ASX 200 midday update: Westpac update, Breville and Magellan sink

It has been another busy day for the ASX 200…
The post ASX 200 midday update: Westpac update, Breville and Magellan sink 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 disappointing decline. The benchmark index is currently down 0.75% to 7,524.6 points.

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

Westpac Q3 update

The Westpac Banking Corp (ASX: WBC) share price is trading lower on Tuesday after the release of its third quarter update. Although the bank released an update that was largely in line with expectations, concerns over margin headwinds and higher expenses are weighing on its shares. Goldman Sachs commented: “…the fact management explicitly reiterated its 2H21 considerations in relation to NIMs and expenses, suggests that pressure on both these line items might be greater than what is currently reflected in consensus forecasts.”

Breville shares lower on supply chain concerns

Breville Group Ltd (ASX: BRG) shares have come under pressure today after its strong profit growth was overshadowed by supply chain concerns. For the 12 months ended 30 June, Breville reported a 24.7% increase in revenue to $1,187.7 million and a 39.6% jump in EBIT to $136.6 million. This was ahead of its upgraded guidance. However, this was offset by supply chain concerns, with management warning that “supply chain disruptions drove a restricted inventory position” at the end of June.

Magellan share price sinks after profit decline

The Magellan Financial Group Ltd (ASX: MFG) share price is sinking after the release of its full year results. This morning the fund manager revealed a 33% decline in net profit after tax to $265.2 million. This was despite its average funds under management (FUM) increasing 9% to $103.7 billion in FY 2021. Weaker performance fees weighed on its result.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Tuesday has been the Steadfast Group Ltd (ASX: SDF) share price with a 4% gain. Investors have responded positively to its results and the acquisition of insurance broker Coverforce. The worst performer on the ASX 200 has been the Magellan share price with a 9% decline.

The post ASX 200 midday update: Westpac update, Breville and Magellan sink 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

2 top ASX dividend shares to think about

Westpac (ASX:WBC) share price falls on margin pressure concerns
Magellan (ASX:MFG) share price falls after reporting 33% profit decline
Breville (ASX:BRG) share price on watch following FY21 results
7 traps to avoid right now when buying ASX shares

Motley Fool contributor James Mickleboro owns shares of Westpac Banking Corporation. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Steadfast Group 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!