ASX 200 (ASX:XJO) midday update: Qantas cuts capacity, Afterpay hits 52-week low

An ASX200 market analyst holds his hand to his chin and looks closely at his computer screens watching share price movements

An ASX200 market analyst holds his hand to his chin and looks closely at his computer screens watching share price movementsAn ASX200 market analyst holds his hand to his chin and looks closely at his computer screens watching share price movements

At lunch on Friday, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week with a disappointing decline. The benchmark index is currently down 0.85% to 7,410.5 points.

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

Qantas shares fall following update

The Qantas Airways Limited (ASX: QAN) share price is falling on Friday. This follows an update out of the airline operator which reveals that it is cutting its capacity during the third quarter in response to rising Omicron cases. Qantas will slash its domestic capacity to 70% of pre-COVID levels and international capacity to 20% of pre-COVID levels. While this is expected to impact its earnings, it was too soon to quantify.

Pendal shares sink

The Pendal Group Ltd (ASX: PDL) share price has crashed lower today following the release of a disappointing quarterly update. The fund manager had a tough quarter and reported net fund outflows of $6.8 billion. This led to Pendal’s funds under management (FUM) falling 2.5% to $135.7 billion during the December quarter despite the benefits of favourable market movements.

Afterpay shares hit new low

The Afterpay Ltd (ASX: APT) share price is sinking notably lower and hit a new 52-week low this morning. This follows further weakness in the tech sector, which dragged the Block share price notably lower on Wall Street. As Block will soon acquire the buy now pay later provider, Afterpay shareholders will shortly have their shares convert into Block shares.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Friday has been the Alumina Limited (ASX: AWC) share price with a 4.5% gain. Yesterday Goldman Sachs retained its neutral rating but lifted its price target on Alumina’s shares by 5% to $2.10. The worst performer has been the Pendal share price with a 10% decline following its quarterly update.

The post ASX 200 (ASX:XJO) midday update: Qantas cuts capacity, Afterpay hits 52-week low appeared first on The Motley Fool Australia.

Wondering where you should invest $1,000 right now?

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for over ten years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes could be the five best ASX stocks for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now.

*Returns as of January 12th 2022

More reading

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. owns and has recommended Afterpay Limited. The Motley Fool Australia owns and has recommended Afterpay Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

from The Motley Fool Australia https://ift.tt/3zY7Q3R

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s