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The S&P/ASX 200 Index (ASX: XJO) has given investors a thumping today, no point beating around the bush. At the time of writing, the ASX 200 has plunged a very nasty 3.1% and is back below the 7,000 point threshold.

But let’s try not to let that get us down, and let’s instead check out the ASX 200 shares that are currently topping the market’s share volume charts, according to investing.com.

The 3 most traded ASX 200 shares by volume so far

Qube Holdings Ltd (ASX: QUB)

Logistics company Qube is our first company up this Thursday. This ASX 200 share has had a sizeable 20.14 million of its shares bought and sold so far today. This follows the company’s half-year earnings release this morning. 

The company reported a 26.7% rise in revenues, and a slight 0.7% bump in earnings. Investors seem pleased with what the company out up, with the Qube share price actually in the green so far today. It’s currently up 0.89% at $2.84. This is probably why we are seeing some elevated trading volume here.

Telstra Corporation Ltd (ASX: TLS)

ASX 200 telco Telstra is next up. So far today a notable 21.4 million Telstra shares have found a new home. There hasn’t been much in the way of any news or announcements out of Telstra today thus far. That’s apart from a share buyback notice that may be helping those volume figures.

However, Telstra shares have not been immune to the sell-off today. The company is currently down 1.62% at $3.96 a share. It’s those two factors that are probably behind this trading volume we see.

Pilbara Minerals Ltd (ASX: PLS)

ASX 200 lithium producer Pilbara is our final and most traded share of the day today. This Thursday has seen a whopping 26.83 million Pilbara shares swap hands as it currently stands. Again, there hasn’t been any news of note out of Pilbara today.

However, the company has suffered a steep share price sell-off. The Pilbara share price is presently down by a depressing 6.67% at $2.65 a share. The magnitude of this sell-off is the likely cause of the high trading volumes we are seeing with this lithium company.

The post Here are the 3 most heavily traded ASX 200 shares on Thursday appeared first on The Motley Fool Australia.

More reading

• Expert names 3 commodities set to boom from a Russian invasion
• These are some of the only ASX shares in the green today. Here’s why
• ASX 200 (ASX:XJO) midday update: Appen and Life360 crushed, Flight Centre posts $188m loss
• Will 2022 be the year of the cash or the crash for ASX shares?
• Which new investments are predicted to help the AFIC (ASX:AFI) share price and dividends?

Motley Fool contributor Sebastian Bowen owns Telstra Corporation Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia owns and has recommended Telstra Corporation 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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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is a sea of red. At the time of writing, the benchmark index is down 2.9% to 6,995.9 points.

Four ASX shares that are falling more than most today are listed below. Here’s why they are sinking:

Appen Ltd (ASX: APX)

The Appen share price is down 28% to $6.18. Investors have been selling down this artificial intelligence data services company’s shares following the release of its full year results. Appen reported an 8% increase in revenue to a record of US$447.3 million and a 3% increase in underlying EBITDA to US$77.7 million. The latter fell short of its revised guidance.

City Chic Collective Ltd (ASX: CCX)

The City Chic share price is down 33% to $3.40. Investors have been selling this plus sized fashion retailer’s shares after its half year results disappointed. City Chic reported a 49% lift in revenue to $178.3 million but a 6% reduction in net profit to $12.3 million. The company decided against paying an interim dividend.

Flight Centre Travel Group Ltd (ASX: FLT)

The Flight Centre share price is down 9% to $18.31. This morning the travel agent giant reported a $188 million first half loss. And while management has reaffirmed its profitability targets, it hasn’t been enough to stop its shares from tumbling. Flight Centre expects its corporate business to return to profit in March-April, whereas the global leisure business is expected to return to profit later in the second half.

Life360 Inc (ASX: 360)

The Life360 share price has crashed 30% lower to $4.58. Investors have been selling down this app maker’s shares following the release of its full year results. Although Life360 delivered strong top line growth, its losses grew strongly. Also weighing on its shares was management acknowledging that privacy concerns are impacting the tracking tech category.

