ASX 200 midday update: Lynas jumps, GPT withdraws guidance

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

woman talking on the phone and giving financial advice whilst analysing the stock market on the computer with a pen

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 Monday, the S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a modest gain. The benchmark index is currently up 0.2% to 7,409.2 points.

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

Lynas quarterly result

The Lynas Rare Earths Ltd (ASX: LYC) share price is racing higher today following the release of its fourth quarter update. Lynas reported neodymium and praseodymium (NdPr) production of 1,393 tonnes, representing a 79.7% increase on the prior corresponding period. Combined with the almost doubling of its average realised price, this led to a significant increase in sales revenue to $185.9 million for the quarter. This compares to sales revenue of $38 million a year earlier.

GPT withdraws guidance

The GPT Group (ASX: GPT) share price is under pressure today after withdrawing its guidance for FY 2021. According to the release, the property company has withdrawn its Funds From Operations (FFO) and distribution guidance for 2021 due to uncertainty caused by COVID-19 lockdowns in Melbourne and Sydney.

AMP update

The AMP Ltd (ASX: AMP) share price is falling again today despite announcing changes to its advice business model. AMP revealed a new contemporary advice service model, marking a new era for financial advice at the company. AMP's new model further prioritises its clients and will provide services to advisers which support the delivery of quality advice, improve practice efficiency, and help advisers grow their businesses.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Monday has been the Lynas share price with an 8% gain. This follows the release of its quarterly update. The worst performer on the ASX 200 has been the Silver Lake Resources Limited (ASX: SLR) share price with a 5% decline. This gold miner's shares have come under pressure since the recent release of its quarterly update and softer than expected FY 2022 guidance.

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 Bruce Jackson.

More on Share Market News

A man holding a cup of coffee puts his thumb up and smiles while at laptop.
Broker Notes

Guess which ASX 200 share Goldman Sachs says is a buy

The broker doesn't think Trump will spoil the party for this stock.

Read more »

A happy girl in a yellow playsuit with a zip gives the thumbs up
BNPL shares

Is this why the Zip share price keeps breaking records?

Zip shareholders have been enjoying a record breaking year. Is this why?

Read more »

A woman with strawberry blonde hair has a huge smile on her face and fist pumps the air having seen good news on her phone.
Broker Notes

Bell Potter names the best ASX 200 stocks to buy in November

These quality stocks are top picks in November according to the broker.

Read more »

A female stockbroker reviews share price performance in her office with the city shown in the background through her windows
Share Market News

5 things to watch on the ASX 200 on Friday

Another good session is expected for Aussie investors today. Here's what is happening.

Read more »

A middle-aged man working from home looks at his mobile phone with a laptop open on the table in front of him.
Share Market News

Here's why more Australians intend to work during retirement

A new survey reveals insights into the retirement intentions of older Australian workers.

Read more »

Businessman using a digital tablet with a graphical chart, symbolising the stock market.
Share Market News

Are we soon to see a skyrocketing Aussie stock market?

Will the Aussie stock market follow the lead of American stock markets following the US election?

Read more »

A man and a woman sit in front of a laptop looking fascinated and captivated.
Share Gainers

Here are the top 10 ASX 200 shares today

It was a volatile, but positive, day for ASX shares this Thursday.

Read more »

A cloud with a blue arrow pointing upwards through its middle symbolising a rising asx share price
Record Highs

Xero and 2 other ASX tech shares cracking all-time highs on Thursday

The price peaks follow a significant lift in the NASDAQ overnight following Republican Donald Trump's US election victory.

Read more »