ASX 200 midday update: BlueScope and Fortescue rise, Boral tumbles

The ASX 200 is having a strong day on Wednesday…

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At lunch on Wednesday, the S&P/ASX 200 Index (ASX: XJO) has followed the lead of Wall Street and is charging higher. The benchmark index is up 0.8% to 7,168.5 points.

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

Fortescue’s leadership changes

The Fortescue Metals Group Limited (ASX: FMG) share price is pushing higher today. This follows the announcement of a raft of leadership changes that are being made as part of its evolution into a global green renewables and resources company. One key change will see Dr Andrew “Twiggy” Forrest AO return to lead Fortescue as its Executive Chairman. He will oversee the iron ore business for an interim period to help drive the company’s transition when its current CEO, Elizabeth Gaines, concludes her tenure in August.

Boral downgrades earnings guidance

The Boral Limited (ASX: BLD) share price is sinking today after the building products company revealed that its earnings have taken a hit from recent inclement weather and higher energy prices. This means that Boral will fall short of its underlying earnings before interest and tax (EBIT) guidance of $145 million and $155 million.

BlueScope upgrades its earnings guidance

The BlueScope Steel Limited (ASX: BSL) share price is pushing higher after the steel producer upgraded its earnings guidance. Thanks to strong demand, the steel producer has lifted its underlying EBIT guidance for the second half of FY 2022 to between $1.375 billion to $1.475 billion. This compares to its prior guidance of $1.2 billion to $1.35 billion.

ASX 200 best and worst performers

The best performer on the ASX 200 on Wednesday has been the Megaport Ltd (ASX: MP1) share price with a 5.5% gain following a rebound in the tech sector. Going the other way, the Eagers Automotive Ltd (ASX: APE) share price is the worst performer with a 6% decline. This follows a trading update which revealed strong demand but tough supply conditions.

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 positions in and has recommended MEGAPORT FPO. The Motley Fool Australia has recommended MEGAPORT FPO. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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