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The DGL Group Ltd (ASX: DGL) share price is flying high today after the company announced strong earnings growth during the first half of FY22.

The hazardous waste management company told the ASX that its results were “better than expected”.

The DGL share price hit an intraday high of $3.18 shortly after the market opened. This was 17.3% above yesterday’s closing price. At the time of writing, DGL shares are up 10.7% to $3.00.

Let’s take a look at what DGL reported today.

DGL share price skyrockets on ‘better than expected’ results

For the 6 months ending December 2021, DGL reported:

• Sales revenue of $143 million (up 182% against the previous corresponding period [PCP])
• Earnings before interest, taxes, depreciation and amortisation (EBITDA) of $23 million (before deducting acquisition costs of $3 million) — up a whopping 139% from PCP
• Net profit after tax of $9 million, up 187% from PCP

DGL said the “better than expected” results were “fuelled by stronger than anticipated Q2 growth which is forecast to continue into the second half of FY22”.

Further, DGL predicts that its revenue for FY22 will hit $343 million, with an EBITDA of $54 million.

However, with these results currently being externally audited, full earnings are to be released to investors on 25 February. In it, accurate results and detailed earnings guidance for the financial year will be announced.

Since 31 December, the DGL share price has dropped by 4.1%.

Management praises ‘outstanding results’

DGL CEO Simon Henry said:

The outstanding results have been driven by favourable trading and climatic conditions across the group and the successful integration of the acquisitions completed over the reporting period.

Despite the challenging business environment, DGL with its wide range of assets and services is expected to perform strongly over the remainder of FY22 as reflected in the updated FY22 forecast revenue of $343mil and EBITDA of $54 mil.

In other company news today, DGL announced the issuing of 511,190 fully paid ordinary shares to Austech Chemicals Pty Ltd. This is “part settlement of the final working capital adjustment in accordance with the Share Purchase Agreement entered into between the parties”.

The acquisition of Austech — a company manufacturing automotive chemicals — was completed in December. It is one of several DGL takeovers announced last year.

Among these businesses were:

• Opal Australasia — a chemical manufacturer (completed September 2021)
• Aquapac — a water solutions company (completed October 2021)
• Profill Industries — a chemical manufacturer (completed November 2021)
• Ausblue — Adblue distributor (completed November 2021)
• Shackell Transport — a bulk liquid and other freight company (completed December 2021)

DGL said the acquisitions would “preserve significant portions” of the businesses while “increasing DGL’s breadth of products, services, customers and geographies”.

DGL share price snapshot

Over the past 12 months, the DGL share price has increased by a whopping 177%.

Last month, DGL was among the top 20 small cap ASX shares listed in fund manager Wilson Asset Management’s Microcap portfolio due to its potential for future growth.

The company has a market capitalisation of $764.75 million and a price-to-earnings ratio (P/E) of 16.35.

The post ‘Better than expected’: Soaring revenues drive the DGL (ASX:DGL) share price up 17% appeared first on The Motley Fool Australia.

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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. owns and has recommended DGL Group Limited. The Motley Fool Australia has recommended DGL 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 Magellan Financial Group Ltd (ASX: MFG) share price is holding steady despite analysts sharing concerns for the fund manager in the near term.

At the time of writing, shares in Magellan are swapping hands at a price of $18.18, up 3.2%. This follows yesterday’s pleasant change of scenery for the company’s shareholders as the share price ascended 7.2%.

However, some analysts are being cautious to jump back on the Magellan bandwagon. After a monumental fall from grace, equity onlookers are wary of a few more lashings yet to be delivered to the Australian fund manager.

Teething issues as clients adjust to a new face

It wasn’t too long ago that Hamish Douglass — Magellan Financial Group co-founder and portfolio manager — was touted by many as a superstar. The incredible success of Douglass’ investments sent funds flocking to Magellan over the years.

Although, even superstars are capable of making a misstep. For Douglass, the decision to go cash-heavy during the COVID-19 recovery led to underperformance across the funds managed by ASX-listed Magellan.

