Costa Group Holdings Ltd (ASX:CGC) and Macquarie Group Ltd (ASX:MQG) shares are making waves on the ASX 200 on Monday…
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At lunch on Monday the S&P/ASX 200 Index (ASX: XJO) is fighting hard for gains. The benchmark index is currently up 0.1% to 6,802.3 points.
Here’s what has been happening on the market today:
Costa full year results impress
The Costa Group Holdings Ltd (ASX: CGC) share price is flying higher today after smashing the market’s expectations with its full year results. For the 12 months ended 27 December, the horticulture company delivered an 11.2% increase in revenue to $1,164 million and a massive 108.4% jump in net profit to $59.4 million. Management advised that this was driven by strong demand and pricing. A recovery from domestic issues impacting the prior period also supported its performance. Analysts at Morgans were forecasting a $52.2 million net profit.
NIB delivers solid profit growth
The NIB Holdings Limited (ASX: NHF) share price is surging higher after it delivered solid half year profit growth. For the six months ended 31 December, the private health insurer reported a 1.1% decline in revenue to $1.3 billion but a 4.4% lift in underlying operating profit to $86.9 million. This reflects a 14.1% reduction in operating expenses to $172.1 million. On the bottom line, NIB posted a 15.9% jump in net profit after tax to $66.2 million. Morgans was forecasting an underlying operating profit of $82 million.
Macquarie swiftly upgrades guidance
The Macquarie Group Ltd (ASX: MQG) share price is charging higher today after it upgraded its guidance. This was just less than two weeks after issuing its guidance for a profit result slightly lower year on year. For the 12 months ending 31 March, Macquarie now expects its profits to increase ~5% to ~10%. The investment bank advised that extreme winter weather conditions in North America have significantly increased short-term client demand for its capabilities in maintaining critical physical supply across the commodity complex and particularly in relation to gas and power.
Best and worst ASX 200 performers
The best performer on the ASX 200 on Monday has been the Costa share price with its 12% gain. This follows its full year results release. The worst performer has been the Reliance Worldwide Corporation Ltd (ASX: RWC) share price with a 7.5% decline. This morning the plumbing parts company released a very strong half year result but warned that its growth could moderate.
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- Why Costa, Lovisa, OZ Minerals, & Tyro shares are racing higher today
- Here’s why the NIB (ASX:NHF) share price is storming higher today
- Why the Macquarie (ASX:MQG) share price is charging 4% higher
- Reliance Worldwide (ASX:RWC) share price in spotlight as it unveils 82% profit surge
- Costa (ASX:CGC) share price in focus after its results smash expectations
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 Reliance Worldwide Limited. The Motley Fool Australia owns shares of and has recommended COSTA GRP FPO and Macquarie Group Limited. The Motley Fool Australia has recommended NIB Holdings Limited and Reliance Worldwide 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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