At lunch on Tuesday, the S&P/ASX 200 Index (ASX: XJO) is on course to record another small gain. The benchmark index is currently up 0.2% to 7,519.8 points.
Here’s what is happening on the ASX 200 today:
Harvey Norman shares lower despite record profit
The Harvey Norman Holdings Limited (ASX: HVN) share price is dropping today despite delivering a record profit in FY 2021. For the 12 months ended 30 June, the retail giant reported a 15.3% increase in total aggregated sales to $9,491 million and a 63% jump in profit after tax to a record $743.1 million. However, news that sales were down sharply in July and August due to lockdowns appears to be weighing on its shares.
PointsBet shares lower on results
The Pointsbet Holdings Ltd (ASX: PBH) share price is also tumbling today following its full year results release. The sports betting company delivered a 228% increase in turnover to $3,781.4 million. However, due largely to a big increase in its marketing spend, PointsBet recorded a statutory loss after tax of $187.1 million.
Webjet trading update
The Webjet Limited (ASX: WEB) share price is pushing higher today following the release of a positive trading update by the online travel agent. That update reveals that the company’s key WebBeds business returned to profitability during the month of July. Pleasingly, it has continued to be profitable in August and is expected to remain this way in September.
Best and worst ASX 200 performers
The best performer on the ASX 200 on Tuesday has been the Clinuvel Pharmaceuticals Limited (ASX: CUV) share price with an 8% gain. This is despite there being no news out of the biopharmaceutical company. The worst performer has been the Mesoblast Limited (ASX: MSB) share price with an 11% decline following the release of its full year results.
The post ASX 200 midday update: Harvey Norman’s record profit, PointsBet posts large loss appeared first on The Motley Fool Australia.
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More reading
- Which ASX shares are leading the way on the ASX 300 today?
- Harvey Norman (ASX:HVN) share price down 5% despite strong FY21 growth
- Mesoblast (ASX:MSB) share price slides 10% following FY21 earnings
- Webjet (ASX:WEB) share price higher on positive trading update
- PointsBet (ASX:PBH) share price on watch after stellar sales growth but $187m loss
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 shares of and has recommended Pointsbet Holdings Ltd. The Motley Fool Australia owns shares of and has recommended Webjet Ltd. The Motley Fool Australia has recommended Harvey Norman Holdings Ltd. and Pointsbet Holdings 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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