At lunch on Monday the S&P/ASX 200 Index (ASX: XJO) has fought back from an early decline and is pushing higher. The benchmark index is currently up 0.2% to 6,123.5 points.
Here’s what has been happening on the market today:
Afterpay expands into mainland Europe.
The Afterpay Ltd (ASX: APT) share price hit a new record high this morning after announcing its expansion into mainland Europe. Rather than starting afresh in the market, Afterpay has decided to expand into it through the acquisition of Pagantis. It is a Spanish buy now pay later provider which currently offers a range of buy now pay later and traditional credit services across Spain, France, and Italy. It also has regulatory approval to operate in Portugal. Management notes that the addressable ecommerce market in these four countries exceeds 150 billion euros or $247 billion.
Fortescue declares monster dividend
The Fortescue Metals Group Limited (ASX: FMG) share price is pushing higher today after announcing a monster dividend with its full year results. In FY 2020 the iron ore producer achieved record shipments, revenue, earnings, and cashflow. In respect to its profits, over the 12 months the mining giant’s net profit after tax lifted an impressive 49% to US$4.7 billion. This was driven by record shipments, lower costs, and a jump in the average realised price of its iron ore. As a result of this strong form, Fortescue will pay a fully franked full year dividend of $1.76 per share. This is an increase of 54% on the prior corresponding period.
NIB full year result disappoints
The NIB Holdings Limited (ASX: NHF) share price is under pressure on Monday after releasing a weaker than expected full year result. The private health insurer posted a net profit after tax of $89.2 million, down 40.3% on the prior corresponding period. According to CommSec, the market was expecting a net profit after tax of $95.02 million.
The best and worst ASX 200 performers.
The best performer on the ASX 200 on Monday has been the Reliance Worldwide Corporation Ltd (ASX: RWC) share price with a 19% gain. This follows the release of a better than expected full year result and trading update from the plumbing parts company. The worst performer is the G8 Education Ltd (ASX: GEM) share price with a 9% decline. This morning the childcare operator posted a half year loss of $239 million.
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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 Reliance Worldwide Limited. The Motley Fool Australia owns shares of AFTERPAY T FPO. The Motley Fool Australia has recommended NIB Holdings Limited and Reliance Worldwide Limited. 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.