Stocks of the Hour: BHP, Lynas Rare Earths, Megaport

Company News

by Melissa Darmawan

BHP (ASX:BHP) has lifted shipments in the December quarter to near-record levels. The output came as BHP ramped up production from its new South Flank mine offsetting impacts from bad weather, labour shortage, and major maintenance programs. Tomorrow we find out if shareholders approve its plans to the ASX its primary listing. Shares are trading 0.5 per cent lower at $46.48.

Meanwhile, Lynas Rare Earths (ASX:LYC) posted record sales for the December quarter despite the pandemic-led challenges. Demand for metals used in electric vehicles grew as the pursuit continues to reduce carbon emissions. The miner posted a 67 per cent boost to $202.7 million in sales, up from $121.6 million. Shares are trading 0.5 per cent higher at $11.14.

Long-term deal commitments helped Megaport (ASX:MP1) post an 8 per cent jump in revenue for the December quarter to $26.6 million, compared to the prior period. Customers were looking for long-term IT solutions to help businesses connect at a rapid pace. Shares are trading 10.8 per cent lower at $16.30.

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