At lunch on Monday, the S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a decline. The benchmark index is currently down 0.45% to 7,087.4 points.
Here’s what is happening on the ASX 200 today:
ANZ share price falls on Q1 update
The Australia and New Zealand Banking Group Ltd (ASX: ANZ) share price has tumbled lower today following the release of its first quarter update. While the bank didn’t provide the market with financials, it did advise that a poor performance for its Markets business in October is expected to impact its first half results. ANZ also revealed that its net interest margin (NIM) fell 8 basis points during the quarter.
Magellan shares sink
The Magellan Financial Group Ltd (ASX: MFG) share price is crashing lower on Monday following the release of another disappointing funds under management update and news that its Chairman and Chief Investment Officer, Hamish Douglass, is taking a leave of absence. This follows “a period of intense pressure and focus on both his professional and personal life.”
James Hardie Q3 update
The James Hardie Industries plc (ASX: JHX) share price is rising today following the release of its third quarter update. The building products company reported a 22% increase in global net sales to US$900 million and a 25% lift in adjusted net income to US$154.1 million. Management advised that this reflects strong price/mix growth in all three regions.
Best and worst ASX 200 performers
The best performer on the ASX 200 on Monday has been the Graincorp Ltd (ASX: GNC) share price with a 13% gain. This morning the grain exporter revealed that it expects FY 2022’s underlying net profit after tax to come in at $235 million to $280 million. This is up from $139 million in FY 2021. The worst performer has been the Magellan share price with an 11% decline following its two aforementioned announcements.
The post ASX 200 (ASX:XJO) midday update: ANZ disappoints, Magellan shares crushed 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 no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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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