As often the case, when it rains, it pours. A period of underperformance for the company’s funds set the pace for a tumbling of dominos — cascading until Douglass made the decision to go on medical leave.

The task of picking back up the pieces has now been put in the hands of fellow co-founder, Chris Mackay. This includes a battered investment book, now hosting funds under management (FUM) of A$93.5 billion. Indeed, the A$116.4 billion in November 2021 seems like a distant memory.

Unfortunately, analysts are forecasting the situation to get worse before it gets better. Namely, the team at UBS, who believe the change in leadership presents a heightened risk of further outflows. Additionally, this could spell more bad weather for the ASX-listed Magellan share price.

Director at UBS, Shreyas Patel said:

While the stock is starting to reflect risks around key-person, outflows… and underperformance, there are still more questions than answers with respect to the outlook.

Recapping Magellan’s recent run on the ASX

Shareholders of Magellan Financial Group have endured an abysmal start to 2022. While the S&P/ASX 200 Index (ASX: XJO) hasn’t provided attractive returns — being down 5% — it is still better than the performance delivered by the Magellan share price.

On a year-to-date basis, ASX-listed Magellan shares are down 17.6%. This is creating a difficult situation for investors to gauge whether the company is undervalued at these levels.

Notably, the price-to-earnings (P/E) ratio is at its lowest in more than eight years. Currently, this metric is sitting at approximately 11.4 times. The only time the Magellan share price reflected a P/E this low in recent history was in 2018, at 15 times.

The post More pain to come for Magellan (ASX:MFG) shares: analysts appeared first on The Motley Fool Australia.

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• Why Appen, ANZ, Magellan, and REA shares are falling

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 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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Renascor Resources Ltd (ASX: RNU) shares are charging higher today.

Again.

The ASX resource explorer was up 4% at lunchtime today, trading for 36 cents per share at the time of writing.

That puts Renascor Resources shares up a phenomenal 900% since this time last year.

So what’s been driving investor interest?

Why have Renascor Resources shares become so hot?

Renascor Resources shares have gotten a series of boosts over the past year.

Back in March the investors rewarded the company after it signed a non-binding memorandum of understanding (MOU) with Hanwa Co Ltd, amongst the biggest traders of battery chemicals in the Asian region. Under the MOU, the company will supply up to 10,000 tonnes of purified spherical graphite (PSG) per year for 10 years.

Renascor continued its strong run into the springtime when it announced another MOU, this one with South Korean conglomerate POSCO. That agreement will see Renascor supply POSCO with 20,000 to 30,000 tonnes of PSG per year.

Following that up, the company reported the successful completion of its large-scale pilot flotation trials. As The Motley Fool reported at the time:

The trials were testing the upstream component of Renascor’s planned graphite mine and battery anode material manufacturing operation. Over the course of the trials, 77.8 tonnes of ore from the Siviour deposit were processed into high purity graphite concentrates. Renascor plans to use it as feedstock to produce its purified spherical graphite.

Following closely on this announcement, Renascor Resources shares got another big lift after the Australian federal government granted Major Project Status for the company’s Siviour Graphite Project, located in South Australia’s Eyre Peninsula.

And the good news kept flowing into 2022.

Last week the company got another share price lift when it revealed it had scored a $185 million government loan to develop the Siviour Project.

How has Renascor performed this year?

Up 900% in 12 months, Renascor Resources shares have continued to impress in 2022, gaining 94% year to date.

By comparison the All Ordinaries Index (ASX: XAO) is down 5% in the New Year.

The post Why have Renascor Resources (ASX:RNU) shares become so hot? appeared first on The Motley Fool Australia.

More reading

• Here’s why the Renascor (ASX:RNU) share price is rocketing 19% today

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 Commonwealth Bank of Australia (ASX: CBA) share price has been among the best performers on the ASX 200 on Wednesday.

