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ASX 200 midday update: NIB sinks and Sonic falls on full year results

Here’s what is happening on the market today…
The post ASX 200 midday update: NIB sinks and Sonic falls on full year results appeared first on The Motley Fool Australia. –

At lunch on Monday, the S&P/ASX 200 Index (ASX: XJO) is on course to record a small gain. The benchmark index is up 0.15% to 7,473.1 points.

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

Sonic Healthcare full year results fall short of lofty expectations

The Sonic Healthcare Limited (ASX: SHL) share price is tumbling lower following the release of its full year results. For the 12 months ended 30 June, Sonic Healthcare delivered a 28% increase in revenue to $8.8 billion and a 149% lift in net profit to $1.3 billion. This was driven largely by strong demand for COVID-19 testing services. As strong as this result was, it fell a touch short of the market’s expectations. Goldman Sachs was forecasting revenue of $9,352 million and net profit of $1,327 million.

NIB shares sink on full year results

The NIB Holdings Limited (ASX: NHF) share price is falling heavily today after its full year results fell short of expectations. NIB reported a 2.9% increase in revenue to $2.6 billion and an 84.5% lift in net profit after tax to $160.5 million. A note out of Goldman Sachs reveals that it was expecting the private health insurer to report a 92.2% increase in net profit after tax to $171.4 million.

Ampol half year update and acquisition news

The Ampol Ltd (ASX: ALD) share price is falling following the announcement of its half year results and a major acquisition. Although the fuel retailer delivered strong first half profit growth, its outlook appears to have spooked investors. Management warned that lockdowns were impacting fuel and convenience sales in July and August. Ampol also revealed that it has made a non-binding indicative proposal to acquire Z Energy Ltd (ASX: ZEL) for NZ$3.78 cash per share. This values Z Energy’s equity at NZ$2 billion.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Monday has been the Nearmap Ltd (ASX: NEA) share price with an 8% gain. This is despite there being no news out of the aerial imagery technology and location data company since its full year results last Wednesday. The worst performer on the ASX 200 has been the NIB share price with a 10% decline. This follows the release of its full year results.

The post ASX 200 midday update: NIB sinks and Sonic falls on full year results appeared first on The Motley Fool Australia.

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More reading

NIB (ASX:NHF) share price sinks 11% despite profit surge
Ampol (ASX:ALD) share price sinks on half year results and acquisition news
Sonic Healthcare (ASX:SHL) share price on watch after 149% profit boost in FY21
ASX 200 Weekly Wrap: Miners drag ASX back to earth

5 things to watch on the ASX 200 on Monday

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 Nearmap Ltd. The Motley Fool Australia owns shares of and has recommended Nearmap Ltd. The Motley Fool Australia has recommended NIB Holdings Limited and Sonic Healthcare 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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