At lunch on Friday the S&P/ASX 200 Index (ASX: XJO) has returned to form and is pushing higher. The benchmark index is up 0.6% to 6,689.7 points.
Here's what is happening on the market today:
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ResMed delivers more growth
The ResMed Inc (ASX: RMD) share price is pushing higher on Friday after delivering a stronger than expected second quarter update. According to the release, ResMed reported a 9% increase in quarterly revenue to US$800 million and a 17% increase in net profit to US$206.4 million. This was ahead of the market consensus estimate for both revenue and earnings. Management advised that its growth was driven by a solid performance across the business.
Kogan shares slide following update
The Kogan.com Ltd (ASX: KGN) share price is dropping lower today following the release of its half year trading update. For the six months ended 31 December, Kogan's gross sales (including the Mighty Ape acquisition) increased 96% over the prior corresponding period. And thanks to margin expansion, its gross profit grew over 120% and its earnings before interest, tax, depreciation and amortisation (EBITDA) jumped over 140%. On the negative side, the company revealed charges totalling $3.4 million. It also advised that it recorded an unspecified but significant unrealised foreign exchange loss due to the rise in the Australian dollar.
NAB acquires 86 400
The National Australia Bank Ltd (ASX: NAB) share price is trading lower today despite announcing a scheme implementation agreement that will see it acquire 100% of neobank 86 400 for $220 million. As at 15 January 2021, 86 400 had more than 85,000 customers and $375 million of deposits. The Aussie neobank also has $270 million in approved residential mortgages and 2,500 accredited brokers.
Best and worst ASX 200 performers
The best performer on the ASX 200 today has been the Service Stream Limited (ASX: SSM) share price with an 8% gain. This follows the announcement of a multi-year agreement with telco giant Telstra Corporation Ltd (ASX: TLS). The worst performer has been the Kogan share price with a 6% decline following its update. After which, the Western Areas Ltd (ASX: WSA) share price is the next worst performer with a 4% decline. This morning analysts at Citi downgraded the nickel producer's shares to a neutral rating with a $2.60 price target.