The post Why Appen, City Chic, Flight Centre, and Life360 shares are sinking appeared first on The Motley Fool Australia.

More reading

• ASX tech shares have been smashed today as market hits 3-week low
• Dividend ditched: City Chic (ASX:CCX) share price plummets 30% on half-year earnings
• ASX 200 (ASX:XJO) midday update: Appen and Life360 crushed, Flight Centre posts $188m loss
• Flight Centre (ASX:FLT) share price tumbles after posting $188m half year loss
• Life360 (ASX:360) share price plunges 26% after bleeding money in 2021

Motley Fool contributor James Mickleboro owns Life360, Inc. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended Appen Ltd and Life360, Inc. The Motley Fool Australia owns and has recommended Appen Ltd. The Motley Fool Australia has recommended Flight Centre Travel 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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The Southern Cross Media Group Ltd (ASX: SXL) share price is crashing today following the release of the company’s half-year financial results.

The company reported a large decrease in profit and declared an interim dividend to be paid in April.

At the time of writing, the Southern Cross Media share price is down 10.99% at $1.81. For context, the All Ordinaries Index (ASX: XAO) is also having a shocking day, currently down 2.8%.

Let’s read on…

Southern Cross Media share price tanks on results

For the six months ending 31 December 2021 (H1 FY22), the Australian media company highlighted the following:

• Revenue up 0.2% to $259.8 million against the prior corresponding period (pcp)
• Total earnings before interest, taxes, depreciation and amortisation (EBITDA) down 36% against pcp to $48.2 million
• Net profit after tax (NPAT) down 48.3% on pcp to $16.8 million
• Group operating expenses down 2.7% to $213.3 million
• Net debt down 1.9% to $67.7 million.

Despite the drop in earnings, Southern Cross Media said its balance sheet “remains strong”. As such, its EBITDA amount (excluding JobKeeper payments and its Public Interest News Gathering grant [PING]) was up 16.3% to $46.5 million.

The company will also pay a fully franked dividend of 4.5 cents per share on 7 April. This is the first time it has paid an interim dividend since 2019.

What else happened in the half?

Looking more closely at its operations, Southern Cross Media’s LiSTNR app saw 500,000 new users in the last 12 months. It also had more advertisers taking advantage of its “addressable audiences”.

Against its pcp of H1 FY22, audio revenue increased by 11.5% to $193.8 million, and broadcast revenue was up 10.3% to $183.3 million.

Television revenue was down by 22.3% to $65.8m. However, television EBITDA (excluding JobKeeper payments and PING) increased by 27.3% to $17.5 million. This was a double whammy effort, due to the media company’s “sales performance” and the changeover of its “television affiliation to Network 10” from 1 July last year.

On the move, CEO Grant Blackley said:

Our open and effective operating relationship with Network 10 delivered above-market returns for both parties.

From 1 April, SCA will take over national sales representation for Network 10 programming in northern NSW and Tasmania which will simplify buying off Network 10 for national advertisers in regional Australia.

Expenses were reduced by $6 million, a portion due to “lower television affiliation fees payable to Network 10”.

What did management say?

Commenting further on the results impacting the Southern Cross Media share price today, Blackley said:

The recovery in advertising markets continues to strengthen but is uneven, with Omicron related disruptions tempering the strong momentum from November to December.

Advertising markets in Q4 are expected to benefit from a normalising market, improving consumer and business demand and the upcoming Federal Election.

Southern Cross Media share price snapshot

Over the last 12 months, the Southern Cross Media share price has dropped by 25%. It is also down by more than 5% this year to date.

The company has a market capitalisation of $536.35 million.

The post Southern Cross Media (ASX:SXL) share price drops 11% on profit fall appeared first on The Motley Fool Australia.

More reading

• 4 reasons to buy these ASX media shares this month: UBS

Motley Fool contributor Alice de Bruin 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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It’s a rough day on the market for many ASX shares, including Commonwealth Bank of Australia (ASX: CBA). And there could be more pain to come if geopolitical tensions in Europe escalate, according to the bank’s boss.

