ASX 200 up 0.2%: AMP sinks, Redbubble crashes, Megaport jumps

AMP Ltd (ASX:AMP) and Redbubble Ltd (ASX:RBL) shares are making waves on the ASX 200 index on Thursday. Here’s what you need to know…
The post ASX 200 up 0.2%: AMP sinks, Redbubble crashes, Megaport jumps appeared first on The Motley Fool Australia. –

Smiling man with phone in wheelchair watching stocks and trends on computer

At lunch on Thursday, the S&P/ASX 200 Index (ASX: XJO) is clawing back some of yesterday’s decline. The benchmark index is currently up 0.2% to 7,010.2 points.

Here’s what is happening on the market today:

AMP sinks

The AMP Ltd (ASX: AMP) share price is sinking today following the release of its first quarter update. According to the release, for the three months ended 31 March, AMP posted a $1.6 billion increase in Australian wealth management (AWM) assets under management (AUM) to $125.7 billion. However, this was driven entirely by improved investment markets, which offset net cash outflows of $1.5 billion. Elsewhere, the AMP Capital business saw its AUM fall 1.7% to $186.5 billion during the quarter.

Redbubble Q3 update disappoints

The Redbubble Ltd (ASX: RBL) share price was added to the ASX 200 index this morning and is having a very disappointing first day. At lunch, the ecommerce company’s shares are down 18% following the release of its third quarter update. For the three months ended 31 March, Redbubble reported gross transaction value of $134 million and marketplace revenue of $103 million. This was up 54% and 79%, respectively. However, its EBITDA came in at just $2.2 million for the quarter. This compares to first half EBITDA of $48.8 million.

Santos first quarter update

The Santos Ltd (ASX: STO) share price is trading lower today following the release of its first quarter update. During the quarter, Santos produced 24.9 million barrels of oil equivalent (mmboe). This was up 39% on the prior corresponding period and driven by the ConocoPhillips acquisition in May 2020. On a quarter on quarter basis, production fell 2% due to lower gas demand in Western Australia and unplanned maintenance in PNG. Management has, however, retained its guidance for FY 2021.

Best and worst ASX 200 performers

The best performer on the ASX 200 today has been the Megaport Ltd (ASX: MP1) share price with a 7.5% gain. This follows the release of an impressive third quarter update. The worst performer has unsurprisingly been the Redbubble share price with a decline of 18%. Investors appear concerned by its sharp decline in profitability.

Where to 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 are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.

See The 5 Stocks

*Returns as of February 15th 2021

More reading

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 recommends MEGAPORT FPO. 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.

The post ASX 200 up 0.2%: AMP sinks, Redbubble crashes, Megaport jumps appeared first on The Motley Fool Australia.

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!