5 big ASX announcements making news this week

It’s been a big week so far on the ASX, with some major announcements from many of the market’s biggest names.

We’ve heard of a $1.3 billion earnings hit, a big four bank’s full-year results, record iron ore shipments, strong performance from a lithium favourite, and a worsening cyberattack.

Keep reading to learn of the five ASX announcements market watchers need to know about this week.

These ASX shares released major announcements this week

Fortescue’s record first quarter

Fortescue Metals Group Limited (ASX: FMG) revealed its September quarter performance to the ASX on Thursday.

The iron ore giant shipped 47.5 million tonnes of the red mineral over the quarter – a new first-quarter record. It also reported an average revenue of US$87 per dry metric tonne and direct costs of US$17.69 per wet metric tonne.

Finally, the materials giant provided financial year 2023 guidance. It expects to ship between 187 million and 192 million tonnes of iron ore this fiscal year.

ANZ’s full-year earnings

ANZ posted its financial year 2022 earnings yesterday, detailing a 16% increase in after-tax profits and a 5% jump in cash earnings.

The bank posted a $7.1 billion profit, $6.5 billion of earnings from continuing operations, and a 74 cent per share final dividend.

Its second-half net interest margin (NIM) reached 1.68%, while its exit margin lifted to 1.8%.

Westpac’s $1.3 billion earnings hit

Speaking of bank earnings, Westpac Banking Corp (ASX: WBC) also made news with the announcement of a $1.3 billion impact on its upcoming second-half earnings.

Much of the hit was born from the sale of its life insurance business, which saw the bank recognise a $1.37 billion loss, spread across financial years 2021 and 2022.

The bank will release its full-year earnings on 7 November.

Medibank’s cyberattack worsens

Medibank Private Ltd (ASX: MPL) was the talk of the town on Wednesday after it estimated a major cyberattack will cost it between $25 million and $35 million. That’s before any potential remediation, regulatory, or litigation-related costs.

The situation worsened this week with news that all of the health insurer’s customers’ data, including certain medical data, has been accessed by a hacker. As a result, the number of impacted customers could soar.

The company also scrapped its net resident policyholder growth guidance on the back of the attack.

Pilbara Minerals’ September quarter

The final ASX announcement making news this week came from lithium share Pilbara Minerals Ltd (ASX: PLS). The company posted its quarterly update on Tuesday.

Its spodumene concentrate production lifted 16% quarter-on-quarter to 147,105 dry metric tonnes over the period. That represents an annualised production rate of 588,000 dry metric tonnes.

It shipped 138,249 dry metric tonnes for an average price of US$4,266 per tonne last quarter.

The post 5 big ASX announcements making news this week appeared first on The Motley Fool Australia.

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Motley Fool contributor Brooke Cooper 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 recommended Westpac Banking Corporation. 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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