ASX 200 midday update: BlueScope & OZ Minerals updates impress

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

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At lunch on Tuesday, the S&P/ASX 200 Index (ASX: XJO) is on form and pushing higher. The benchmark index is currently up 0.4% to 7,424.3 points.

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

BlueScope smashes expectations

The BlueScope Steel Limited (ASX: BSL) share price has been on form today following the release of its preliminary full year results. The steel producer had a strong second half and expects to report full year underlying EBITDA of ~$1.72 billion. This has been driven by a second half EBITDA result of $1.19 billion, which was ahead of its guidance of $1 billion to $1.08 billion. Strong demand and pricing drove the impressive result.

OZ Minerals delivers strong Q2 update

The OZ Minerals Limited (ASX: OZL) share price is racing higher today after the release of its second quarter update. The copper producer was on form during the quarter, leading to positive revisions to its FY 2021 guidance. OZ Minerals has increased its gold production guidance and reduced its cash costs guidance.

Oil Search Q2 update

The Oil Search Ltd (ASX: OSH) share price is edging higher today. This follows the release of the energy producer’s second quarter update. While Oil Search reported a quarter on quarter decline in production, improved pricing underpinned a 21.5% quarter on quarter increase in operating revenue to US$366.2 million. Oil Search also reaffirmed its FY 2021 production, operating costs, and capital expenditure guidance.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Tuesday is the OZ Minerals share price with a sizeable 8.5% gain. This follows its strong second quarter update. The worst performer on the ASX 200 today has been the A2 Milk Company Ltd (ASX: A2M) share price with a 3% decline. Investors have been selling the infant formula company’s shares this week amid concerns over potential regulatory changes in China.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended A2 Milk. 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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