ASX 200 midday update: Harvey Norman’s record profit, PointsBet posts large loss

It has been a busy day for the ASX 200…
The post ASX 200 midday update: Harvey Norman’s record profit, PointsBet posts large loss appeared first on The Motley Fool Australia. –

At lunch on Tuesday, the S&P/ASX 200 Index (ASX: XJO) is on course to record another small gain. The benchmark index is currently up 0.2% to 7,519.8 points.

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

Harvey Norman shares lower despite record profit

The Harvey Norman Holdings Limited (ASX: HVN) share price is dropping today despite delivering a record profit in FY 2021. For the 12 months ended 30 June, the retail giant reported a 15.3% increase in total aggregated sales to $9,491 million and a 63% jump in profit after tax to a record $743.1 million. However, news that sales were down sharply in July and August due to lockdowns appears to be weighing on its shares.

PointsBet shares lower on results

The Pointsbet Holdings Ltd (ASX: PBH) share price is also tumbling today following its full year results release. The sports betting company delivered a 228% increase in turnover to $3,781.4 million. However, due largely to a big increase in its marketing spend, PointsBet recorded a statutory loss after tax of $187.1 million.

Webjet trading update

The Webjet Limited (ASX: WEB) share price is pushing higher today following the release of a positive trading update by the online travel agent. That update reveals that the company’s key WebBeds business returned to profitability during the month of July. Pleasingly, it has continued to be profitable in August and is expected to remain this way in September.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Tuesday has been the Clinuvel Pharmaceuticals Limited (ASX: CUV) share price with an 8% gain. This is despite there being no news out of the biopharmaceutical company. The worst performer has been the Mesoblast Limited (ASX: MSB) share price with an 11% decline following the release of its full year results.

The post ASX 200 midday update: Harvey Norman’s record profit, PointsBet posts large loss appeared first on The Motley Fool Australia.

Wondering where you should invest $1,000 right now?

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes could be the five best ASX stocks for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now.

*Returns as of August 16th 2021

More reading

Which ASX shares are leading the way on the ASX 300 today?

Harvey Norman (ASX:HVN) share price down 5% despite strong FY21 growth
Mesoblast (ASX:MSB) share price slides 10% following FY21 earnings
Webjet (ASX:WEB) share price higher on positive trading update
PointsBet (ASX:PBH) share price on watch after stellar sales growth but $187m loss

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 Pointsbet Holdings Ltd. The Motley Fool Australia owns shares of and has recommended Webjet Ltd. The Motley Fool Australia has recommended Harvey Norman Holdings Ltd. and Pointsbet Holdings Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;

To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.

An active and funded account with a positive trading balance is required to continue to have access to the tools;

Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;

Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!