ASX 200 (ASX:XJO) midday update: Premier impresses but Kogan disappoints again

The ASX 200 is having another difficult day…

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At lunch on Thursday, the S&P/ASX 200 Index (ASX: XJO) has given back its earlier gains and is tumbling lower. The benchmark index is currently down 1% to 6,889.6 points.

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

Premier impresses

The Premier Investments Limited (ASX: PMV) share price is storming higher today after the retailer overcame the loss of 42,000 trading days during the first half to deliver sales and earnings growth. The Premier Retail business’ sales are expected to come in at $769 million and EBIT is expected to be $209.5 million to $211.5 million. This represents growth of 0.5% on the top line and 4.2% to 5.3% on the bottom line.

Kogan disappoints

It hasn’t been a good half for Kogan.com Ltd (ASX: KGN). This ecommerce company’s shares are sinking to a new 52-week low after it released a trading update. Kogan reported a 9% lift in first half gross sales but a massive 58% decline in EBITDA to $21.7 million. Higher logistic costs and its investment in marketing weighed heavily on Kogan’s margins.

Evolution shares sink

The Evolution Mining Ltd (ASX: EVN) share price is under significant pressure on Thursday following a pullback in the gold price and the release of its quarterly update. In respect to the latter, investors appear disappointed with the company’s costs during the quarter. Evolution delivered gold production of 148,084 ounces at an all-in sustaining cost (AISC) of A$1,347 an ounce. The latter compares to its FY 2022 AISC guidance of A$1,135 to A$1,195 an ounce, which has been maintained.

Best and worst ASX 200 performers

The best performer on the ASX 200 today has been the Beach Energy Ltd (ASX: BPT) share price with a 10% gain. This follows the release of a number of bullish broker notes in response to its recent quarterly update. The worst performer has been the Evolution share price with a decline of almost 10% following its update.

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. owns and has recommended Kogan.com ltd. The Motley Fool Australia owns and has recommended Kogan.com ltd. The Motley Fool Australia has recommended Premier Investments Limited. 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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