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ASX 200 (ASX:XJO) midday update: Macquarie doubles profit, ResMed jumps

Here’s what is happening on the ASX 200 today…
The post ASX 200 (ASX:XJO) midday update: Macquarie doubles profit, ResMed jumps appeared first on The Motley Fool Australia. –

At lunch on Friday, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week with a disappointing decline. The benchmark index is currently down 0.55% to 7,389.1 points.

Here’s what is happening on the ASX 200 today:

Macquarie delivers strong half year result

The Macquarie Group Ltd (ASX: MQG) share price is in a trading halt on Friday. This follows the announcement of a $1.5 billion capital raising along with its half year results. In respect to the latter, the investment bank reported a first half net profit up 107% to $2,043 million. A key driver of its strong performance was the Macquarie Capital business. It delivered a net profit contribution of $468 million, up significantly from a loss of $189 million in the first half of FY 2021.

ResMed’s Q1 results beats expectations

The ResMed (ASX: RMD) share price is charging higher today after delivering a first quarter result ahead of the market’s expectations. The sleep treatment focused medical device company reported a 20% increase in revenue to US$904 million and GAAP earnings per share of US$1.39. This compares to consensus estimates of US$860 million and US$1.24 per share, respectively.

NAB director appointment U-turn

The National Australia Bank Ltd (ASX: NAB) share price is trading lower than the rest of the big four banks today. This may relate to news that James Spenceley will no longer be joining the bank as a Non-Executive Director. NAB Chair Philip Chronican revealed that Mr Spenceley decided against the move after reconsidering his overall commitments following feedback from proxy advisors as well as a number of NAB investors.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Friday has been the Reece Ltd (ASX: REH) share price with a 7% gain. This morning the plumbing parts company released its first quarter update and revealed sales growth of 13.2%. The worst performer has been the Pointsbet Holdings Ltd (ASX: PBH) share price with a 9% decline. Investors have been selling the sports betting company’s shares since the release of its quarterly update. Goldman Sachs believes this is a buying opportunity.

The post ASX 200 (ASX:XJO) midday update: Macquarie doubles profit, ResMed jumps 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 Pointsbet Holdings Ltd. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended ResMed. The Motley Fool Australia owns shares of and has recommended Macquarie Group Limited. The Motley Fool Australia has recommended Pointsbet Holdings Ltd and ResMed Inc. 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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