At lunch on Monday, the S&P/ASX 200 Index (ASX: XJO) has started the week on a mildly positive note. The benchmark index is currently up 0.15% to 7,156.8 points.
Here’s what is happening on the ASX 200 today:
Elders’ half-year results impress
The Elders Ltd (ASX: ELD) share price hit a multi-year high on Monday morning. This follows the release of a half-year result that came in well ahead of expectations. The agribusiness company reported a 38% increase in sales revenue to $1,514.8 million and an 80% jump in earnings before interest and tax (EBIT) to $132.8 million. This compares to Goldman Sachs’ estimate of $1,245.2 million and $93.7 million, respectively.
Codan jumps on profit guidance
The Codan Limited (ASX: CDA) share price is rocketing higher today. This follows the release of guidance for FY 2022. According to the release, Codan expects to match its record first-half profit in the second half. This would mean a record full-year profit of $100 million, which represents a year-on-year increase of 56%. Management advised that this strong growth has been supported by its strategy to diversify revenues and profitability.
Incitec Pivot’s half-year results
The Incitec Pivot Ltd (ASX: IPL) share price is tumbling on Monday after the fertiliser and commercial explosives manufacturer’s half-year results disappointed. This was despite the company reporting a 48% increase in revenue to $2,548 and a record half-year profit of $384 million. Incitec Pivot’s revenue appears to have come in ahead of consensus estimates but its earnings fell short.
Best and worst ASX 200 performers
The best performer on the ASX 200 on Monday has been the Codan share price with a 15% gain. This has been driven by its guidance update for FY 2022. Going the other way, the worst performer has been the Block Inc (ASX: SQ2) share price with a 4% decline. This follows a similarly sharp decline by the payments giant’s US-listed shares on Friday night.
The post ASX 200 midday update: Elders and Codan rocket, Incitec Pivot disappoints appeared first on The Motley Fool Australia.
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More reading
- Incitec Pivot share price fizzles despite half-year earnings increasing tenfold
- Why the IGO share price is rallying on Monday
- Elders share price jumps 9% on stellar first-half profit growth
- Codan share price jumps 10% amid guidance for ‘record’ FY22 profit
- 5 things to watch on the ASX 200 on Monday
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 Block, Inc. The Motley Fool Australia has positions in and has recommended Block, Inc. The Motley Fool Australia has recommended Elders Limited. 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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