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ASX 200 (ASX:XJO) midday update: BHP and New Hope storm higher, Boral slumps

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At lunch on Tuesday the S&P/ASX 200 Index (ASX: XJO) is on course to record a strong gain thanks largely to the resources sector. The benchmark index is currently up 1.15% to 7,362.2 points.

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

BHP storms higher

The BHP Group Ltd (ASX: BHP) share price has played a key role in driving the ASX 200 higher on Tuesday. The Big Australian’s shares have stormed 5% higher today amid a strong night of trade for a number of commodities. This was particularly the case for oil prices, which jumped 7% overnight. And while the spot iron ore price has edged slightly lower, it remains above US$150 per tonne.

New Hope delivers strong profit and special dividend

The New Hope Corporation Limited (ASX: NHC) share price is racing higher today after the coal miner’s half-year results impressed the market. New Hope reported a 153% increase in revenue to $1,025 million and a 582% jump in underlying EBITDA to $554.4 million. This allowed the New Hope board to increase its fully franked interim dividend by 325% to 17 cents per share and declare a fully franked 13 cents per share special dividend.

Boral slumps

The Boral Limited (ASX: BLD) share price is falling today after the building products company warned that heavy rain and rising fuel prices would impact its profits by around $23 million. Boral now expects underlying earnings before interest and tax (EBIT) from continuing operations (excluding Property) in FY 2022 to be between $145 million and $155 million.

Best and worst ASX 200 performers

The best performer on the ASX 200 index on Tuesday has been the New Hope share price with a gain of almost 6%. This follows the release of its half-year results. Going the other way, the worst performer has been the Atlas Arteria Group (ASX: ALX) share price with a 5% decline. This morning the toll road operator’s shares traded ex-dividend for its 20.5 cents per share final dividend.

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