ASX 200 midday update: Rio Tinto update disappoints, Evolution sinks

It has been another busy day for the ASX 200…

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At lunch on Friday, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week on a subdued note. The benchmark index is currently down 0.1% to 7,328.8 points.

Here’s what is happening on the ASX 200 today:

Rio Tinto Q2 update disappoints

The Rio Tinto Limited (ASX: RIO) share price is trading lower today following the release of an underwhelming second quarter update. According to the release, Rio Tinto’s Pilbara iron ore production came in 9% lower year on year at 75.9 million tonnes. This reduction was driven by inclement weather and shutdowns. Also falling were its iron ore shipments, which were down 12% due to COVID-19 restrictions and a tight labour market. As a result, full year shipments are expected to be at the low end of its guidance range. Its cost guidance has been increased.

Evolution shares sink

The Evolution Mining Ltd (ASX: EVN) share price is tumbling lower following the release of an update on its production and growth plans. The gold miner’s production came in at 681,000 ounces with an all-in sustaining cost (AISC) of A$1,215 per ounce in FY 2021. While this was in line with its original guidance, it fell short of the upgraded guidance given in April of 695,000 to 710,000 ounces.

Tech shares weigh on ASX 200

The Australian tech sector is weighing on the ASX 200 on Friday. The likes of Afterpay Ltd (ASX: APT) and Altium Limited (ASX: ALU) are trading notably lower and are dragging the S&P ASX All Technology index down by 0.5%. This follows a poor night of trade on the Nasdaq index overnight. The tech-focused index fell 0.7% on Thursday night.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Friday is the Whitehaven Coal Ltd (ASX: WHC) share price with a 4.5% gain. This morning Bell Potter retained its buy rating and lifted its price target on the coal miner’s shares to $2.50. This follows the release of a solid fourth quarter update yesterday. The worst performer on the ASX 200 has been the Evolution share price with a 5% decline. This follows its production miss in FY 2021.

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