ASX 200 (ASX:XJO) midday update: Westpac’s $1.3bn earnings hit, Ansell sinks

Here’s what is happening on the ASX 200 today…
The post ASX 200 (ASX:XJO) midday update: Westpac’s $1.3bn earnings hit, Ansell sinks appeared first on The Motley Fool Australia. –

At lunch on Tuesday, the S&P/ASX 200 Index (ASX: XJO) has given back its morning gains and is trading lower. The benchmark index is currently down 0.1% to 7,291.5 points.

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

Westpac’s notable items

The Westpac Banking Corp (ASX: WBC) share price is trading lower today after revealing a number of notable items that will impact its financial results. Westpac advised that its profit will be hit by a total of $1.3 billion of notable items. These include $965 million write down of assets in Westpac Institutional Bank (WIB) following its annual impairment test, and additional provisions for customer refunds, payments, associated costs and litigation provisions of $172 million.

Ansell shares downgraded

The Ansell Limited (ASX: ANN) share price is under pressure today after being the subject of a bearish broker note. According to a note out of Macquarie Group Ltd (ASX: MQG), its analysts have downgraded the health and safety protection solutions company’s shares to an underperform rating and cut the price target on them to $32.00. The broker believes that recent trends pose downside risk to the market’s earnings expectations.

Mining giants rise

The shares of BHP Group Ltd (ASX: BHP) and Rio Tinto Limited (ASX: RIO) are rising today after a strong night for iron ore prices. According to Metal Bulletin, the spot iron ore price has jumped 9.4% to US$135.03 a tonne thanks to supply concerns. BHP and Rio Tinto’s shares are both up approximately 1.5% at the time of writing.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Tuesday has been the Alumina Limited (ASX: AWC) share price with a 5% gain. This appears to have been driven by rising alumina prices. The worst performer on the index has been the Ansell share price with a 4% decline following the broker downgrade.

The post ASX 200 (ASX:XJO) midday update: Westpac’s $1.3bn earnings hit, Ansell sinks appeared first on The Motley Fool Australia.

Wondering where you should invest $1,000 right now?

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes could be the five best ASX stocks for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now.

*Returns as of August 16th 2021

More reading

Westpac (ASX:WBC) share price edges lower following $1.3bn hit to earnings
NSW has reopened. Time to buy?

2 ASX shares set to double in the next year

Why this top broker is bullish on the Westpac (ASX:WBC) share price
5 things to watch on the ASX 200 on Tuesday

Motley Fool contributor James Mickleboro owns shares of Westpac Banking Corporation. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Macquarie Group Limited. The Motley Fool Australia has recommended Ansell Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;

To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.

An active and funded account with a positive trading balance is required to continue to have access to the tools;

Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;

Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!