ASX 200 midday update: Macquarie jumps, gold miners sink

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

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At lunch on Wednesday, the S&P/ASX 200 Index (ASX: XJO) is once again fighting back from a poor start. The benchmark index is down 0.2% to 7,516.7 points at the time of writing.

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

Macquarie shares storm higher

The Macquarie Group Ltd (ASX: MQG) share price is storming higher on Wednesday after the release of an update. The investment bank revealed that it expects its first half profits to be down slightly on the second half of FY 2021. Looking further ahead, the bank believes it is positioned to deliver superior performance in the medium term.

Mineral Resources update

The Mineral Resources Limited (ASX: MIN) share price is trading lower today despite a positive drilling update. That update reveals that drilling activities have identified a significant gas discovery at Lockyer Deep-1. According to the release, the company has encountered excellent reservoir quality at its Kingia Sandstone site along with significant gas elevations throughout the IRCM and Kingia Sandstone.

Gold miners tumble

Australian gold miners such as Evolution Mining Ltd (ASX: EVN) and Newcrest Mining Limited (ASX: NCM) are trading notably lower today. This follows a pullback in the gold price during overnight trade. According to CNBC, the spot gold price fell 2% last night to US$1,796.40 an ounce. A combination of a strengthening US dollar and higher bond yields took the shine off the precious metal.

Best and worst ASX 200 performers

The best performer on the ASX 200 has been the Macquarie share price with a 5.5% gain. This follows the release of its trading update. The worst performer has been the St Barbara Ltd (ASX: SBM) share price with a 5% decline. This follows the pullback in the spot gold price overnight.

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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 owns shares of and has recommended Macquarie Group Limited. 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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