ASX 200 midday update: Cochlear & TPG sink, Inghams jumps

Here’s what is happening on the ASX 200 today…
The post ASX 200 midday update: Cochlear & TPG sink, Inghams jumps appeared first on The Motley Fool Australia. –

At lunch on Friday, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week on a positive note. The benchmark index is currently up 0.25% to 7,484 points.

Here’s what is happening on the ASX 200 today:

Cochlear shares sink on full year results

The Cochlear Limited (ASX: COH) share price is sinking on Friday after the release of its full year results. Although the hearing solutions company delivered a profit result in line with its guidance, it fell short of the market’s expectations. For the 12 months ended 30 June, Cochlear reported an underlying net profit up 54% to $236.7 million. This compares to its guidance of $225 million to $245 million and the consensus estimate of $245.5 million.

Sydney Airport posts big loss

The Sydney Airport Holdings Pty Ltd (ASX: SYD) share price is trading flat today after the release of its half year results. Due to COVID-19 impacting the travel market, the airport operator posted a loss after tax of $97.4 million. This was 81.7% worse than the prior corresponding period. Management advised that this was driven by a 36% drop in aeronautical revenue and a 40.6% plunge in retail revenue.

TPG shares fall on half year update

It hasn’t been a good day for the TPG Telecom Ltd (ASX: TPG) share price. Investors have been selling its shares following the release of its first half year results since its merger with Vodafone Australia. The telco reported a 71% increase in revenue to $2,630 million but an 8% decline in net profit after tax to $76 million. According to a note out of Goldman Sachs, this fell short of its estimates by 2% and 37%, respectively.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Friday has been the Inghams Group Ltd (ASX: ING) share price with a 6% gain. This morning the poultry company revealed the doubling of its profits in FY 2021. The worst performer on the ASX 200 has been the Cochlear share price with a 6% decline. This follows the release of a softer than expected profit for FY 2021.

The post ASX 200 midday update: Cochlear & TPG sink, Inghams jumps appeared first on The Motley Fool Australia.

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More reading

Sydney Airport (ASX:SYD) share price slumps as losses skyrocket by 80%
Inghams (ASX:ING) share price leaps 7% as FY21 profits double
TPG (ASX:TPG) share price on watch after 71% jump in first half revenue
Cochlear (ASX:COH) share price on watch after hitting FY21 earnings guidance
5 things to watch on the ASX 200 on Friday

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 Cochlear Ltd. The Motley Fool Australia has recommended Cochlear Ltd. and TPG Telecom Limited. 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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