ASX 200 (ASX:XJO) midday update: Transurban falls, Premier Investments jumps

It has been a great day for the ASX 200…
The post ASX 200 (ASX:XJO) midday update: Transurban falls, Premier Investments jumps appeared first on The Motley Fool Australia. –

At lunch on Thursday the S&P/ASX 200 Index (ASX: XJO) is on course to record a strong gain. The benchmark index is currently up 1.1% to 7,375.6 points.

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

Transurban returns and falls

The Transurban Group (ASX: TCL) share price is trading lower today after completing the institutional component of its equity raising. This morning the toll road operator revealed that it has raised $2.9 billion at an 8.3% discount of $13.00 per share. Management advised that the offer attracted strong demand from institutional shareholders, with approximately 93% of eligible entitlements taken up. Transurban is raising funds to acquire the remaining stake in WestConnex.

Premier Investments results

The Premier Investments Limited (ASX: PMV) share price is storming higher today following the release of its full year results. This morning the retail conglomerate reported an 18.7% increase in retail sales to $1,443.2 million and a 97% jump in statutory net profit after tax to $271.8 million. The Peter Alexander brand was a particularly positive performer, reporting stellar sales growth over the 12 months.

Brickworks results

The Brickworks Limited (ASX: BKW) share price is pushing higher after the release of its full year results. The building products company reported a 6% decline in revenue to $890 million but a 95% jump in underlying net profit after tax to $285 million. The key driver of this result was the company’s joint venture property trust with Goodman Group (ASX: GMG).

Best and worst ASX 200 performers

The best performer on the ASX 200 on Thursday has been the News Corp (ASX: NWS) share price with a 9% gain. This morning Goldman Sachs reiterated its conviction buy rating and $44.50 price target on its shares. The worst performer has been the Ramelius Resources Limited (ASX: RMS) share price with a 2.5% decline. Risk-on sentiment is weighing on gold miners today.

The post ASX 200 (ASX:XJO) midday update: Transurban falls, Premier Investments jumps appeared first on The Motley Fool Australia.

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More reading

APA Group (ASX:APA) share price jumps on strong support for its takeover bid
ASX 200 shares jump as Fed flags bond tapering

Brickworks (ASX:BKW) share price jumps as net profit soars by 95%
Premier Investments (ASX:PMV) share price surges on FY21 results, NPAT up 97%
Why the Transurban (ASX:TCL) share price is falling today

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 Brickworks. The Motley Fool Australia owns shares of and has recommended Brickworks. The Motley Fool Australia has recommended Premier Investments 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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