At lunch on Thursday, the S&P/ASX 200 Index (ASX: XJO) is on course to end the shortened week with a solid gain. The benchmark index is currently up 0.55% to 7,521.1 points.
Here’s what is happening on the ASX 200 today:
Bank of Queensland tumbles
The Bank of Queensland Limited (ASX: BOQ) share price is tumbling today following the release of the regional bank’s half year results. For the six months ended February 28, Bank of Queensland delivered a 14% increase in cash earnings to $268 million. Management advised that this was driven by lending momentum, higher non-interest income, carefully managed costs, and a loan impairment expense credit in the half. However, its performance versus the prior half was weaker, with cash earnings down 9% over that period.
Allkem shares jump on third quarter update
The Allkem Ltd (ASX: AKE) share price is racing higher today following the release of a record-breaking third quarter update. Thanks to record revenue generation at Mt Cattlin and Olaroz, Allkem reported quarterly group revenue of US$235 million and group gross operating cash margin of US$189 million. These records won’t stand for long, with management expecting lithium prices to be even stronger during the fourth quarter.
Netwealth shares fall on Q3 update
The Netwealth Group Ltd (ASX: NWL) share price is in the red today after the release of the investment platform provider’s quarterly update. Netwealth reported a modest 1.6% increase in funds under administration (FUA) to $57.6 billion. Though, it worth noting that this growth was achieved despite the company facing negative market movements which impacted its FUA by $1.7 billion.
Best and worst ASX 200 performers
The best performer on the ASX 200 on Thursday has been the Qantas Airways Limited (ASX: QAN) share price with a 6% gain on no news. Going the other way, the worst performer has been the Bank of Queensland share price with a 5% decline. This follows the release of the bank’s half year results this morning.
The post ASX 200 midday update: Bank of Queensland sinks, Allkem jumps appeared first on The Motley Fool Australia.
Wondering where you should invest $1,000 right now?
When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for over ten years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*
Scott just revealed what he believes could be the five best ASX stocks for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now.
*Returns as of January 12th 2022
More reading
- New ASX uranium share to hit boards next month and investors are already pouncing
- Allkem share price on watch following record-breaking third quarter
- Bank of Queensland shares in focus amid strong first half profit growth
- 5 things to watch on the ASX 200 on Thursday
- Here are the top 10 ASX shares today
from The Motley Fool Australia https://ift.tt/E4h3PJy
Leave a Reply