ASX 200 midday update: Coles, Fortescue, and Pilbara Minerals release quarterly updates

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

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At lunch on Thursday, the S&P/ASX 200 Index (ASX: XJO) has returned to form and is charging higher. The benchmark index is currently up 1% to 7,333.8 points.

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

Coles third quarter update

The Coles Group Ltd (ASX: COL) share price is edging higher today. This follows a positive response to the supermarket giant’s third quarter update. According to the release, for the 12 weeks ended 27 March, Coles reported a 3.9% increase in sales to $9.3 billion. This was driven by solid growth across its supermarkets and liquor businesses, offsetting softer sales from the express business. Coles also revealed that the fourth quarter has started positively.

Fortescue shares storm higher

The Fortescue Metals Group Limited (ASX: FMG) share price is storming higher today following the release of the mining giant’s third quarter update. During the quarter, Fortescue’s iron ore shipments were up 10% year on year to 46.5 million tonnes (mt). This meant the company’s shipments reached a record of 139.5mt for the first three quarters of the financial year. And Fortescue has revised its cost guidance higher, investors are looking beyond this due to improving iron ore prices and an upgrade to its shipments guidance.

Pilbara Minerals shares charge higher

The Pilbara Minerals Ltd (ASX: PLS) share price is having a strong day thanks to the release of the lithium miner’s quarterly update. While Pilbara Minerals reported a 2% quarter on quarter decline in production to 81,431 dry metric tonnes (dmt) of spodumene concentrate, it recorded another big increase in the price of its lithium. The average spodumene price for the period was US$2,650 per dmt. Furthermore, management has retained its FY 2022 production guidance of 340,000–380,000 dmt.

Best and worst ASX 200 performers

The best performer on the ASX 200 has been the AMP Ltd (ASX: AMP) share price with a 14% gain. This follows the announcement of an agreement to sell its international infrastructure equity business. Going the other way, the Silver Lake Resources Limited (ASX: SLR) share price is down 8% following the release of the gold producer’s quarterly update.

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 positions in and has recommended COLESGROUP DEF SET. 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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