ASX 200 up 0.2%: AMP sinks, Redbubble crashes, Megaport jumps

AMP Ltd (ASX:AMP) and Redbubble Ltd (ASX:RBL) shares are making waves on the ASX 200 index on Thursday. Here’s what you need to know…

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At lunch on Thursday, the S&P/ASX 200 Index (ASX: XJO) is clawing back some of yesterday’s decline. The benchmark index is currently up 0.2% to 7,010.2 points.

Here’s what is happening on the market today:

AMP sinks

The AMP Ltd (ASX: AMP) share price is sinking today following the release of its first quarter update. According to the release, for the three months ended 31 March, AMP posted a $1.6 billion increase in Australian wealth management (AWM) assets under management (AUM) to $125.7 billion. However, this was driven entirely by improved investment markets, which offset net cash outflows of $1.5 billion. Elsewhere, the AMP Capital business saw its AUM fall 1.7% to $186.5 billion during the quarter.

Redbubble Q3 update disappoints

The Redbubble Ltd (ASX: RBL) share price was added to the ASX 200 index this morning and is having a very disappointing first day. At lunch, the ecommerce company’s shares are down 18% following the release of its third quarter update. For the three months ended 31 March, Redbubble reported gross transaction value of $134 million and marketplace revenue of $103 million. This was up 54% and 79%, respectively. However, its EBITDA came in at just $2.2 million for the quarter. This compares to first half EBITDA of $48.8 million.

Santos first quarter update

The Santos Ltd (ASX: STO) share price is trading lower today following the release of its first quarter update. During the quarter, Santos produced 24.9 million barrels of oil equivalent (mmboe). This was up 39% on the prior corresponding period and driven by the ConocoPhillips acquisition in May 2020. On a quarter on quarter basis, production fell 2% due to lower gas demand in Western Australia and unplanned maintenance in PNG. Management has, however, retained its guidance for FY 2021.

Best and worst ASX 200 performers

The best performer on the ASX 200 today has been the Megaport Ltd (ASX: MP1) share price with a 7.5% gain. This follows the release of an impressive third quarter update. The worst performer has unsurprisingly been the Redbubble share price with a decline of 18%. Investors appear concerned by its sharp decline in profitability.

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