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

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

| More on:
Smiling man sits in front of a graph on computer while using his mobile phone.

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

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.

More on Share Market News

Two men lok sxcited on the trading floor.
Share Market News

5 ASX directors loading up on their companies’ shares in August

Who is buying more shares in Straker Translations, Eagers Automotive, and United Malt Group?

Read more »

A woman is excited as she reads the latest rumour on her phone.
Share Market News

‘Strongest tailwinds in a decade’: Morgans tips Telstra shares as a buy

Morgans is bullish on Telstra's shares...

Read more »

Top ten gold trophy.
Share Market News

Here are the top 10 ASX 200 shares today

These ASX 200 shares ended the week on a high.

Read more »

a shiba inu dog looks happily at eh camera with his tongue out while his owner hods him on his chest as he sleeps on a hammock.

Here’s why the Dogecoin price has had such a great week

Economic data out of the United States and a surprise announcement by BlackRock offered some healthy tailwinds to cryptos over…

Read more »

A pair of legs can bee seen on the floor buried under a pile of paperwork, indicating a high volume day
Share Market News

Here are the 3 most heavily traded ASX 200 shares on Friday

Our most traded ASX 200 share today has lost more than 10%. Ouch.

Read more »

A futuristic view of electric vehicle technology with speeding bright light trails indicating power.
Resources Shares

New records and looming deficits. Why ASX lithium stocks are in the spotlight

Demand for lithium is booming alongside rocketing growth in EV production, sending the price of the battery critical metal up…

Read more »

A man casually dressed looks to the side in a pensive, thoughtful manner with one hand under his chin, holding a mobile phone in his hand while thinking about something.
Share Market News

Is the Telstra share price a buy after the telco’s FY22 results?

Is the Telstra share price good value now?

Read more »

A male ASX 200 broker wearing a blue shirt and black tie holds one hand to his chin with the other arm crossed across his body as he watches stock prices on a digital screen while deep in thought
Share Market News

5 things to watch on the ASX 200 on Friday

Here's what to expect on the ASX 200 on Friday...

Read more »