At lunch on Tuesday, the S&P/ASX 200 Index (ASX: XJO) is on track to record a strong gain. The benchmark index is currently up 1.3% to 7,201.7 points.
Here’s what is happening on the ASX 200 today:
Macquarie’s record quarter
The Macquarie Group Ltd (ASX: MQG) share price is charging higher today following the release of its third quarter operational update. According to the release, the investment bank had a record quarter for the three months ended 31 December. The key drivers of its growth were its market-facing businesses, Commodities and Global Markets and Macquarie Capital. Their combined profit contribution was up “substantially” on the prior corresponding period. This is also the case on a year to date basis.
Suncorp half year results ahead of expectations
The Suncorp Group Ltd (ASX: SUN) share price is also storming higher today following the release of its half year results. The banking and insurance giant reported a net profit after tax of $388 million. While this was down 20.8% year on year, it was notably better than the market was expecting. According to a note out of Morgans, its analysts were expecting a first half net profit after tax of $300 million. Whereas the market consensus estimate was $286 million.
Nanosonics shares crushed
The Nanosonics Ltd (ASX: NAN) share price is sinking today after revealing that its sales deal with GE Healthcare in North America will be revised from today before coming to an end in June. The new sales model will see Nanosonics manage all inventory, ship, install and train the new trophon customers. These changes are expected to impact the company’s revenue by $13 million to $16 million in FY 2022. This is due to anticipated growth in the second half being deferred to FY 2023 as the transition to the new sales model is implemented. Nanosonics will also incur costs from building up its direct sales capabilities.
Best and worst ASX 200 performers
The best performer on the ASX 200 on Tuesday has been the Flight Centre Travel Group Ltd (ASX: FLT) share price with a 6% gain. This appears to have been driven by optimism over Australia’s international border reopening. The worst performer has been the Nanosonics share price with a 9% decline following its update.
The post ASX 200 (ASX:XJO) midday update: Macquarie and Suncorp impress appeared first on The Motley Fool Australia.
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More reading
- Suncorp (ASX:SUN) share price spikes after ‘strong underlying momentum’ in 2021
- Why is the Nanosonics (ASX:NAN) share price crashing 16%?
- This is how we’ll know the share market has bottomed
- Macquarie (ASX:MQG) share price on watch following ‘record quarter’
- 2 ASX shares at a golden buying opportunity right now
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 and has recommended Nanosonics Limited. The Motley Fool Australia owns and has recommended Nanosonics Limited. The Motley Fool Australia has recommended Flight Centre Travel Group Limited and Macquarie Group Limited. 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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