ASX 200 (ASX:XJO) midday update: BHP and New Hope storm higher, Boral slumps

The ASX 200 is having a strong day…

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At lunch on Tuesday the S&P/ASX 200 Index (ASX: XJO) is on course to record a strong gain thanks largely to the resources sector. The benchmark index is currently up 1.15% to 7,362.2 points.

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

BHP storms higher

The BHP Group Ltd (ASX: BHP) share price has played a key role in driving the ASX 200 higher on Tuesday. The Big Australian’s shares have stormed 5% higher today amid a strong night of trade for a number of commodities. This was particularly the case for oil prices, which jumped 7% overnight. And while the spot iron ore price has edged slightly lower, it remains above US$150 per tonne.

New Hope delivers strong profit and special dividend

The New Hope Corporation Limited (ASX: NHC) share price is racing higher today after the coal miner’s half-year results impressed the market. New Hope reported a 153% increase in revenue to $1,025 million and a 582% jump in underlying EBITDA to $554.4 million. This allowed the New Hope board to increase its fully franked interim dividend by 325% to 17 cents per share and declare a fully franked 13 cents per share special dividend.

Boral slumps

The Boral Limited (ASX: BLD) share price is falling today after the building products company warned that heavy rain and rising fuel prices would impact its profits by around $23 million. Boral now expects underlying earnings before interest and tax (EBIT) from continuing operations (excluding Property) in FY 2022 to be between $145 million and $155 million.

Best and worst ASX 200 performers

The best performer on the ASX 200 index on Tuesday has been the New Hope share price with a gain of almost 6%. This follows the release of its half-year results. Going the other way, the worst performer has been the Atlas Arteria Group (ASX: ALX) share price with a 5% decline. This morning the toll road operator’s shares traded ex-dividend for its 20.5 cents per share final dividend.

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 has no position in any of the stocks mentioned. 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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