Stocks of the Hour: Rio Tinto, Michael Hill, WiseTech

Company News

by Melissa Darmawan

Rio Tinto (ASX:RIO) has kept its 2022 iron ore guidance unchanged at 320 to 335 million tonnes, subject to weather and market conditions. The guidance for bauxite and copper also remains unchanged. However, the guidance for alumina, aluminium, and diamonds was reduced. Meanwhile, the price of iron ore has fallen to an 8-month low on a gloomy China outlook, putting further pressure on the share price. Shares are down almost 3 per cent to $93.16.

Michael Hill (ASX:MHJ) shares are on the move after the company posted record sales and improved margins for the 2022 financial year. All store sales were up 17 per cent and same store sales were up 2.1 per cent over the year. Share are up 3.2 per cent to $1.11.

WiseTech (ASX:WTC), a logistics technology company, upgraded its earnings guidance for financial year 2022. After achieving growth and cost efficiencies ahead of expectations, EBITDA guidance is set to land between $310 million to $320 million from $275 million to $295 million. This represents an EBITDA growth between 50 and 55 per cent compared to FY21. Shares are trading 4.6 per cent higher at $44.61.

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