At the time of writing, the CBA share price is $95.18, 1.56% lower than its previous close.

At the same time, the S&P/ASX 200 Index (ASX: XJO) has slumped 2.36% and the All Ordinaries Index (ASX: XAO) is down 2.27%.

CBA CEO and managing director, Matt Comyn reportedly told media a military conflict in Russia would likely see financial markets such as the ASX hit with volatility.

Let’s take a closer look at today’s comments from the bank’s boss.

Russian invasion could spur market volatility: Comyn

It’s a rough day for ASX 200 shares, including CBA.

Meanwhile, the bank’s boss is keeping an eye on happenings overseas, saying a Russian invasion of Ukraine could impact global markets.

Comyn made the comments, published by The Australian, at an event launching the bank’s campaign to raise awareness of financial abuse in domestic and family violence situations.

“Clearly we are watching with interest what’s happening in Russia and broader Europe,” Comyn was quoted as saying. “[W]e recognise there’s likely to be volatility around and that situation is rapidly evolving.”

He said if the conflict escalates, it will likely impact financial markets, as well as currencies and oil prices, in the near term. Though, the ASX might not be among the most affected exchanges.

“Australia is not a large trading partner so we don’t have a lot of direct exposure to that region but clearly geopolitical risk can have broader implications so it’s something we’re watching,” The publication quoted Comyn as saying.

According to live reporting by the ABC, Ukrainian President Volodymyr Zelenskyy claims Russia is gathering troops at Ukraine’s border after approving an offensive against the nation.

Zelenskyy’s comments came as United States secretary of state, Antony Blinken told NBC Nightly News he believes Russia could be involved in some form of invasion of Ukraine within the day.  

As my Foolish colleague Aaron Teboneras reports, Blue Line Futures chief market strategist Phil Streible believes commodities could boom following an invasion.

Oil prices, for one, could be significantly impacted, as Russia is a major global supplier of the black liquid.

Platinum, palladium, copper, and wheat could also see prices skyrocket on the back of an attack.

CBA share price snapshot

This year is so far has been a rough one for the CBA share price.

It’s currently 7% lower than it was at the start of 2022. Though, it’s still 14% higher than it was this time last year.

The post ‘Rapidly evolving’: CBA (ASX:CBA) boss warns of continued volatility amid Russia fears appeared first on The Motley Fool Australia.

More reading

• Own CBA (ASX: CBA) shares? Here’s how the bank is pushing its ‘green’ and ESG investment products
• Should you be buying ASX 200 bank shares in February?
• ASX 200 shares stage comeback amid Russia optimism
• The Bank of Queensland (ASX:BOQ) share price has leapt 10% in 3 weeks. How does this compare to the other big banks?
• At today’s CBA (ASX:CBA) share price, how big will the FY22 dividend yield be?

Motley Fool contributor Brooke Cooper 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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BHP Group Ltd (ASX: BHP) has long been a staple blue-chip share of the S&P/ASX 200 Index (ASX: XJO). Not too surprising when you consider that ‘The Big Australian’ was founded way back in 1851. And it has kept itself in the forefront of the minds of many an ASX investor in recent years, thanks to some strong share price gains and record dividend payments. 

But BHP has certainly moved from ‘The Big Australian’ to ‘The Bigger Australian’ on the ASX boards in recent months. And it has massive ramifications for almost all Australians. Let’s dig into why. 

So BHP has always had a significant presence on the Australian share market, reflected in its weighting on both the S&P/ASX 200 Index (ASX: XJO) and the S&P/ASX 300 Index (ASX: XKO). For example, back in December, BHP had a weighting of 5.57% in the portfolio of the Vanguard Australian Shares Index ETF (ASX: VAS), the most popular index fund on the market.

But something has changed for BHP since then. The mining giant sensationally ended its decades-long dual listing structure last month. This saw its primary London Stock Exchange listing dissolved, meaning that BHP is now only primarily listed on its spiritual home, the ASX.

BHP shares now dominate the ASX 200, what does this mean?

