At lunch on Friday, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week in the red. The benchmark index is currently down 1% to 7,221 points.
Here's what is happening on the ASX 200 today:
QBE shares sink on full year results
The QBE Australia Group Ltd (ASX: QBE) share price is sinking today after its full year results fell short of expectations. For the 12 months ended 31 December, QBE delivered a 25.7% increase in gross written premium to US$18,453 million. This ultimately led to the insurance giant reporting an adjusted net cash profit after tax of US$805 million. This was well short of the market consensus estimate of US$870 million.
Magellan shares shoot higher
It has been a while, but today has been a good day for the Magellan Financial Group Ltd (ASX: MFG) share price. Its shares are shooting higher following the release of its half year results, which revealed first half profit growth of 16% to $248.1 million. In addition, the fund manager is planning a 1 for 8 bonus issue of options to shareholders and considering a share buyback.
Inghams tumbles on half year results
The Inghams Group Ltd (ASX: ING) share price is tumbling today following the release of its half year results. For the six months ended 31 December, the poultry producer reported a 5.9% increase in underlying net profit after tax to $39.7 million. This fell short of the consensus estimate of a net profit of $41.9 million. COVID-19 weighed heavily on its performance.
Best and worst ASX 200 performers
The best performer on the ASX 200 has been the Magellan share price with a 15% gain following the release of its results. Going the other way, the QBE share price is the worst performer with an 11% decline after its full year earnings fell short of expectations.
