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ASX 200 up 0.4%: Macquarie guidance disappoints, Cleanaway sinks on CEO behaviour reports

Macquarie Group Ltd (ASX:MQG) and Cleanaway Waste Management Ltd (ASX:CWY) shares are making waves on the ASX 200 on Monday…
The post ASX 200 up 0.4%: Macquarie guidance disappoints, Cleanaway sinks on CEO behaviour reports appeared first on Motley Fool Australia. –

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At lunch on Monday the S&P/ASX 200 Index (ASX: XJO) is on course to start the week on a positive note. The benchmark index is currently up 0.4% to 5,883.9 points.

Here’s what is happening on the market today:

Macquarie guidance disappoints.

The Macquarie Group Ltd (ASX: MQG) share price has come under pressure on Monday after the investment bank provided guidance for FY 2021. Macquarie revealed that the pandemic is weighing heavily on its performance and its profits are expected to be down materially this year. It expects to report a 35% decline in profit in the first half and then a 25% decline in the second half. I estimate this will mean a full year profit of $1,903 million, down 30.3% year on year.

Cleanaway CEO’s poor workplace behaviour.

The Cleanaway Waste Management Ltd (ASX: CWY) share price has tumbled lower today after reports of poor workplace behaviour by its CEO, Vik Bansal. This morning it responded to the reports, advising that it takes the allegations of misconduct in the workplace very seriously. As such it has undertaken an investigation and will now implement a range of measures. These include executive leadership mentoring, enhanced reporting, and monitoring of the CEO’s conduct. Mr Bansal has acknowledged that his behaviour should have been better. In a separate announcement, it advised of the surprise retirement of its chief financial officer, Brendan Gill.

Bank shares push higher.

The big four banks have started the week positively. All four banks are pushing higher and supporting the ASX 200 index. The best performer in the group has been the National Australia Bank Ltd (ASX: NAB) share price. NAB’s shares are up almost 1.2% at the time of writing.

Best and worst ASX 200 performers.

The best performer on the ASX 200 on Monday has been the Whitehaven Coal Ltd (ASX: WHC) share price with a 7% gain. This follows a rise in coal prices on Friday. The worst performer has been the Cleanaway share price following the aforementioned reports of poor workplace behaviour by its CEO.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

The post ASX 200 up 0.4%: Macquarie guidance disappoints, Cleanaway sinks on CEO behaviour reports appeared first on Motley Fool Australia.

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