ASX 200 midday update: NAB’s AUSTRAC update, AGL downgrades guidance, Qantas takes off

Disappointed man with his head on his hand looking at a falling share price his a laptop.

Disappointed man with his head on his hand looking at a falling share price his a laptop.

At lunch on Monday, the S&P/ASX 200 Index (ASX: XJO) has followed Wall Street’s lead and sunk deep into the red. The benchmark index is currently down 1.65% to 7,312.9 points.

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

NAB’s AUSTRAC update

The National Australia Bank Ltd (ASX: NAB) share price is trading lower today after the banking giant released an update on its dealings with AUSTRAC. According to the release, the bank has entered into an Enforceable Undertaking with the government financial intelligence agency following an enforcement investigation in relation to NAB’s compliance with Australia’s anti-money laundering and counter-terrorism financing laws.

AGL downgrades earnings guidance

The AGL Energy Limited (ASX: AGL) share price has come under pressure today after the energy company downgraded its earnings guidance. Due to the previously reported generator fault at Unit 2 of the Loy Yang A Power Station in Victoria in April, AGL now expects its underlying EBITDA to be between $1,230 million and $1,300 million. This is down from its previous guidance range of between $1,275 million and $1,400 million.

Qantas trading update

The Qantas Airways Ltd (ASX: QAN) share price is defying the market selloff and is taking off on Monday. Investors have been buying the airline operator’s shares after a trading update revealed that domestic travel numbers are rebounding faster than expected. This is expected to underpin second half underlying EBITDA of $450–$550 million, which is a big improvement on its first half EBITDA loss of $245 million.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Monday has been the Qantas share price with a 2.5% gain. Going the other way, the worst performer has been the Pro Medicus Limited (ASX: PME) share price with an 8% decline. This follows a selloff in the tech sector, which is hitting high PE stocks particularly hard.

The post ASX 200 midday update: NAB’s AUSTRAC update, AGL downgrades guidance, Qantas takes off appeared first on The Motley Fool Australia.

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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 positions in and has recommended Pro Medicus Ltd. The Motley Fool Australia has positions in and has recommended Pro Medicus Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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