In afternoon trade, the banking giant’s shares are up 5% to $99.08.

Why is the CBA share price racing higher?

The catalyst for the rise in the CBA share price today was the release of the bank’s half year results.

For the six months ended 31 December, Australia’s largest bank delivered a cash profit well-ahead of the market’s expectations at $4,746 million.

CBA’s profit was up 23% over the prior corresponding period and driven by strong business outcomes, reduced remediation costs, and lower loan loss provisions due to an improved economic outlook. This helped offset a weaker net interest margin caused by increased switching to lower margin fixed home loans, the impact of the rising swap rates, and continued pressure from home loan competition.

This ultimately led to CBA ending the period in a very strong financial position. The bank reported a CET1 ratio of 11.8%, which is notably higher than APRA’s unquestionably strong benchmark of 10.5%.

But it won’t be at 11.8% for much longer. In light of its strong capital position, CBA has decided to return more funds to shareholders via an on-market share buyback.

The CBA share buyback

Hot on the heels of an off-market $6 billion share buyback last year, CBA has announced a $2 billion on-market buyback today. This is expected to reduce its CET1 ratio to 11.4% once complete.

Management commented: “The strong capital position and our progress on executing our strategy mean that we are well placed to continue to support our customers, manage ongoing uncertainties and continue returning excess capital to shareholders.”

CBA is expecting to start its buy-back after the completion of the on-market share purchase associated with neutralising the impact of interim dividend.

It also notes that “The timing and actual number of shares purchased under the buy-back will depend on markets conditions, available trading windows, the prevailing share price and other considerations.”

Based on the current CBA share price, the bank could buyback approximately 20.2 million shares. While this is only a fraction of the ~1.7 billion shares it has on issue, it should still be a small boost to the bank’s earnings per share metric in FY 2023.

The post Here’s what you need to know about the CBA (ASX:CBA) $2 billion share buyback 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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The Nickel Mines Ltd (ASX: NIC) share price has been put into the freezer on Wednesday.

Its shares have been frozen as the company prepares to release news of a capital raise with media reporting it could be worth around $200 million.

The Nickel Mines share price will be stuck at its previous close of $1.45 until Friday unless the company drops its anticipated release before then or extends its trading halt.

Let’s take a closer look at what’s going on – or not going on – with the nickel miner’s stock today.

Why is Nickel Mines’ stock in the freezer on Wednesday?

The Nickel Mines share price has been halted amid rumours it’s looking to boost its cash holdings after last year’s acquisitions.

The company stated that the freeze will end when the company announces a capital raise is finalised.

According to reporting by The Australian, the capital raise could be being conducted through the Bank of America.

In October, Nickel Mines announced it had successfully increased its holding in the Angel Nickel Project by 30%.

The stake came at a cost of US$210 million and boosted the company’s ownership of the project to 80%.

It announced it had agreed to buy a 70% stake in the Oracle Nickel Project 2 months later.

The project comprises 4 rotary kiln electric furnace lines and has commenced construction within the Indonesia Morowali Industrial Park.

The deal will ultimately cost the company US$525 million.

Nickel Mines share price snapshot

After a strong 2021, the Nickel Mines share price has slumped into the new year. Though, it’s still outperforming the S&P/ASX 200 Index (ASX: XJO).

Year to date, Nickel Mines shares’ value have fallen 0.3%. Meanwhile, the ASX 200 has tumbled 5%.

Additionally, prior to today’s freeze, the nickel miner’s stock was trading for 21% more than it was this time last year.

The post Here’s why the Nickel Mines (ASX:NIC) share price is on ice today appeared first on The Motley Fool Australia.

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• Why Afterpay, Appen, Liontown, and Nickel Mines shares are surging higher

Bank of America is an advertising partner of The Ascent, a Motley Fool company. 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 ASX is hosting a goodbye party for Sydney Airport (ASX: SYD) on Wednesday as investors scramble to swap shares in the iconic travel stock one last time.

