At lunch on Friday, the S&P/ASX 200 Index (ASX: XJO) is off its intraday highs but on course to record a small gain. The benchmark index is currently up 0.2% to 7,002.8 points.
Here’s what is happening on the ASX 200 on Friday:
Block shares rocket
The Block Inc CDI (ASX: SQ2) share price is rocketing higher today following the release of the payment giant’s fourth quarter and full year results. For the 12 months, Block recorded a gross profit of US$4.42 billion. This was up 62% year on year. Things were even better for its adjusted earning before interest, taxes, depreciation and amortisation (EBITDA), which increased 114% year-on-year to US$1.01 billion.
Medibank half year results
The Medibank Private Ltd (ASX: MPL) share price is falling today after the private health insurer’s half year results underwhelmed the market. Medibank reported a net profit after tax of $220.2 million, which is down from $226.4 million a year earlier. The company also revealed that it continues to assess claims activity and any permanent net claims savings due to COVID-19 will be given back to customers.
Tech shares rebound
A number of ASX 200 tech shares are rebounding strongly on Friday. This includes the likes of artificial intelligence data services company Appen Ltd (ASX: APX) and location sharing app company Life360 Inc (ASX: 360). Both these shares were sold off on Thursday following the release of their respective full year results.
Best and worst ASX 200 performers
The best performer on the ASX 200 on Friday has been the Block share price with a 35% gain. This follows the release of its aforementioned results. Going the other way, the worst performer has been the Blackmores Limited (ASX: BKL) share price with a 13% decline. This morning Credit Suisse downgraded the health supplements company’s shares.
The post ASX 200 (ASX:XJO) midday update: Block rockets, Blackmores sinks appeared first on The Motley Fool Australia.
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More reading
- Block (ASX:SQ2) share price rockets 39% today as profits soar
- Is the Appen (ASX:APX) share price meltdown a buying opportunity?
- 2 top ASX growth shares that have been heavily sold off
- Analysts see huge upside potential for these beaten down ASX tech shares
- 5 things to watch on the ASX 200 on Friday
Motley Fool contributor James Mickleboro owns Life360, Inc. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended Appen Ltd, Block, Inc., and Life360, Inc. The Motley Fool Australia owns and has recommended Appen Ltd and Block, Inc. The Motley Fool Australia has recommended Blackmores Limited. 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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