At lunch on Thursday, the S&P/ASX 200 Index (ASX: XJO) out of form and in the red. The benchmark index is currently down 0.3% to 7,068.7 points.
Here’s what is happening on the ASX 200 today:
Westpac shares higher on Q1 update
The Westpac Banking Corp (ASX: WBC) share price is pushing higher following the release of its first quarter update. According to the release, the banking giant reported cash earnings of $1.58 billion for the three months. This was up 1% excluding notable items over the quarterly average during the second half of FY 2021. Westpac’s net interest margin was down 8 basis points to 1.91% and is expected to go lower during FY 2022. The bank also revealed some major cost cutting plans, which could be supporting its shares.
Nufarm jumps following trading update
The Nufarm Ltd (ASX: NUF) share price is surging higher today after the release of a trading update. According to the release, the agricultural chemicals company’s first quarter revenue grew 36% over the prior corresponding period. Management advised that this was supported by favourable weather conditions.
Tech shares sink
A number of tech shares are falling heavily on Thursday including Appen Ltd (ASX: APX) and WiseTech Global Ltd (ASX: WTC). This follows heavy selling on the Nasdaq index in after hours trade following the release of the Meta (Facebook) quarterly result. Its shares are down 23% after its update and guidance fell well short of expectations. The S&P/ASX All Technology Index is down over 4% at lunch.
Best and worst ASX 200 performers
The best performer on the ASX 200 on Thursday has been the Nufarm share price with a 14% gain following its trading update. Going the other way, the worst performer has been the WiseTech share price with an 8% decline amid weakness in the tech sector.
The post ASX 200 (ASX:XJO) midday update: Westpac higher on Q1 update, tech shares sink appeared first on The Motley Fool Australia.
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More reading
- Why is the Appen (ASX:APX) share price down 7% today?
- Westpac (ASX:WBC) share price on watch after reporting $1.58bn Q1 profit
- 5 things to watch on the ASX 200 on Thursday
- Here are the top 10 ASX shares today
- TechnologyOne (ASX:TNE) share price jumps on broker upgrade
Motley Fool contributor James Mickleboro owns Westpac Banking Corporation. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended Appen Ltd and WiseTech Global. The Motley Fool Australia owns and has recommended Appen Ltd and WiseTech Global. 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 Bruce Jackson.
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