ASX 200 (ASX:XJO) midday update: Metcash jumps, Kogan and Zip sink

Here’s what is happening on the ASX 200 on Monday…
The post ASX 200 (ASX:XJO) midday update: Metcash jumps, Kogan and Zip sink appeared first on The Motley Fool Australia. –

At lunch on Monday, the S&P/ASX 200 Index (ASX: XJO) is following the lead of US markets and trading lower. The benchmark index is currently down 0.2% to 7,225.7 points.

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

Metcash half year results impress

The Metcash Limited (ASX: MTS) share price is charging higher today after delivering a strong half year result. For the six months ended 31 October, Metcash reported a 1.3% increase in revenue to $7.2 billion and underlying profit after tax growth of 13.1% to $146.6 million. As a comparison, Ord Minnett was expecting a net profit of $141 million for the six months. In addition, Metcash revealed that the second half has started strongly.

Kogan and Redbubble sink

It has not been a good start to the week for ecommerce companies Ltd (ASX: KGN) and Redbubble Ltd (ASX: RBL). Both ASX shares are tumbling today amid weakness in the tech sector and news that they are being dumped from the ASX 200 index at the next quarterly rebalance. They will leave the index along with four other shares on 20 December.

Bapcor CEO kicked out

The Bapcor Ltd (ASX: BAP) share price has continued its slide after revealing that its CEO will now exit immediately instead of in February. The auto parts retailer advised that since announcing the retirement of Darryl Abotomey as its CEO, there has been a marked deterioration in the relationship between him and the Board. As a result, “Mr Abotomey’s position as MD and CEO has become untenable.” This led to the Board making the unanimous decision to exercise its rights to bring forward his retirement immediately.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Monday has been the Metcash share price with a gain of almost 6% following its half year results. The worst performer has been the Zip Co Ltd (ASX: Z1P) share price with a 7.5% decline amid broad weakness in the tech and BNPL markets today.

The post ASX 200 (ASX:XJO) midday update: Metcash jumps, Kogan and Zip sink appeared first on The Motley Fool Australia.

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More reading

Here’s why the Kogan (ASX:KGN) share price just hit another 52-week low

Metcash (ASX:MTS) share price jumps 7% on strong half year results

Boral (ASX:BLD) share price jumps on $1bn fly ash sale

Bapcor (ASX:BAP) share price sinks again after CEO is kicked out

These are the 10 most shorted ASX shares

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 ltd and ZIPCOLTD FPO. The Motley Fool Australia owns shares of and has recommended ltd. The Motley Fool Australia has recommended Bapcor. 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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