This saw more than $100 billion worth of BHP shares make its way back from London to the ASX boards. Its ASX-listed market capitalisation is now roughly $243.5 billion. That’s around $80 billion more than Commonwealth Bank of Australia (ASX: CBA), which was the ASX’s largest share by market cap before BHP’s ‘unification’. 

And this is what has such a profound impact on ASX investors. Remember BHP’s 5.57% weighting in the ASX 300 index fund? As of today, BHP now takes up a far higher 10.88% of VAS’s portfolio (as of 31 January). For a pure ASX 200 index fund like the iShares Core S&P/ASX 200 ETF (ASX: IOZ), it’s currently even higher at 11.23%. That means that more than one dollar in ten invested in an ASX 200 index fund goes to BHP shares. That might not be the kind of diversification investors might expect from an index fund.

So this has a big impact on investors that have their money tied up with an ASX 200 or ASX 300 index fund. Those investors now have far more exposure to BHP than only a few months ago. But it goes beyond just index fund investors. A huge swathe of Australian superannuation funds invest in index-tracking investments too. So that means a huge proportion of Aussies with super funds now have a far higher exposure to BHP shares. 

So our collective financial fortunes are now tied up with the Big Australian more than they perhaps ever have been. Americans used to say in times of yore that what was good for General Motors was good for the country. Perhaps we now have to say the same for Australia and the BHP share price. 

The post How BHP (ASX:BHP) has become ‘The Bigger Australian’ and why this might not be good news for the ASX 200 appeared first on The Motley Fool Australia.

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• 2 ASX 200 dividend shares named as buys
• ASX 200 shares stage comeback amid Russia optimism
• Why has the South32 (ASX:S32) share price rocketed 60% in 6 months?

Motley Fool contributor Sebastian Bowen 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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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a very sharp decline. At the time of writing, the benchmark index is down 3.1% to 6,983 points.

Four ASX shares that are not letting that hold them back are listed below. Here’s why they are charging higher:

Cimic Group Ltd (ASX: CIM)

The Cimic share price is up a massive 33% to $22.00. Investors have been buying the engineering company’s shares after it revealed the receipt of a takeover approach. According to the release, Cimic’s majority shareholder, HOCHTIEF, has announced that it intends to make an off-market takeover offer of $22 cash per share.

Lovisa Holdings Ltd (ASX: LOV)

The Lovisa share price is up 14% to $18.82. This follows the release of the fashion jewellery retailer’s half year results. For the six months ended 26 December, Lovisa reported a 48.3% increase in revenue to $217.8 million and a 70.3% jump in net profit after tax to $36.1 million. Lovisa opened 42 new stores during the period, bringing its total to 589 stores.

NextDC Ltd (ASX: NXT)

The NextDC share price is up 3.5% to $10.55. Investors have been buying NextDC’s shares after it reported a 19% increase in half year data centre services revenue to $144.5 million and a 29% lift in EBITDA to $85 million. This was underpinned by a 10% boost in customers to 1,569 and a 14% lift in interconnections to 15,879.

Nine Entertainment Co Holdings Ltd (ASX: NEC)

The Nine share price is up 3% to $2.79. This morning the entertainment and media company delivered a half year result ahead of guidance. Revenue was up 15% to $1.3 billion and net profit after tax rose 20% to $225.2 million. This allowed Nine to increase its interim dividend by 40% to 7 cents per share.

The post Why Cimic, Lovisa, NextDC, and Nine shares are charging higher appeared first on The Motley Fool Australia.

More reading

• ASX 200 (ASX:XJO) midday update: Appen and Life360 crushed, Flight Centre posts $188m loss
• NextDC (ASX:NXT) share price climbs 5% on record results
• Cimic (ASX:CIM) share price explodes 33% higher following takeover approach
• All that glitters: Lovisa (ASX:LOV) share price skyrockets 20% on high-profit earnings
• Nine (ASX:NEC) share price lifts 6% on first-half profit jump

Motley Fool contributor James Mickleboro owns NEXTDC Limited. 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 recommended Lovisa 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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The Blackmores Ltd (ASX: BKL) share price is failing to attract buyers following the release of its first-half results for FY22.

