The ASX 200 is on form on Wednesday…
The post ASX 200 (ASX:XJO) midday update: Kogan jumps, Flight Centre sinks appeared first on The Motley Fool Australia. –
At lunch on Wednesday, the S&P/ASX 200 Index (ASX: XJO) is back on form and charging notably higher. The benchmark index is currently up 0.8% to 7,436.2 points.
Here’s what is happening on the ASX 200 today:
Kogan shares jump
The Kogan.com Ltd (ASX: KGN) share price is surging higher today following the release of its first quarter update. For the three months ended 30 September, the ecommerce company reported gross sales of $330.5 million. This represents an increase of 21.1% year on year and 23.2% quarter on quarter. And while its gross profit fell 1.7% year on year to $52.5 million, it increased 31.6% quarter on quarter. Another big positive was a meaningful reduction in its inventory position during the period.
Flight Centre AGM
The Flight Centre Travel Group Ltd (ASX: FLT) share price is tumbling following the release of a trading update at its annual general meeting. That update revealed that during the month of September, Flight Centre’s sales reached 27% of pre-COVID levels globally. This is still not at a level that makes its operations breakeven. As a result, the travel agent recorded a net operating cash outflow of $41 million for the month. It did, however, note a surge in enquiries and bookings growth in October in Australia.
Super Retail update
The Super Retail Group Ltd (ASX: SUL) share price is pushing higher today following the release of a trading update. For the first 16 weeks of FY 2022, the retail conglomerate posted a 12% decline in group sales. This was largely expected by the market and driven by COVID-19 lockdowns across key markets. Pleasingly, management revealed that it has a strong inventory position and is well placed to take advantage of the expected uplift in consumer demand over the summer holiday period.
Best and worst ASX 200 performers
The best performer on the ASX 200 on Wednesday has been the Kogan share price with a 10% gain following its update. The worst performer on the benchmark index has been the Flight Centre share price with a 5% decline following its AGM update.
The post ASX 200 (ASX:XJO) midday update: Kogan jumps, Flight Centre sinks 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. owns shares of and has recommended Kogan.com ltd and Super Retail Group Limited. The Motley Fool Australia owns shares of and has recommended Kogan.com ltd and Super Retail Group Limited. 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.