At lunch on Monday, the S&P/ASX 200 Index (ASX: XJO) is following the lead of US markets and trading lower. The benchmark index is currently down 0.2% to 7,225.7 points.
Here's what is happening on the ASX 200 today:
Metcash half year results impress
The Metcash Limited (ASX: MTS) share price is charging higher today after delivering a strong half year result. For the six months ended 31 October, Metcash reported a 1.3% increase in revenue to $7.2 billion and underlying profit after tax growth of 13.1% to $146.6 million. As a comparison, Ord Minnett was expecting a net profit of $141 million for the six months. In addition, Metcash revealed that the second half has started strongly.
Kogan and Redbubble sink
It has not been a good start to the week for ecommerce companies Kogan.com Ltd (ASX: KGN) and Redbubble Ltd (ASX: RBL). Both ASX shares are tumbling today amid weakness in the tech sector and news that they are being dumped from the ASX 200 index at the next quarterly rebalance. They will leave the index along with four other shares on 20 December.
Bapcor CEO kicked out
The Bapcor Ltd (ASX: BAP) share price has continued its slide after revealing that its CEO will now exit immediately instead of in February. The auto parts retailer advised that since announcing the retirement of Darryl Abotomey as its CEO, there has been a marked deterioration in the relationship between him and the Board. As a result, "Mr Abotomey's position as MD and CEO has become untenable." This led to the Board making the unanimous decision to exercise its rights to bring forward his retirement immediately.
Best and worst ASX 200 performers
The best performer on the ASX 200 on Monday has been the Metcash share price with a gain of almost 6% following its half year results. The worst performer has been the Zip Co Ltd (ASX: Z1P) share price with a 7.5% decline amid broad weakness in the tech and BNPL markets today.
