ASX 200 (ASX:XJO) midday update: Wesfarmers’ update, energy shares rise

Here’s what’s happening on the ASX 200 on Monday…

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At lunch on Monday, the S&P/ASX 200 Index (ASX: XJO) is fighting hard to start the week in a positive fashion. The benchmark index is currently up slightly to 7,396.3 points.

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

Wesfarmers half year update

The Wesfarmers Ltd (ASX: WES) share price is pushing higher on Monday despite providing an underwhelming update on its first half performance. That update revealed that its Kmart Group business has struggled during the six months due to COVID restrictions and higher costs. This is expected to lead to Wesfarmers posting a 12.5% to 16.5% first half profit decline to between $1,180 and $1,240 million.

South32 Hermosa update

An update on its Hermosa project in the United States hasn’t been enough to stop the South32 Ltd (ASX: S32) share price from falling today amid weakness in the materials sector. According to the release, the mining giant has completed its pre-feasibility study (PFS) for the Taylor Deposit at the 100% owned project in Arizona. That PFS supports Taylor’s potential to be the first development of a multi-decade operation aiming to establish Hermosa as a globally significant producer of metals critical to a low carbon future.

Energy shares charge higher

A key driver of the ASX 200’s gains on Monday has been the energy sector. The likes of Beach Energy Ltd (ASX: BPT) and Woodside Petroleum Limited (ASX: WPL) are charging higher today following a strong finish to the week for oil prices. According to Bloomberg, the WTI crude oil price rose 2.1% to US$83.82 a barrel and the Brent crude oil price pushed 1.9% higher to US$86.06 a barrel.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Monday has been the Adbri Ltd (ASX: ABC) share price with a 9% gain following an update on its supply agreement with Alcoa. The worst performer has been the CSR Limited (ASX: CSR) share price with a 4.5% decline on no news.

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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 and has recommended Wesfarmers 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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