of FY 2020.

PolyNovo increases its European presence

The PolyNovo Ltd (ASX: PNV) share price is shooting higher today after it announced its expansion into Poland and Turkey. According to the release, the medical device company has appointed Hortho Medical Innovations as its exclusive distributor in Poland and Saglik Hiz and its medical sales channel LotuS as its distributor in Turkey. Both distributors have a lot of experience with products and technologies that are similar to PolyNovo’s NovoSorb BTM. It is a dermal scaffold for the regeneration of the skin when lost through extensive surgery or burn.

Ansell update impresses

The Ansell Limited (ASX: ANN) share price is pushing higher today after the release of a trading update. Due to increasing demand because of the COVID-19 pandemic, the safety products company is expecting to report very strong profit growth for the first half of FY 2021. According to the release, Ansell expects its sales to increase over 20% and its earnings per share to grow between 62% to 68% on the prior corresponding period. While management expects a strong second half, it has warned that it is unlikely to be as strong as the first.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Wednesday has been the PolyNovo share price with a 6.5% gain following its European expansion announcement. The worst performer has been the Megaport Ltd (ASX: MP1) share price with a 6% decline. This morning analysts at Morgans held firm with their hold rating but cut the price target on the company’s shares by 12% to $13.27.

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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's parent company Motley Fool Holdings Inc. owns shares of POLYNOVO FPO. The Motley Fool Australia has recommended Ansell Ltd. 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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