At lunch on Tuesday, the S&P/ASX 200 Index (ASX: XJO) has given back the majority of its morning gains and is just a fraction higher at 7,541.4 points.
Here's what is happening on the ASX 200 today:
Challenger results disappoint
The Challenger Ltd (ASX: CGF) share price is trading lower today following the release of its full year results. The annuities company reported a normalised net profit after tax of $279 million. This was down 19% year on year. In addition, the company announced the retirement of its CEO.
James Hardie Q1 update impresses
The James Hardie Industries plc (ASX: JHX) share price jumped to a record high this morning. This follows the release of a strong first quarter result which revealed a 35% increase in sales over the prior corresponding period to US$843.3 million. And thanks to margin expansion, the company's net income was up 50% to US$134.2 million. This strong start to the year led to management upgrading its full year net income guidance.
Megaport shares rise on results and acquisition
The Megaport Ltd (ASX: MP1) share price is pushing higher today following the release of its full year results and the announcement of an acquisition. In respect to the former, the network as a service (NaaS) solutions provider reported a 35% year on year increase in revenue to $78.28 million. This was driven by a 32% jump in monthly recurring revenue (MRR) to $7.5 million, which annualises to $90 million. Megaport also announced the US$15 million acquisition of InnovoEdge. It is an AI-powered multi-cloud and edge application orchestration company.
Best and worst ASX 200 performers
The best performer on the ASX 200 on Tuesday has been the Pilbara Minerals Ltd (ASX: PLS) share price. It is up 8% following a strong rally by lithium shares today. The worst performer on the ASX 200 has been the Ramelius Resources Limited (ASX: RMS) share price with a 5% decline. A number of gold miners are being sold off today after further weakness in the price of the precious metal.
