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ASX 200 down 0.5%: Domino’s delivers, Westpac impresses, Coles sinks

Coles Group Ltd (ASX:COL) and Westpac Banking Corp (ASX:WBC) shares are making a splash on the ASX 200 on Wednesday…
The post ASX 200 down 0.5%: Domino’s delivers, Westpac impresses, Coles sinks appeared first on The Motley Fool Australia. –

Young man looking afraid representing ASX shares investor scared of market crash

At lunch on Wednesday the S&P/ASX 200 Index (ASX: XJO) is on course to record a disappointing decline. The benchmark index is currently down 0.5% to 6,880.7 points.

Here’s what has been happening on the market today:

Westpac Q1 update impresses

The Westpac Banking Corp (ASX: WBC) share price is racing higher today. Investors have been buying the banking giant’s shares after its first quarter update impressed. Westpac reported a quarterly cash profit of $1.97 billion for the three months ended 31 December. This was more than double the quarterly average it achieved during the second half of FY 2020. Another big positive was that Westpac has reversed some of its COVID impairments. The bank recorded an impairment benefit of $501 million in the period after the COVID-19 threat receded.

Coles disappoints

The Coles Group Ltd (ASX: COL) share price has come under pressure today following the release of its half year results. While Coles delivered a profit result ahead of expectations, its outlook appears to have spooked investors. CEO Steven Cain warned: “Depending on COVID-19, vaccine roll out and efficacy, and other factors, sales in the supermarket sector may moderate significantly or even decline in the second half of FY21 and into FY22.”

Domino’s delivers

The Domino’s Pizza Enterprises Ltd (ASX: DMP) share price hit a record high this morning after investors responded very positively to its first half results. The pizza chain operator delivered a 16.5% increase in total global food sales to $1.84 billion and a 32.3% EBIT jump to $153 million. This was driven by strong same store sales growth and new store openings. Pleasingly, management is confident on the second half. CEO and Managing Director, Don Meij, said the company intends “to significantly outperform this strong result in the Second Half.”

Best and worst ASX 200 performers

The EML Payments Ltd (ASX: EML) share price is the best performer on the ASX 200 today with a 13% gain. This follows the release of its half year results, which revealed strong revenue and profit growth. The worst performer has been the Zip Co Ltd (ASX: Z1P) share price with a 12% decline. This appears to have been driven by profit taking after some incredible gains in recent weeks.

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James Mickleboro owns shares of Westpac Banking. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and recommends EML Payments. The Motley Fool Australia has recommended Dominos Pizza Enterprises Limited and EML Payments. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

The post ASX 200 down 0.5%: Domino’s delivers, Westpac impresses, Coles sinks appeared first on The Motley Fool Australia.

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