At the time of writing, shares in the health supplement company are swapping hands for $86.93 apiece, down 6.2%.

Blackmores share price uninspired by positive performance

• Group revenue up 14.3% on prior corresponding period to $346 million
• Gross profit up 19.4% to $187.6 million with a margin improvement of 2.3 points
• Underlying EBIT of $38.3 million, reflecting an increase of 21.2%
• Underlying net profit after tax (NPAT) of $20.8 million, up 9.6% year on year
• Fully franked interim dividend of 63 cents per share, up 117% year on year

What else happened during the first half?

The Blackmores share price is firmly in the red on Thursday despite its improving figures for the six-month period. During the first half of FY22, the company achieved revenue growth when viewed at a group level. However, the results were more mixed when looking at the granular details.

For example, the international segment of the business — including Indonesia, Thailand, and India — delivered a 49.8% increase in revenue, hitting $116.2 million. In contrast, revenue across the Australia and New Zealand (ANZ) segment suffered a 1.2% fall to $145.9 million.

Although, the company’s China operations experienced an 8.5% lift in revenue. This was driven by growth in Blackmore’s direct cross-border e-commerce channel, which now accounts for 70% of sales in the China segment.

Inflation worries could also be playing into the Blackmores share price. During the half, the company managed to implement price increases across its various segments.

In China, an average increase of 3% was applied, while the international segment experienced greater increases. Meanwhile, only a 0.5% increase was successfully implemented for ANZ, reflecting the more competitive market.

What did management say?

Discussing how the company is positioning for the next half, Blackmores chief executive officer, Alastair Symington said:

While the first half results are pleasing, we continue to face significant challenges linked to global supply chain disruption and uncertainty due to COVID-19 outbreaks which has affected traditional retail channels and impacted consumer behaviour across all our markets.

Adding:

For the remainder of the financial year, we continue to be focused on delivering against our strategic game plan while maintaining a disciplined risk and capital management approach. In doing so, we are positioned to navigate through the challenges and capitalise on the opportunities that will arise.

What’s next?

Conveying a cloudy outlook, ASX-listed Blackmores did not provide any earnings guidance for the second half. Though, it does expect operations to continue slowly recovering in Australia. Accompanying this slow growth will be a ‘step up’ in brand advertising across the region.

Nonetheless, the company cites ‘ungoing uncertainty’ caused by COVID-19 as the reason for its inability to provide guidance.

On a positive note, shareholders can expect to receive a dividend payment on 12 April 2022.

Blackmores share price snapshot

The past year has had its ups and downs for the Blackmores share price — swaying from as low as $63 to as high as $104. But for those investors willing to hold on through it all, they have been rewarded with a return of 12.3%. For context, the S&P/ASX 200 Index (ASX: XJO) is only up 3.5% during this time.

The post ‘Ongoing uncertainty’: Blackmores (ASX:BKL) share price falls 6% on cloudy future appeared first on The Motley Fool Australia.

More reading

• Expert names 3 commodities set to boom from a Russian invasion
• Coventry Group (ASX:CYG) share price surges 6% as profits double
• ASX 200 gold shares shining bright amid market selloff
• Woolworths (ASX:WOW) share price defies selloff and pushes higher on broker upgrade
• These are some of the only ASX shares in the green today. Here’s why

Motley Fool contributor Mitchell Lawler 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 recommended Blackmores 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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With the Russian/Ukrainian crisis dominating world headlines, particularly over the past week, investors have been spooked, to say the least.

In response, the S&P/ASX 200 Index (ASX: XJO) has shed 3.73% since last Thursday to currently trade at 7,024 points.

Tensions have been heating up between the West and Russia, with a number of countries imposing sanctions on the Kremlin. This follows Russia’s latest move in sending “peacekeeping” soldiers into the Ukrainian regions of Donetsk and Luhansk. This occurred after Russian President Vladimir Putin recognised them as independent republics.

