ASX 200 midday update: Metcash update, Wesfarmers goes ex-div

Here’s what is happening on the ASX 200 today…
The post ASX 200 midday update: Metcash update, Wesfarmers goes ex-div appeared first on The Motley Fool Australia. –

At lunch on Wednesday, the S&P/ASX 200 Index (ASX: XJO) is on course to start the month with a disappointing decline. The benchmark index is currently down 0.55% to 7,494 points.

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

Metcash trading update

The Metcash Limited (ASX: MTS) share price is trading lower on Wednesday following the release of a trading update. That update revealed that the company has started FY 2022 positively, with Liquor and Hardware sales up strongly during the first 16 weeks of the year. They are up 9.5% and 16.3% respectively, over the prior corresponding period. Things haven’t been quite as positive for its Food business, with sales down 1.4% excluding the impact of the 7-Eleven supply contract loss.

Wesfarmers shares go ex-dividend

The Wesfarmers Ltd (ASX: WES) share price is falling on Wednesday. This has been driven by the conglomerate’s shares going ex-dividend this morning. Last month the Wesfarmers Board declared a fully franked final dividend of 90 cents per share. This will now be paid to eligible shareholders on 7 October. A potential $2.00 per share capital return awaits shareholders in December if approved at its annual general meeting next month.

Brokers divided on Altium shares

The Altium Limited (ASX: ALU) share price is pushing higher on Wednesday despite being the subject of a broker upgrade and downgrade. The team at Citi have upgraded Altium’s shares to a buy rating with a trimmed price target of $35.40. Whereas the team at Macquarie have downgraded its shares to an underperform rating with a reduced price target of $27.60. The Altium share price is currently fetching $30.17.

Best and worst ASX 200 performers

The Flight Centre Travel Group Ltd (ASX: FLT) share price has been the best performer on the ASX 200 today with a 4% gain on no news. The worst performer on the ASX 200 has been the Blackmores Limited (ASX: BKL) share price with a 6% decline. This appears to have been driven by profit taking after a strong gain in August.

The post ASX 200 midday update: Metcash update, Wesfarmers goes ex-div appeared first on The Motley Fool Australia.

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More reading

How did the ASX 200 shares perform compared to the FTSE 100 shares in August?

Metcash (ASX:MTS) share price drops following trading update
Here’s why the Wesfarmers (ASX:WES) share price is sinking today
The Blackmores (ASX:BKL) share price surged 35% in August to a 52-week high. Here’s why.
These were the best performing ASX 200 shares in August

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 Altium. The Motley Fool Australia owns shares of and has recommended Altium, Blackmores Limited, and Wesfarmers Limited. The Motley Fool Australia has recommended Flight Centre Travel Group 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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