ASX 200 midday update: NAB’s $2.5bn buyback, Origin shares sink

Here’s what has been happening on the ASX 200 today…

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At lunch on Friday, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week with a small daily decline. The benchmark index is currently down 0.1% to 7,409 points.

Here’s what is happening on the ASX 200 today:

NAB to return $2.5 billion to shareholders

The National Australia Bank Ltd (ASX: NAB) share price is edging higher today after announcing plans to return $2.5 billion to shareholders via an on-market share buy-back. The bank advised that this is part of its plan to progressively manage its Common Equity Tier 1 (CET1) ratio towards its target range of 10.75% to 11.25%. It also hinted that further buy-backs could come in the future depending on market conditions and its capital outlook.

Origin sinks on impairment charge and guidance update

The Origin Energy Ltd (ASX: ORG) share price is crashing lower today after revealing a $2.2 billion impairment charge. This comprises $1,578 million of post-tax charges relating to Energy Markets goodwill and generation assets, and a tax expense of $669 million relating to a deferred tax liability. Management also warned that its Energy Markets earnings would drop materially in FY 2022.

Mineral Resources shares hit record high

The Mineral Resources Limited (ASX: MIN) share price climbed to a record high this morning following the release of a strong fourth quarter update. The mining and mining services company reported a record 5.2 million wet metric tonnes (wmt) of iron ore shipments for the June quarter. This is a quarter-on-quarter increase of 27%. This led to FY 2021 shipments increasing 23% year on year to a record 17.3 million wmt.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Friday has been the Janus Henderson Group CDI (ASX: JHG) share price with a 6.5% gain. This follows the release of a strong second quarter update and the announcement of a US$200 million share buyback. The worst performer on the ASX 200 has been the Origin share price with a 9% decline following its disappointing update.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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