Guidance updates are dominating the headlines and investor decision making today on the ASX with one big miner sharing an update that hasn?t impressed investors.
Rio Tinto shares are being sold off today after the multinational metals and mining company released a second quarter production update outlining a decline in production of aluminium from the same period a year earlier. Rio also lowered its guidance for aluminium production, maintained its full year shipments guidance and said higher rates of inflation have increased the company?s closure liabilities which has impacted underlying earnings.
WiseTech Global on the other hand has investors piling in today after the logistics software provider lifted its 2022 financial year guidance to now expect revenue to come in at the top end of the guided range and the EBITDA range has been increased by more than $40m reflecting strong top line growth and cost efficiencies ahead of expectations.
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