At lunch on Wednesday, the S&P/ASX 200 Index (ASX: XJO) is having a strong day and is charging notably higher. The benchmark index is currently up 1.4% to 7,106.3 points.
Here's what is happening on the ASX 200 today:
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Virgin Money shares rise following Q1 update
The Virgin Money UK (ASX: VUK) share price is rising today after investors responded positively to its first quarter update. The UK based bank revealed that its net interest margin (NIM) improved from 170bps to 177bps during the quarter. This was driven by higher hedge contributions, lower cost of funds, and a higher yielding lending mix. Management now expects its full year NIM to be ~175bps.
Amcor shares fall on half year update
The Amcor (ASX: AMC) share price is falling on Wednesday following the release of its half year results. For the six months ended 31 December, the packaging company revealed that its net sales rose 12% to US$6,927 million and its adjusted EBIT grew 5% to US$769 million. And while its net profit fell a touch short of expectations (US$548 million vs US$554 million), it is worth highlighting that management reiterated its full year earnings guidance.
Mining shares rise
A key driver of the ASX 200's gains today has been the resources sector. Mining giants such as BHP Group Ltd (ASX: BHP) and Fortescue Metals Group Limited (ASX: FMG) are recording particularly strong gains on Wednesday. This has led to the S&P/ASX 200 Resources index rising by a sizeable 2.7% at lunch.
Best and worst ASX 200 performers
The best performer on the ASX 200 today has been the Champion Iron Ltd (ASX: CIA) share price with a gain of 5%. This follows the aforementioned gains in the resources sector today. The worst performer has been the Credit Corp Group Limited (ASX: CCP) share price with a 4% decline. This follows a mixed response to yesterday's first half update by brokers.
