ASX 200 midday update: Healius disappoints, BHP and Fortescue storm higher

The ASX 200 is ending the week strongly…

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At lunch on Friday, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week on a positive note. The benchmark index is currently up 0.75% to 7,230.3 points.

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

Healius tumbles on trading update

The Healius Ltd (ASX: HLS) share price is tumbling lower today. This follows the release of an update which revealed that trading conditions have been tough in the second half. As a result, during the first five months of the half, the healthcare company has generated just under $100 million of EBIT. This compares to first half EBIT of $376 million.

Iron ore miners rise

Iron ore miners such as BHP Group Ltd (ASX: BHP) and Fortescue Metals Group Limited (ASX: FMG) are ending the week strongly. This follows a solid rise in the iron ore price overnight amid optimism that demand will strengthen now China is coming out of lockdowns. According to CommSec, iron ore futures rose by US$6.86 or 5.1% to US$142.20 a tonne.

Lithium shares rebound

It has been a much-needed positive day of trade for Australian lithium shares. The likes of Liontown Resources Limited (ASX: LTR) and Pilbara Minerals Ltd (ASX: PLS) are rebounding on Friday following strong gains by lithium stocks on Wall Street. Investors may believe that the selling this week has been overdone and created a buying opportunity.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Friday has been the Champion Iron Ltd (ASX: CIA) share price with a 7% gain. This follows a rise in the iron ore price overnight. Going the other way, the worst performer has been the Healius share price with a 6.5% decline following the healthcare company’s trading 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 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 Scott Phillips.

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