ASX 200 up 0.6%: TechnologyOne results, BHP & Rio Tinto rise

Aristocrat Leisure Limited (ASX:ALL) and TechnologyOne Ltd (ASX:TNE) shares are making a 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 solid gain. The benchmark index is currently up 0.6% to 7,089.6 points.

Here’s what is happening on the market today:

TechnologyOne half year results

The TechnologyOne Ltd (ASX: TNE) share price is having a mixed day following the release of its half year results. At one stage in morning trade, the enterprise software company’s shares were up as much as 9%. They have since pulled back and are now trading flat. Strong demand for its Global SaaS ERP Solution underpinned a 5% increase in total revenue to $144.3 million and a 48% increase in net profit to $28.2 million. However, full year profit growth is expected to be 10% to 15%.

Iron ore miners rise despite pullback

Iron ore producers BHP Group Ltd (ASX: BHP), Fortescue Metals Group Limited (ASX: FMG), and Rio Tinto Limited (ASX: RIO) are all pushing higher today despite another pullback in the price of the steel making ingredient. According to Metal Bulletin, the spot iron ore price fell a further 4.1% to US$192.42 a tonne. Each of the mining giants are outperforming the market today with gains of at least 1%.

Aristocrat Leisure rated as a buy

The Aristocrat Leisure Limited (ASX: ALL) share price is pushing higher after several brokers responded positively to its half year results yesterday. One of those was Citi, which retained its buy rating and lifted its price target to $46.60. Also remaining positive was UBS, which has held firm with its buy rating and lifted its price target to $44.40.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Tuesday has been the Galaxy Resources Limited (ASX: GXY) share price with a 4% gain. This is despite there being no news out of the lithium miner. The worst performer has been the Fisher & Paykel Healthcare Corp Ltd (ASX: FPH) share price with a 3% decline. Investors may be nervous ahead of its full year results release later this week.

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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. 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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