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ASX 200 up 0.3%: Brickworks impresses, Resolute hammered, Netwealth crashes

Netwealth Group Ltd (ASX:NWL) and Resolute Mining Limited (ASX:RSG) shares are making waves on the ASX 200 on Thursday. Here’s why…
The post ASX 200 up 0.3%: Brickworks impresses, Resolute hammered, Netwealth crashes appeared first on The Motley Fool Australia. –

asx tech shares

At lunch on Thursday the S&P/ASX 200 Index (ASX: XJO) is on course to record another gain. The benchmark index is up 0.3% to 6,801.6 points.

Here’s what is happening on the market today:

Brickworks half year result

The Brickworks Limited (ASX: BKW) share price is pushing higher today following the release of its half year results. Although the building products company’s underlying earnings were down on the prior corresponding period, management spoke positively about its outlook. This appears to be an indication that the worst is now behind Brickworks.

Resolute share price hammered

The Resolute Mining Limited (ASX: RSG) share price has been hammered on Thursday. This follows news that its Bibiani Gold Mine licence in Ghana has been terminated. As a result, it has been advised to cease all activities and operations at the site. This shock news now casts doubt on the company’s sale of the asset to Chifeng Jilong Gold Mining.

HUB24 and Netwealth crash

The HUB 24 Ltd (ASX: HUB) share price and the Netwealth Group Ltd (ASX: NWL) share price are crashing lower today. This follows the release of an announcement out of the latter this morning. According to the release, Netwealth’s agreement with Australia and New Zealand Banking GrpLtd (ASX: ANZ) in relation to the interest payable on the total pooled cash transaction account is to be terminated in 12 months. The agreement currently provides a margin of 95 basis points above the overnight cash rate.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Thursday has been the Premier Investments Limited (ASX: PMV) share price with a 6% gain. This morning analysts at Macquarie retained their outperform rating and lifted their price target to a lofty $31.00. The worst performer has been the Resolute share price with a 22% decline after its shock update.

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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 Hub24 Ltd. The Motley Fool Australia owns shares of and has recommended Brickworks and Premier Investments Limited. The Motley Fool Australia owns shares of Netwealth. The Motley Fool Australia has recommended Hub24 Ltd. 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 0.3%: Brickworks impresses, Resolute hammered, Netwealth crashes appeared first on The Motley Fool Australia.

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