ASX 200 down 0.3%: Coles and Challenger updates, gold miners sink

The ASX 200 is out of form on Thursday…
The post ASX 200 down 0.3%: Coles and Challenger updates, gold miners sink appeared first on The Motley Fool Australia. –

At lunch on Thursday, the S&P/ASX 200 Index (ASX: XJO) has run out of steam and is trading lower. The benchmark index is currently down 0.3% to 7,363.7 points.

Here’s what is happening on the market today:

Coles Strategy Day

The Coles Group Ltd (ASX: COL) share price is under pressure today following the release of its strategy day update. Although the supermarket giant revealed solid progress against a number of key metrics, it has been losing market share due to COVID-19 shopping trends. In addition to this, Coles revealed that it expects its capital expenditure to increase to $1.4 billion in FY 2022. This is partly due to its investment in its distribution centres.

Challenger tumbles

The Challenger Ltd (ASX: CGF) share price is sinking today after releasing its investor day presentation. At the event, CEO and Managing Director, Richard Howes, reaffirmed that the annuities company is expecting normalised net profit before tax at the bottom end of its guidance range of between $390 million and $440 million. In FY 2022, its normalised net profit before tax is expected to grow to between $430 million and $480 million.

Gold miners sink

Gold miners such as Evolution Mining Ltd (ASX: EVN) and Resolute Mining Limited (ASX: RSG) are sinking lower after the gold price tumbled overnight. According to CNBC, the spot gold price fell 1.4% to US$1,830.60 an ounce after the US Federal Reserve brought forward its rate hike plans to 2023. The S&P/ASX All Ordinaries Gold index is down 3.5% at lunch.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Thursday has been the Netwealth Group Ltd (ASX: NWL) share price with a 6% gain on no news. The worst performer has been the Whitehaven Coal Ltd (ASX: WHC) share price with an 11% decline following a disappointing downgrade to its guidance.

The post ASX 200 down 0.3%: Coles and Challenger updates, gold miners sink appeared first on The Motley Fool Australia.

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More reading

Whitehaven (ASX:WHC) share price slides 10% on guidance downgrade
Coles (ASX:COL) share price on watch following strategy update
5 things to watch on the ASX 200 on Thursday

ASX 200 rises again, Avita jumps, Shaver Shop sinks

Here are 3 of the ASX 200’s most traded shares today

James Mickleboro does not own any shares mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Netwealth. The Motley Fool Australia owns shares of and has recommended COLESGROUP DEF SET, Challenger Limited, and Netwealth. 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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