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ASX 200 midday update: BHP sinks, CSL outperforms guidance, Coles rises

It has been an eventful day on the ASX 200…
The post ASX 200 midday update: BHP sinks, CSL outperforms guidance, Coles rises appeared first on The Motley Fool Australia. –

At lunch on Wednesday, the S&P/ASX 200 Index (ASX: XJO) is off its intra-day lows but trading broadly flat at 7,508.1 points.

Here’s what has been happening on the ASX 200 today:

BHP share price sinks

The BHP Group Ltd (ASX: BHP) share price is sinking today despite delivering a full year result in line with expectations and a dividend ahead of estimates. The decline appears to have been driven by a mixed reaction to its plan to merge its oil and gas operations with Woodside Petroleum Limited (ASX: WPL). Morgans commented: “The downside of divesting petroleum is the loss of high-margin oil & gas earnings and growth projects that represent 2/3 of BHP’s total growth profile.”

CSL outperform FY 2021 guidance, but outlook disappoints

The CSL Limited (ASX: CSL) share price is trading lower today following the release of the biotherapeutics company’s full year results. For the 12 months ended 30 June, CSL reported a 9.6% increase in constant currency revenue to US$10,026 million and a 10% lift in profit after tax to US$2,307 million. The latter was ahead of its guidance of 3% to 8% growth. However, management warned that its profits are expected to decline 2.5% to 6.8% in constant currency in FY 2022.

Coles result impresses

The Coles Group Ltd (ASX: COL) share price is rising after investors responded positively to its full year results release. The supermarket operator reported a 3.1% increase in sales revenue to $38,562 million and a 7.5% jump in net profit after tax to $1,005 million. This was ahead of the analyst consensus estimate of $998.2 million. This allowed Coles to pay a record full year dividend of 61 cents per share, up 6.1% from FY 2020.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Wednesday has been the Beach Energy Ltd (ASX: BPT) share price with a 7% gain. This appears to have been driven by a positive broker note out of Citi. The worst performer on the ASX 200 has been the BHP share price with a 6% decline following its results.

The post ASX 200 midday update: BHP sinks, CSL outperforms guidance, Coles rises appeared first on The Motley Fool Australia.

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More reading

Coles (ASX:COL) share price climbs following FY21 results
BHP (ASX:BHP) share price sinks 7% despite strong profit growth
BHP (ASX:BHP) dividend record, shares slide regardless
CSL (ASX:CSL) share price in focus after outperforming FY21 guidance
5 things to watch on the ASX 200 on Wednesday

Motley Fool contributor 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 has recommended CSL Ltd. The Motley Fool Australia owns shares of and has recommended COLESGROUP DEF SET. 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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