It’s worth noting that this is a similar Russian ‘playbook’ move that occurred in 2008 when forces moved into Georgia. The Kremlin had previously recognised the Russian-backed self-proclaimed republics of South Ossetia and Abkhazia.

Georgia fought back, sending its military into the hotly-contested provinces. The outcome? Russia invaded Georgia in the days following, sending global stock markets into panic mode.

Fast forward to today, and we look at one expert’s theory on which commodities will boom if an invasion occurs.

How important is Russia in terms of commodities?

To say that Russia is an important energy supplier is an understatement. The country provides much-needed gas and oil to Europe and in particular, the bloc’s largest economy, Germany. The latter depends on Russia for 49% of its natural gas needs, while Italy receives about 46%. France, on the other hand, collects just over 24%.

Based on a Eurostat report in 2019, Europe depends on Russia for 27% of crude oil and 47% of solid fossil fuel imports.

As a whole, Russia exports roughly 10% of its oil, 20% of its gas, and 20% of its thermal coal around the world.

Which commodities could receive further tailwinds? 

According to Blue Line Futures’ chief market strategist, Phil Streible, investing in the above commodities could yield profits amid the heightened geopolitical tensions.

Commenting on possible sanctions targeting Russian energy by the United States and United Kingdom, Streible said:

What [the Russians] would do is they would divert their oil. Instead of selling it into the current export structure that they have, they could easily make agreements with other countries to buy that oil, like China. Also, they can take off some of that oil, they can hold back. There’s no reason for them necessarily to sell, they have too many other key commodities that prices can drive up on.

With the supply of oil and gas crunched, crude oil prices could spike to north of $100 a barrel, up to $120.

In addition, Streible talked about other strategic metals which might rise in price if the situation escalates. They include palladium, copper, and cobalt.

He added:

[Russia] is the number two producer of platinum, number one producer of palladium, they are the number three wheat producer.

Look at a chart of wheat. It has broken out to the upside, it is up about 4.85% year-to-date as of this reporting right now, and it is blowing away all the other grains that are out there.

They produce 3.5% of the word’s copper. With EV demand increasing, copper is one of the main components out there…and they produce 4% of the world’s cobalt, which are used in those batteries for EVs.

So, Russia is a very strategic country when it comes to commodity production, commodity exports, and the direction of the global economy.

The post Expert names 3 commodities set to boom from a Russian invasion appeared first on The Motley Fool Australia.

More reading

• These are some of the only ASX shares in the green today. Here’s why
• ASX 200 (ASX:XJO) midday update: Appen and Life360 crushed, Flight Centre posts $188m loss
• Will 2022 be the year of the cash or the crash for ASX shares?
• Which new investments are predicted to help the AFIC (ASX:AFI) share price and dividends?
• 5 things to watch on the ASX 200 on Thursday

Motley Fool contributor Aaron Teboneras 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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The Coventry Group Ltd (ASX: CYG) share price is surging on the back of the company’s earnings for the first half of financial year 2022.

At the time of writing, the Coventry Group share price is $1.72, 6.17% higher than its previous close.

Coventry Group share price soars alongside profits

• Revenue of $156.9 million – 13.9% more than the first half of financial year 2021
• Net profit after tax (NPAT) of $2.4 million – a 116% increase
• Earnings before interest, tax, depreciation, and amortisation (EBITDA) of $7.3 million ­– up 4%
• New Zealand COVID-19 lockdown estimated to have cost EBITDA of $750,000 and $3 million of sales
• No interim dividend declared

Over the first half of financial year 2022, the distributor of industrial products’ trade distribution sales increased 13.9%. Meanwhile, its fluid systems sales grew by 15%.

The trade distribution leg’s EBITDA came to $7.6 million – up from $5.7 million in the prior comparable period.

The company’s fluid system segment, however, saw its EBTIDA fall to $6.3 million, down from $6.7 million.

As of the end of the half, Coventry Group had net debt of $26.9 million. For context, its debts came to $16.3 million at the end of financial year 2021.

Its increased debt was mostly down to the company boosting its inventory by $11.3 million due to inflation and increases in stock levels in an effort to dodge supply chain issues.

