ASX 200 (ASX:XJO) midday update: Rio Tinto’s Q4 update, JB Hi-Fi rockets, Kogan sinks

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

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At lunch on Tuesday, the S&P/ASX 200 Index (ASX: XJO) is on course to record another gain. The benchmark index is currently up 0.3% to 7,438.3 points.

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

Rio Tinto quarterly update

The Rio Tinto Limited (ASX: RIO) share price has bounced back from a poor start and is edging higher at lunch. This follows a mixed reaction to its fourth quarter update this morning. For the three months ended 31 December, Rio Tinto reported a 5% decline in Pilbara iron ore shipments to 84.1Mt. Goldman Sachs was expecting iron ore shipments of 88.9Mt. However, its guidance for FY 2022 shipments of 320Mt to 335Mt was broadly in line with the broker’s estimate of 330Mt.

Kogan shares tumble

The Ltd (ASX: KGN) share price is falling again on Tuesday following another update from an ecommerce peer. On Monday, a disappointing update on the Wesfarmers Ltd (ASX: WES) owned Catch business weighed on Kogan’s shares. Today it is a very disappointing update from Redbubble Ltd (ASX: RBL). It reported an 84% decline in EBITDA during the first half amid increasing competition and higher customer acquisition costs.

JB Hi-Fi update impresses

The JB Hi-Fi Limited (ASX: JBH) share price is charging higher following a better than expected trading update. According to the release, the retail giant recorded modest sales growth over the prior corresponding period during the second quarter. This led to sales falling just 1.6% during the first half despite cycling a very strong period. On the bottom line, its first half net profit of $287.9 million was down 9.4% year on year but 12.4% ahead of the consensus estimate.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Tuesday has been the JB Hi-Fi share price with a 7% gain following its update. Going the other way, the worst performer has been the Kogan share price with a 5% decline in response to Redbubble’s update.

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