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ASX 200 down 0.6%: Cochlear jumps, Goodman upgrades guidance

Cochlear Limited (ASX:COH) and Pro Medicus Limited (ASX:PME) shares are making a splash on the ASX 200 on Friday. Here’s why…
The post ASX 200 down 0.6%: Cochlear jumps, Goodman upgrades guidance appeared first on The Motley Fool Australia. –

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At lunch on Friday the S&P/ASX 200 Index (ASX: XJO) is out of form and tumbling lower. The benchmark index is currently down 0.6% to 6,843.7 points.

Here’s what is happening on the market today:

Cochlear half year results impress

The Cochlear Limited (ASX: COH) share price is surging higher today after the release of a surprisingly strong half year result. For the six months ended 31 December, Cochlear posted an underlying net profit of $125.3 million. This was only a 4% constant currency decline on its record first half profit in the prior corresponding (and COVID-free) period. Looking ahead, it has provided full year underlying net profit guidance of $225 million to $245 million. This represents a 46% to 59% increase on FY 2020’s profits.

Pro Medicus founders sell shares

The Pro Medicus Limited (ASX: PME) share price is climbing today despite announcing that its founders are selling one million shares each. The two commanded a price of just under $46.00 per share, which represents a total consideration of $46 million each. However, this was less than 4% of their individual holdings and was undertaken following board encouragement. The sales are expected to boost liquidity.

Goodman upgrades guidance

The Goodman Group (ASX: GMG) share price is pushing higher after investors responded positively to its half year results. The global integrated property company reported a 16% increase in operating profit to $614.9 million for the half. This was driven by new developments, strong demand, and like-for-like net property income growth of 3%. Also going down well with investors was management’s guidance for the full year. It now expects operating profit growth of 12% in FY 2021. This compares to previous guidance of 9% growth.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Friday has been the Cochlear share price with a 7% gain. This follows its half year results release. The worst performer has been the Treasury Wine Estates Ltd (ASX: TWE) share price with a 5% decline. This may be due to profit taking after a very strong gain yesterday.

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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 recommends Pro Medicus Ltd. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Cochlear Ltd. The Motley Fool Australia owns shares of and has recommended Treasury Wine Estates Limited. The Motley Fool Australia has recommended Cochlear Ltd. and Pro Medicus Ltd. 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 0.6%: Cochlear jumps, Goodman upgrades guidance appeared first on The Motley Fool Australia.

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