Today, the Supreme Court of New South Wales granted the final approval needed for the airport to be taken off the ASX and put into super funds’ pockets.

The airport is the most traded S&P/ASX 200 Index (ASX: XJO) stock on the back of the news. More than 36 million shares have swapped hands since the ASX opened.

It also topped the index’s trade yesterday when 130 million shares in the airport were traded.

Additionally, at the time of writing, the Sydney Airport share price is $8.73, 0.23% higher than its previous close.

That’s also 0.23% lower than the $8.75 per share takeover bid posed by the Sydney Aviation Alliance – the consortium of funds acquiring the landmark.

Let’s take a look at what will happen next for Sydney Airport shares.

Sydney Airport shares are waiting at their departure gate

Shares in Sydney Airport are trading hand over fist on Wednesday as it prepares to launch off the end of the runway at the session’s close, never to return.

The airport will be busy submitting paperwork today. If all goes to plan, it will enter a trading halt tonight and will delist shortly afterwards.

Additionally, the airport will be removed from the ASX 200 when the market opens tomorrow.

It will be replaced by Telix Pharmaceuticals Ltd (ASX: TLX). The biotechnology company has a market capitalisation of around $2.1 billion, according to the ASX.

The airport’s take-off might have some retail investors feeling glum. However, as it’s being taken over by super funds, its profits will still benefit Australians.  

It was extensively approved of by Sydney Airport shareholders — 96% of investors voted ‘yes’ to the takeover last week.

It follows a brilliant 12 months of trade for the airport. At its current share price, Sydney Airport’s stock has gained 52% since this time last year, largely spurred by the drawn-out takeover process.

The post Last hurrah: Investors clamour over Sydney Airport (ASX:SYD) shares on final day of trade appeared first on The Motley Fool Australia.

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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 Megaport Ltd (ASX: MP1) share price is climbing into the green today after the company reported its H1FY22 financial results.

The ASX 200 technology share is currently trading at $13.45, a gain of 1.51%. It marks a recovery after the company’s share price dropped as low as $12.87 in early morning trade.

For perspective, the S&P ASX All Technology Index (ASX: XTX) is up 2.52% so far today.

Let’s take a look at what today’s financial results reveal.

Megaport share price climbs amid half-yearly results

The highlights of Megaport’s half-year (H1FY22) results include:

• Revenue increased 42% on the previous corresponding period (PCP) ending 31 December 2020, to $51.2 million
• Monthly recurring revenue of $9.2 million, a 46% improvement on December 2021
• Profit after direct costs of $30.9 million, a 69% leap on the PCP
• Net loss of $20.2 million, down from a $38.4 million loss in the PCP
• Net assets of $174.3 million, down 3% on the previous half
• Cash balance of $104.6 million, down 23% on the previous half

What else happened in the half?

Megaport is a leading global provider of elastic interconnection services using software-defined networking. In December 2021, the company hit a milestone of 768 data centres in 138 cities. 420 are in North America, 140 in the Asia-Pacific, and 208 in Europe.

Another highlight outlined in Megaport’s results today was the company’s Megaport Virtual Edge product going live on the Cisco Systems (NASDAQ: CSCO) global price list.

In August, Megaport acquired 100% of artificial intelligence (AI) cloud technology company InnovoEdge.

Overall, the company gained three new software-defined wide area network (SD-WAN) partners. Megaport also launched the PartnerVantage programme, enabling its partners to sell Megaport services.

Megaport has expanded its network footprint to 411 locations where installation has taken place and 768 locations where the network is enabled.

Management comment

Commenting on the results, Megaport chief executive officer Vincent English said:

In addition to strong service uptake across the board, the team drove Megaport Cloud Router (MCR)sales to surpass 600 installed MCRs globally.

With the increased adoption of multicloud architectures, Megaport customers use MCR to enable cloud-to-cloud connections with ease and bill nearly double for Megaport services compared to port-only customers.

