ASX 200 midday update: James Hardie hits record high, Pilbara Minerals rockets

It has been another eventful day for the ASX 200…
The post ASX 200 midday update: James Hardie hits record high, Pilbara Minerals rockets appeared first on The Motley Fool Australia. –

At lunch on Tuesday, the S&P/ASX 200 Index (ASX: XJO) has given back the majority of its morning gains and is just a fraction higher at 7,541.4 points.

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

Challenger results disappoint

The Challenger Ltd (ASX: CGF) share price is trading lower today following the release of its full year results. The annuities company reported a normalised net profit after tax of $279 million. This was down 19% year on year. In addition, the company announced the retirement of its CEO.

James Hardie Q1 update impresses

The James Hardie Industries plc (ASX: JHX) share price jumped to a record high this morning. This follows the release of a strong first quarter result which revealed a 35% increase in sales over the prior corresponding period to US$843.3 million. And thanks to margin expansion, the company’s net income was up 50% to US$134.2 million. This strong start to the year led to management upgrading its full year net income guidance.

Megaport shares rise on results and acquisition

The Megaport Ltd (ASX: MP1) share price is pushing higher today following the release of its full year results and the announcement of an acquisition. In respect to the former, the network as a service (NaaS) solutions provider reported a 35% year on year increase in revenue to $78.28 million. This was driven by a 32% jump in monthly recurring revenue (MRR) to $7.5 million, which annualises to $90 million. Megaport also announced the US$15 million acquisition of InnovoEdge. It is an AI-powered multi-cloud and edge application orchestration company.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Tuesday has been the Pilbara Minerals Ltd (ASX: PLS) share price. It is up 8% following a strong rally by lithium shares today. The worst performer on the ASX 200 has been the Ramelius Resources Limited (ASX: RMS) share price with a 5% decline. A number of gold miners are being sold off today after further weakness in the price of the precious metal.

The post ASX 200 midday update: James Hardie hits record high, Pilbara Minerals rockets appeared first on The Motley Fool Australia.

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More reading

Megaport (ASX:MP1) share price lifts after acquisition update
ASX 200 shares could get boost on prediction that A$ will crash to US68c

James Hardie (ASX:JHX) share price jumps to record high after Q1 update
Megaport (ASX:MP1) share price higher on FY21 results and acquisition
Challenger (ASX:CGF) share price on watch after results, CEO retirement

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 MEGAPORT FPO. The Motley Fool Australia owns shares of and has recommended Challenger Limited. The Motley Fool Australia has recommended MEGAPORT FPO. 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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