Live ASX News Today
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18th Feb 03:56 PM AEDT
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18th Feb 02:44 PM AEDT
Incitec Pivot (ASX:IPL) shares tumble on an accident, closes US plant
Image source – © Jarous | Megapixl.com
Shares of ASX listed manufacturer - Incitec Pivot Limited (ASX:IPL) dropped over 5% today following the latest US plant setback.
The scrip traded 5.369% lower at AU$3.085 at 1:17 PM AEDT today.
The company announced that an incident resulting from a release of hydrogen occurred at its Waggaman, Louisiana Ammonia Plant.
However, based on the initial investigations, there were no chemical releases to the environment. Also, there were no offsite impacts resulting from the incident.
The company said that the site has been issued with an all-clear, allowing investigations to begin into the cause of the incident. It will further assess any damage to the plant.
Once the company gathers more information, it will update on the estimated timeframe for the re-start of the plan.
Incitec has confirmed that all employees are safe and there had been no reports of injuries as of now.
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18th Feb 02:44 PM AEDT
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18th Feb 02:22 PM AEDT
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18th Feb 02:15 PM AEDT
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18th Feb 02:01 PM AEDT
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18th Feb 01:58 PM AEDT
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18th Feb 01:46 PM AEDT
Why Magellan’s (ASX:MFG) share price jumped 15% today
Shares of Magellan Financial Group Ltd (ASX:MFG) jumped 15% in the early trade on Friday after the Australian investment manager delivered a strong net profit for the six months to 31 December 2021.
By 11:30 AM (AEST), the stock was trading at AU$21.05, up 14.90%. The share price hit an intra-day high of AU$21.12 in the early trading session. The stock’s 52-week high and low stand at AU$56.18 and AU$16.14, respectively.
The Robust fee revenue funds management business and an AU$3-million increased profit contribution from investment firm Barrenjoey helped the company’s earnings in the first half of FY2021. Magellan holds a 40% stake in Barrenjoey. Magellan Financial Group announced a 24% rise in net profit after tax (NPAT) of AU$251.6 million during the given period. The adjusted net profit rose 16% to AU$248.1 million.
The average funds under management (FUM) surged by 12% to AU$112.7 in 1HFY21 compared to AU$100.9 in 1HFY20. The company’s board also declared an interim dividend of AU$1.10 compared to 97.1 cents per share last year.
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18th Feb 01:24 PM AEDT
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18th Feb 11:52 AM AEDT
ASX 200 tumbles at open; Gold tops US$1900 amid US-Russia row
The Australian share market tumbled at the open on Friday, amid a global selloff which materialised amid escalating tensions after President Joe Biden said there was every indication Russia planned to attack Ukraine. The benchmark ASX 200 fell 0.89% or 60.4 points to 7,227.9 in the first 15 minutes of trading.
All major US indices closed with a deep cut on Thursday, as investors gravitated toward safe havens such as bonds and gold. The Dow Jones Industrial Average fell 1.78% to 34,312.04, while the S&P 500 took a hit of 2.12% to 4,380.26. The NASDAQ Composite ended the session 2.88% lower at 13,716.73.
As of 11:30 AM AEDT, the ASX 200 was hovering around 7,228, falling 0.89%, while the ASX All Ordinaries index plunged 0.96% or 72.2 points to 7,502.1. The A-VIX shot up by 10.85% to 16.97.
The sectoral view is totalling favouring the bears today, with 10 out of the 11 sectors having a red session. The utilities, healthcare and IT sectors have cracked 2.45%, 2.36% and 1.98%, respectively. Only the energy stocks are showing some strength today, with the index being up 0.54%.
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18th Feb 10:50 AM AEDT
How QBE Insurance (ASX:QBE) returned to profit despite challenges
QBE Insurance Group Ltd (ASX:QBE) swung to profit in FY21 after reporting losses in the previous year despite heightened catastrophe costs and inflation. The company attributed the improvement in profit to rise in premium growth.
The ASX-listed general insurance and reinsurance company reported a statutory net profit after tax (NPAT) of US$750 million, compared with a net loss after tax of US$1,517 million in FY20.
Statutory gross written premium reported a 22% growth to US$18,457 million, signaling towards a strong premium rate environment, improved customer retention and new business growth across all regions.
QBE Insurance Group reported a statutory FY21 combined operating ratio of 93.7% compared with 104.2% in the prior year. The FY20 was significantly impacted by COVID-19 claims and adverse prior accident year claims development.
The company’s board announced a final dividend of AU$0.19 per share, bringing the FY21 dividend to AU$0.30 per share, up from AU$0.04 Australian per share in 2020. It represented a payout of 41% of adjusted cash profit.
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18th Feb 10:50 AM AEDT
ASX 200 to fall after Wall Street sinks amid Russia-Ukraine tensions
The Australian share market appears to end the week in the red amid a global selloff after tensions flared between the US and Russia over Ukraine.
According to the latest SPI futures, the ASX 200 is expected to open the day 58 points or 0.8% lower on Friday morning. On Thursday, the benchmark index rose 0.15% to 7,296.2 points.
On the other hand, Healthco, Inghams, Magellan, QBE, Rural Funds Group and SmartGroup are a few firms which are scheduled to release their earnings today.
On Wall Street, the Dow Jones fell 1.78%, the S&P 500 was down 2.12%, and the NASDAQ ended 2.88% lower.US Secretary of State Antony Blinken told the United Nations Security Council that Russia was preparing to attack its neighbour in the "coming days." Russian Deputy Foreign Minister Sergei Vershinin called the comments regrettable and dangerous.
Worries that US Federal Reserve would embark on a super-hawkish interest rate-tightening campaign eased after minutes released on Thursday of its last policy meeting signaled a measured, even dovish stance by policymakers.