ASX 200 midday update: Lynas jumps, GPT withdraws guidance

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

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At lunch on Monday, the S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a modest gain. The benchmark index is currently up 0.2% to 7,409.2 points.

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

Lynas quarterly result

The Lynas Rare Earths Ltd (ASX: LYC) share price is racing higher today following the release of its fourth quarter update. Lynas reported neodymium and praseodymium (NdPr) production of 1,393 tonnes, representing a 79.7% increase on the prior corresponding period. Combined with the almost doubling of its average realised price, this led to a significant increase in sales revenue to $185.9 million for the quarter. This compares to sales revenue of $38 million a year earlier.

GPT withdraws guidance

The GPT Group (ASX: GPT) share price is under pressure today after withdrawing its guidance for FY 2021. According to the release, the property company has withdrawn its Funds From Operations (FFO) and distribution guidance for 2021 due to uncertainty caused by COVID-19 lockdowns in Melbourne and Sydney.

AMP update

The AMP Ltd (ASX: AMP) share price is falling again today despite announcing changes to its advice business model. AMP revealed a new contemporary advice service model, marking a new era for financial advice at the company. AMP’s new model further prioritises its clients and will provide services to advisers which support the delivery of quality advice, improve practice efficiency, and help advisers grow their businesses.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Monday has been the Lynas share price with an 8% gain. This follows the release of its quarterly update. The worst performer on the ASX 200 has been the Silver Lake Resources Limited (ASX: SLR) share price with a 5% decline. This gold miner’s shares have come under pressure since the recent release of its quarterly update and softer than expected FY 2022 guidance.

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