ASX 200 (ASX:XJO) midday update: BHP’s update, Megaport sinks, HUB24 impresses

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

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At lunch on Wednesday, the S&P/ASX 200 Index (ASX: XJO) is out of form and tumbling lower. The benchmark index is currently down 0.6% to 7,365.9 points.

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

BHP’s Q2 update

The BHP Group Ltd (ASX: BHP) share price is trading slightly lower on Wednesday following the release of its second quarter update. According to the release, BHP’s iron ore production grew 4% quarter on quarter to a near record of 66.1Mt. This brought its half year production to 129.1Mt. Looking ahead, the majority of its production and cost guidance for FY 2022 remains unchanged.

Megaport shares sink

The Megaport Ltd (ASX: MP1) share price is sinking today following the release of its second quarter update. Investors have been selling the leading elastic interconnection services provider’s shares after it reported only modest growth during the quarter. Megaport posted a quarter on quarter increase of just $0.6 million or 7% in its monthly recurring revenue (MRR) to $9.2 million. This led to an 8% increase in second quarter revenue to $26.6 million.

HUB24’s strong update

The HUB24 Ltd (ASX: HUB) share price is pushing higher today after reporting record second quarter platform net inflows of $3.6 billion. This led to an increase in its total funds under administration (FUA) to $68.3 billion, which is up 118% compared to the prior corresponding period. This was driven by a combination of organic growth and flows from the Xplore acquisition.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Wednesday has been the Harvey Norman Holdings Limited (ASX: HVN) share price with a 3.5% gain. This morning Credit Suisse upgraded the retailer’s shares to an outperform rating with a $5.62 price target. The worst performer has been the Megaport share price with a 12% decline following its update.

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