Capital expenditure for the period came to $2.3 million.

Finally, the company isn’t paying an interim dividend. It stated that, in the context of current capital needs, a final dividend will suffice.

What else happened in the half?

The only time the market heard price-sensitive information from the company last half – aside from news of its annual general meeting and full-year results – was in October.

Then, it released a trading update on the first quarter of financial year 2022.

The Coventry Group share price jumped 5% after the company announced its sales and earnings were strong in the September quarter.

What did management say?

Commenting on the result fuelling the Coventry Group share price, CEO and managing director Robert Bulluss said:

The group delivered pleasing sales and profit growth in [the first half of financial year 2022].

This was despite the negative impact of the enforced New Zealand Government Alert 4 lockdown in Auckland which we estimate negatively impacted sales in the order of $3 million and EBITDA in the order of $750,000.

What’s next?

Unfortunately for eager investors, the company has declined to provide guidance for the rest of financial year 2022.

It said the markets in which its fluid systems and trade distribution businesses operate are performing well.

However, continuing uncertainty due to COVID-19 has spurred its decision to eliminate guidance.

Though, it did say it plans to provide a dividend for financial year 2022 after it resumed handing investors a portion of profits last financial year.

Additionally, the company noted that its priority has been to continue providing the same level of service to customers during the recent uncertainty.

Now, during financial year 2022, it will be taking action to “prudently manage” its inventory levels, collections, and operating costs to boost its cash position.

Coventry Group share price snapshot

Today’s gains have boosted the Coventry Group share price into the year-to-date green.

It’s now 2% higher than it was at the start of this year. It has also gained 67% since this time last year.

The post Coventry Group (ASX:CYG) share price surges 6% as profits double appeared first on The Motley Fool Australia.

More reading

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Motley Fool contributor Brooke Cooper 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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The S&P/ASX 200 Index (ASX: XJO) is having a tough time of it today.

At time of writing, the ASX 200 is down 2.7%, having earlier posted losses of more than 2.9%.

You need only open a newspaper or any news website to gather why.

The simmering tensions between Russia and Ukraine have heated up. Russia claims that 2 separatist enclaves within Ukraine have asked Vladimir Putin for military help. Political analysts in the West are warning that an invasion is increasingly likely.

Tech shares have been particularly hard hit, with the S&P/ASX All Technology Index (ASX: XTX) down 3.9% today.

But not all shares are joining in the ASX 200 selloff.

ASX 200 gold shares shining bright amid haven demand

Gold is again living up to its historic role as a haven asset in times of turmoil.

The yellow metal gained another 0.2% overnight and is currently trading for US$1,913 per troy ounce. That’s up almost 7% from the US$1,791 per ounce gold was fetching on 28 January, according to data from Bloomberg.

And this is seeing ASX 200 gold shares buck today’s losing trend.

Here’s what we mean…

The Newcrest Mining Ltd (ASX: NCM) share price is up 1.1% today, to $24.84 per share. Newcrest shares are now up 1.3% in 2022.

The Evolution Mining Ltd (ASX:EVN) share price is leaping higher too, up 1.6%. Evolution shares have gained 4.2% year-to-date.

And Northern Star Resources Ltd (ASX: NST) shares are leading the charge, currently up 3.4% to $10.34 per share. The Northern Star share price is now up 9.3% this year.

Junior gold miners gaining too

But it’s not just the ASX 200 listed gold share that are broadly gaining today.

At time of writing, the S&P/ASX All Ordinaries Gold Index (ASX: XGD) is up 1.8%.

While not every ASX gold miner is in the green, the sector is certainly shining brightly today.

The post ASX 200 gold shares shining bright amid market selloff appeared first on The Motley Fool Australia.

More reading

• These are some of the only ASX shares in the green today. Here’s why
• 5 things to watch on the ASX 200 on Thursday
• 5 things to watch on the ASX 200 on Wednesday
• Here are the top 10 ASX shares today
• Here’s why the Northern Star (ASX:NST) share price had such a stellar day

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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