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ASX 200 midday update: Woolworths’ Q3 update, AGL falls on Cannon-Brookes raid

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At lunch on Tuesday, the S&P/ASX 200 Index (ASX: XJO) has fought back from early weakness to be trading broadly flat at 7,346.1 points.

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

Woolworths sales update

The Woolworths Group Ltd (ASX: WOW) share price is pushing higher after investors responded positively to the retail giant’s sales update. For the 12 weeks ended 3 April, Woolworths reported sales growth of 9.7% over the prior corresponding period to $15,123 million. This compares favourably to Goldman Sachs’ estimate for total sales growth of 6.4% to $14.7 billion.

AGL shares lower

The AGL Energy Limited (ASX: AGL) share price is falling on Tuesday. This follows news that Mike Cannon-Brookes has snapped up an 11.28% stake in the energy company. Mr Cannon-Brookes made the move in an attempt to block AGL’s demerger. However, management remains committed to progressing the proposed demerger and believes it is in the best interests of AGL shareholders.

Corporate Travel Management update

The Corporate Travel Management Ltd (ASX: CTD) share price is under pressure today following the release of an update out of the corporate travel specialist. That update revealed that the Omicron variant impacted its recovery during the third quarter. Nevertheless, management expects a big fourth quarter and for momentum to carry over into FY 2023.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Tuesday has been the Magellan Financial Group Ltd (ASX: MFG) share price with a 7.5% gain on no news. Going the other way, the Cleanaway Waste Management Ltd (ASX: CWY) share price is the worst performer with a 4.5% decline. This morning the waste management company revealed that its EBITDA would be $15 million to $20 million lower than expected in FY 2022 due to higher fuel and labour costs and one-off operational disruptions.

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