At lunch on Friday, the S&P/ASX 200 Index (ASX: XJO) is following the lead of US markets and pushing higher. The benchmark index is currently up 0.3% to 7,334.6 points.
Here’s what is happening on the ASX 200 today:
Rio Tinto quarterly update
The Rio Tinto Limited (ASX: RIO) share price is lower following the release of its third-quarter update. The update reveals that the ASX 200 mining giant had a mixed quarter. As a result, RIO management has downgraded the company’s iron ore shipments and copper production guidance. In respect to the former, Pilbara iron ore shipments are now expected to be in the range of 320Mt to 325Mt. This compares to its previous guidance of 325Mt to 340Mt.
Treasury Wine update
The Treasury Wine Estates Ltd (ASX: TWE) share price is tumbling lower following the release of a first-quarter trading update at its annual general meeting. The update reveals that Treasury Wine’s performance during the quarter was softer than expected. Management commented: “As we exit the first quarter of fiscal 22, the recovery of key luxury channels impacted by the pandemic are slightly behind the expectations we had at the beginning of the year.”
IAG taken to court by ASIC
Also heading lower today is the Insurance Australia Group Ltd (ASX: IAG) share price. This follows news that ASIC has launched civil proceedings against the ASX 200 insurance giant in the Federal Court. The corporate watchdog alleges that Insurance Australia misled customers by applying discounts while simultaneously upping premiums. It alleges that NRMA customers missed out on more than $60 million worth of discounts.
Best and worst ASX 200 performers
The best performer on the ASX 200 today is the ARB Corporation Limited (ASX: ARB) share price, up 6%. This morning Citi upgraded the auto parts company to a buy rating with a $55.45 price target. This is in response to its AGM update. The worst performer on the ASX 200 is the Pendal Group Ltd (ASX: PDL) share price with a 10% decline following its funds under management update.