At lunch on Thursday the S&P/ASX 200 Index (ASX: XJO) is back on form and charging higher. The benchmark index is currently up 0.85% to 6,836.4 points.
Here's what is happening on the market today:
A2 Milk share price sinks
The A2 Milk Company Ltd (ASX: A2M) share price is sinking heavily today following the release of its half year results. Although the infant formula and fresh milk company delivered a first half result in line with expectations, it doesn't expect its second half performance to be strong enough to achieve its full year guidance. As a result, it has downgraded its already downgraded full year guidance. It now expects revenue of ~NZ$1.4 billion and an EBITDA margin of 24% to 26%. Its previously downgraded guidance was for revenue of NZ$1.4 billion to NZ$1.55 billion with an EBITDA margin of 26% to 29%.
Afterpay half year results
The Afterpay Ltd (ASX: APT) share price isn't going anywhere today after requesting a trading halt. This is so the payments company can undertake a $1.25 billion notes offering to fund the buyback of equity in its Afterpay US business. In respect to its results, Afterpay reported a 106% increase in underlying sales to $9.8 billion and a 108% jump in total income to $374.2 million. However, the company didn't post a maiden profit as some had expected. Instead, it reported a loss after tax of $79.2 million.
Zip share price hammered
The Zip Co Ltd (ASX: Z1P) share price has been hammered on Thursday following the release of its half year results. For the six months ended 31 December, Zip reported a 141% increase in total transaction volume (TTV) to $2.32 billion. This underpinned a 130% jump in half year revenue to $160 million. Investors appear to have been expecting a stronger result.
Best and worst ASX 200 performers
The best performer on the ASX 200 on Thursday has been the Nanosonics Ltd (ASX: NAN) share price with an 8% gain. This morning analysts at Morgans upgraded its shares to an add rating with a $6.69 price target. The worst performer has been the a2 Milk share price with a 14% decline following its half year update.
