ASX 200 midday update: BHP and Rio Tinto rebound, Westpac rated as a buy

The ASX 200 is having a good day on Tuesday…

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At lunch on Tuesday, the S&P/ASX 200 Index (ASX: XJO) is having a positive day at last. The benchmark index is currently up 1.2% to 6,509.6 points.

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

Resources sector rebounds

The resources sector has played a key role in the ASX 200’s strong gain today. The likes of BHP Group Ltd (ASX: BHP) and Rio Tinto Limited (ASX: RIO) are pushing higher and helping to drive the S&P/ASX 200 Resources index 2.5% higher at lunch. This follows a positive night of trade for most base metals.

GrainCorp’s investor day

The GrainCorp Ltd (ASX: GNC) share price is storming higher today. This follows the release of the grain exporter’s investor day event presentation. At the event, the company reaffirmed its FY 2022 full-year operating profit guidance of $590 million to $670 million.

Westpac rated as a buy

The Westpac Banking Corp (ASX: WBC) share price could be good value following recent declines. That’s the view of analysts at Morgan Stanley, which have retained their overweight rating on the banking giant’s shares. And while the broker has cut its price target to $22.30, this still implies plenty of upside over the next 12 months. Westpac is the only big four bank it rates as a buy currently.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Tuesday has been the Paladin Energy Ltd (ASX: PDN) share price with a 7% gain. This is despite there being no news out of uranium producer. Going the other way, the City Chic Collective Ltd (ASX: CCX) share price has been the worst performer with a 3.5% decline on no news. This latest decline means the plus sized fashion retailer’s shares are down almost 70% in 2022.

Motley Fool contributor James Mickleboro has positions in Westpac Banking Corporation. 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 recommended Westpac Banking Corporation. 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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