We have aligned our business, through innovation, network footprint, product positioning, and partner-building to be The Edge. The team will stay focused for the remainder of the fiscal year on executing our plan and achieving our revenue and EBITDA targets

What’s next for Megaport?

Megaport is continuing to integrate InnovoEdge services with its own platform. This will allow more automation and greater control of its network and IT resources.

The company will establish a presence in Mexico, taking the total platform to 24 countries and 139 cities around the world.

Megaport share price recap

The Megaport share price has gained less than 1% in the past year but is down more than 28% year to date.

In the past month, the company’s shares have fallen almost 25%.

For perspective, the benchmark S&P/ASX 200 Index (ASX: XJO) has returned almost 6% over the past year, losing more than 3% over the last month.

Megaport has a market capitalisation of about $2.1 billion based on today’s share price.

The post What’s got ASX 200 tech share Megaport (ASX:MP1) marching higher today? appeared first on The Motley Fool Australia.

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The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended MEGAPORT FPO. The Motley Fool Australia has recommended MEGAPORT FPO. 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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Shares in Nick Scali Limited (ASX: NCK) are trading 3.5% higher today at $13.92 apiece.

The furniture retailer’s shares started the day well, before reversing course. They bottomed hard at $13.37, then spiked back up to current levels.

Investors are reacting well to a company announcement quelling rumours that the founding family is set to sell some shares. Let’s take a quick look.

What did Nick Scali announce today?

The company has strenuously denied rumours in yesterday’s The Australian referring to a potential share sale by the Scali family.

Another report in today’s The Australian notes that “brokers were said to be shopping a stake in furniture retailer Nick Scali on Monday held by the Scali family, but the deal stalled as the share price fell”.

In a brief statement today, the company said:

Nick Scali Limited refers to recent press speculation in The Australian on 8 February 2022 relating to a potential sale of shares in the Company by the Scali family.

The Board has been informed by the Scali family and Scali Consolidated Pty Ltd that this speculation is unfounded and the entity does not have any intention to sell shares in the Company at the current time”.

News of the Scali family holding their stake was received well today, with the Nick Scali share price firmly up.

Prior to today’s gains, the Nick Scali share price has been struggling. It has whipsawed down from a 52-week high of $16.30 in November to near 3-month lows today. See the chart below (RHS).

Nick Scali share price summary

In the past 12 months, the Nick Scali share price has gained almost 21%.

However, in 2022 the shares have faltered by 10% — twice as much as the S&P/ASX 200 Index (ASX: XJO).

The post No deal: Nick Scali (ASX:NCK) share price lifts as latest rumours quashed appeared first on The Motley Fool Australia.

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Motley Fool contributor Zach Bristow 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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Some of the leading exchange-traded funds (ETFs) have seen declines since the start of the year.

ETF prices simply reflect the movement of the underlying share prices of businesses. So, a cheaper ETF price means the underlying businesses have dropped in price too.

It’s up to each investor to decide which investments they want to choose. But these two are known for being higher-quality:

VanEck Morningstar Wide Moat ETF (ASX: MOAT)

This ETF is set-up to look at businesses with strong positions in their respective sectors.

The ‘wide moat’ part of the name refers to the size of the economic moat of a company. Economic moats can also be called a competitive advantage.

There are many different ways that Morningstar analysts judge whether a business has a competitive edge. A business may have a cost advantage compared to rivals, perhaps due to to economies of scale. Patents and brands can be another form of advantage. Network effects or switching costs can also be factors for an economic moat.

But for this ETF, the length of time that the competitive moat is expected to endure is a key factor. ‘Wide moat’ businesses are ones that excess normalised returns must, with near certainty, be positive 10 years from now. In addition, excess normalised returns must, more likely than not, be positive 20 years from now.

After deciding on that high-quality list, businesses only get added to the portfolio if they’re trading at attractive prices compared to Morningstar’s estimate of fair value.

