At lunch on Friday, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week in the red. The benchmark index is currently down 1% to 7,221 points.
Here’s what is happening on the ASX 200 today:
QBE shares sink on full year results
The QBE Australia Group Ltd (ASX: QBE) share price is sinking today after its full year results fell short of expectations. For the 12 months ended 31 December, QBE delivered a 25.7% increase in gross written premium to US$18,453 million. This ultimately led to the insurance giant reporting an adjusted net cash profit after tax of US$805 million. This was well short of the market consensus estimate of US$870 million.
Magellan shares shoot higher
It has been a while, but today has been a good day for the Magellan Financial Group Ltd (ASX: MFG) share price. Its shares are shooting higher following the release of its half year results, which revealed first half profit growth of 16% to $248.1 million. In addition, the fund manager is planning a 1 for 8 bonus issue of options to shareholders and considering a share buyback.
Inghams tumbles on half year results
The Inghams Group Ltd (ASX: ING) share price is tumbling today following the release of its half year results. For the six months ended 31 December, the poultry producer reported a 5.9% increase in underlying net profit after tax to $39.7 million. This fell short of the consensus estimate of a net profit of $41.9 million. COVID-19 weighed heavily on its performance.
Best and worst ASX 200 performers
The best performer on the ASX 200 has been the Magellan share price with a 15% gain following the release of its results. Going the other way, the QBE share price is the worst performer with an 11% decline after its full year earnings fell short of expectations.
The post ASX 200 (ASX:XJO) midday update: QBE sinks but Magellan rockets appeared first on The Motley Fool Australia.
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More reading
- ‘Robust financial position’: Magellan (ASX:MFG) share price surges 13% on half-year earnings
- Inghams (ASX:ING) share price slumps 5% amid continued COVID impacts
- QBE (ASX:QBE) share price sinks 9% on FY21 earnings miss
- This is how long the average investor holds onto their shares
- 5 things to watch on the ASX 200 on Friday
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. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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