At lunch on Thursday, the S&P/ASX 200 Index (ASX: XJO) is overlooking weakness on Wall Street and pushing higher. The benchmark index is currently up 0.3% to 7,087.5 points.
Here's what is happening on the market today:
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Woolworths third quarter update
The Woolworths Group Ltd (ASX: WOW) share price is tumbling lower today following the release of its third quarter update. For the three months ended 31 March, Woolworths reported a 0.4% increase in group sales to $16,566 million. Although this sales result outperformed the market's expectations, its outlook for the fourth quarter appears to have spooked investors.
Fortescue update
The Fortescue Metals Group Limited (ASX: FMG) share price is trading lower despite releasing another solid quarterly update. For the third quarter of FY 2021, Fortescue reported iron ore shipments of 42.3 million tonnes. While this was flat on the prior corresponding period, it puts it on target to achieve its full year guidance. Fortescue also revealed that it averaged revenue of US$143 per dry metric tonne for the quarter. This was up 17% on the second quarter and compares favourably to its C1 cost of US$14.90 per wet metric tonne.
Newcrest update
The Newcrest Mining Limited (ASX: NCM) share price is charging higher today. This follows news that the US Federal Reserve kept rates on hold and the release of its third quarter update. In respect to the latter, Newcrest reported a 4% decline in production to 512,424 ounces. This was driven by planned shutdowns at its Cadia and Lihir sites. Despite this, the company has reaffirmed its FY 2021 production guidance of 1,950,000 to 2,150,000 ounces of gold.
Best and worst ASX 200 performers
The best performer on the ASX 200 on Thursday has been the Nickel Mines Ltd (ASX: NIC) share price with a 6% gain. Earlier today, Bell Potter retained its buy rating but cut its price target to $1.56. This is still notably higher than where it trades today. The worst performer has been the Woolworths share price with a decline of over 3%. This follows the release of its aforementioned third quarter update.
