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ASX 200 down 0.7%: AGL & Origin sink lower, Qantas pushes higher

AGL Energy Limited (ASX:AGL) and Origin Energy Ltd (ASX:ORG) shares are making a big splash on the ASX 200 on Thursday…
The post ASX 200 down 0.7%: AGL & Origin sink lower, Qantas pushes higher appeared first on The Motley Fool Australia. –

man with head in hands after looking at stock market crash on computer, asx 200 share market crash

At lunch on Thursday the S&P/ASX 200 Index (ASX: XJO) is on course to end its winning run. The benchmark index is currently down 0.7% to 6,779.8 points.

Here’s what is happening today:

AGL’s asset impairments

The AGL Energy Limited (ASX: AGL) share price is sinking lower following the release of an update on asset impairments. According to the release, the energy company intends to recognise charges of $2,686 million (post-tax) in its financial statements for the first half of FY 2021. A large portion of these charges come from $1,920 million in provisions for onerous contracts relating primarily to legacy wind farm offtake agreements.

Origin downgrades guidance

It isn’t just AGL sinking lower, rival Origin Energy Ltd (ASX: ORG) has come under pressure today following the release of its own update. Origin’s update reveals that a number of factors have materially affected its Energy Markets’ near-term outlook. This includes the continued impacts of COVID-19 on energy demand and milder weather. In light of this, it has downgraded its Energy Markets underlying EBITDA guidance for FY 2021. It is now expected to be in the range of $1,000 million to $1,140 million compared to $1,150 million to $1,300 million.

Qantas higher on Alliance Aviation deal

The Qantas Airways Limited (ASX: QAN) share price is pushing higher today after announcing a deal with Alliance Aviation Services Ltd (ASX: AQZ). That deal will see Qantas lease up to 14 E190 aircraft with at least one crew member from Alliance. The agreement is initially for three aircraft and will be based in Adelaide and Darwin. It will be servicing the Adelaide–Alice Springs, Darwin–Alice Springs, and Darwin–Adelaide routes.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Thursday has been the Pro Medicus Limited (ASX: PME) share price with a 3.5% gain. This is despite there being no news out of the health imaging company. The worst performer has been the Origin share price with a 7% decline following its guidance downgrade.

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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. recommends Pro Medicus Ltd. The Motley Fool Australia owns shares of and has recommended 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 0.7%: AGL & Origin sink lower, Qantas pushes higher appeared first on The Motley Fool Australia.

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