At lunch on Tuesday, the S&P/ASX 200 Index (ASX: XJO) has followed the lead of European markets and tumbled lower. The benchmark index is currently down 0.9% to 7,164.9 points.
Here’s what is happening on the ASX 200 today:
Coles half year results impress
The Coles Group Ltd (ASX: COL) share price is charging higher today after the supermarket giant’s half year results impressed the market. Although Coles reported a 4.4% decline in EBIT to $975 million, this was ahead of the Visible Alpha analyst consensus estimate of $965 million. Analysts at MST Marquee thought the result was solid and are expecting it to lead to “small upgrades to earnings” estimates.
Nanosonics’ shares sold off following half year results
The Nanosonics Ltd (ASX: NAN) share price hit a new 52-week low this morning after the infection prevention company’s half year update disappointed. Although Nanosonics reported strong growth over the prior corresponding period, this was due to COVID impacts a year ago. When judged against the second half of FY 2021, Nanosonics reported a 45% reduction in profit. It also warned that its full year operating expenses would be up markedly year on year.
Cochlear share price jumps
The Cochlear Limited (ASX: COH) share price is jumping on Tuesday after the hearing solutions company delivered a 26% increase in half year underlying net profit to $158 million. As mentioned here last week, the market consensus estimate was for a net profit of $127.6 million. Despite this outperformance, management has only reaffirmed its full year guidance.
Best and worst ASX 200 performers
The best performer on the ASX 200 on Tuesday has been the Monadelphous Group Limited (ASX: MND) share price with a gain of 9%. This follows the mining services company’s half year update. The worst performer has been the Nanosonics share price with an 11% decline. This follows the release of its disappointing results.
The post ASX 200 (ASX:XJO) midday update: Coles and Cochlear impress, Nanosonics sinks appeared first on The Motley Fool Australia.
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More reading
- Cochlear (ASX:COH) share price 6% higher on juicy 35% dividend spike
- Nanosonics (ASX:NAN) share price sinks amid 45% half-on-half profit decline
- Coles (ASX:COL) share price on watch after COVID costs hit earnings
- 5 things to watch on the ASX 200 on Tuesday
- ASX 200 shares stage comeback amid Russia optimism
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 Cochlear Ltd. and Nanosonics Limited. The Motley Fool Australia owns and has recommended COLESGROUP DEF SET and Nanosonics Limited. The Motley Fool Australia has recommended Cochlear Ltd. 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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