Some of the positions in the portfolio have been held for a long time, whilst others come and go. These are the current positions that have a weighting of at least 2.75%: Cheniere Energy, Wells Fargo, Lockheed Martin, Berkshire Hathaway, Bristol-Myers Squibb, Corteva, Philip Morris, Altria Group and Dominion Energy.

Past performance is not a guarantee of future results. However, the VanEck Morningstar Wide Moat ETF has returned an average of 18.9% per annum over the last five years.

Betashares Nasdaq 100 ETF (ASX: NDQ)

Much has been made about the decline of technology shares in 2022. The NDQ ETF has fallen around 10% since the start of the 2022 calendar year. This means that investors can get access to some of the strongest global tech businesses, for a cheaper price.

This offering from BetaShares owns many highly-recognised names including: Apple, Microsoft, Amazon.com, Tesla, Alphabet, Nvidia, Meta Platforms (Facebook), Adobe, Netflix and PayPal. In total, it has 100 positions from the NASDAQ.

Many of the above businesses are growing revenue at a fast rate, leading to strong compounding growth over the years.

However, the Betashares Nasdaq 100 ETF isn’t just about tech names. In the portfolio are leading businesses like PepsiCo, Costco, Starbucks, Mondelez International and Moderna.

More than half of the portfolio is classified as IT. Amazon and Tesla are classified as consumer discretionary. Alphabet and Meta count as communication services. So, the unofficial tech weighting of the portfolio is even higher.

Many of the businesses involved are among the national or global leaders at what they do.

Past performance is not a reliable indicator of future performance, but since inception in May 2015 the NDQ ETF has returned an average return per annum of almost 22%. That’s after the annual management fee of 0.48%.

The post 2 excellent ETFs for potential long-term returns appeared first on The Motley Fool Australia.

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Motley Fool contributor Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended BETANASDAQ ETF UNITS. The Motley Fool Australia owns and has recommended BETANASDAQ ETF UNITS. The Motley Fool Australia has recommended VanEck Vectors Morningstar Wide Moat ETF. 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) has given back much of its earlier gains today but remains up 0.24% at the time of writing.

The ASX 200 bank shares, meanwhile, are all outpacing the index.

Commonwealth Bank of Australia (ASX: CBA) shares are leading the charge, up 5.12% to $99.13 per share.

The Australia and New Zealand Banking Group Ltd (ASX: ANZ) share price is up 1.3%, while the National Australia Bank Ltd (ASX: NAB) share price trails the pack with a gain of 1.12%.

Meanwhile, Westpac Banking Corp (ASX: WBC) shares are climbing 2.56% today.

Why are the big banks outpacing most ASX 200 shares?

The big banks have been getting increased investor attention as central banks the world over begin to institute rate rises. Over in the United States, the US Federal Reserve could be looking at raising rates on a monthly basis to keep rising inflation in check.

While the Reserve Bank of Australia (RBA) is holding back, for now, analysts widely expect the Aussie cash rate to lift far sooner than had been forecast just last year.

With higher interest rates leading to larger margins for the banks, ASX 200 bank shares could be in for more tailwinds.

Then there’s CBA’s expectation-beating half-year results, released this morning.

The bank delivered a cash net profit after tax (NPAT) of $4.746 billion, up 23% from the prior corresponding half year. Topping that off, CBA said it is undertaking a new $2 billion on-market share buyback. This follows its earlier $6 billion buyback last year.

With the CBA share price up 5.12%, investors are clearly pleased.

And the other three ASX 200 banks shares look to be benefitting from the old investor adage, “A rising tide lifts all boats.”

How have the banks been tracking?

With the exception of Westpac, up nearly 5% year to date, the ASX 200 bank shares remain in the red so far in 2022.

CBA shares are down 1.85% year to date, NAB shares are down 2.84%, and ANZ shares are down 0.73%.

By comparison, the ASX 200 has slipped 3.25% so far this year.

The post Rising tide? Here’s why ASX 200 bank shares are having such a good run today appeared first on The Motley Fool Australia.

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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 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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