ASX 200 midday update: Bank of Queensland sinks, Allkem jumps

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

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At lunch on Thursday, the S&P/ASX 200 Index (ASX: XJO) is on course to end the shortened week with a solid gain. The benchmark index is currently up 0.55% to 7,521.1 points.

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

Bank of Queensland tumbles

The Bank of Queensland Limited (ASX: BOQ) share price is tumbling today following the release of the regional bank’s half year results. For the six months ended February 28, Bank of Queensland delivered a 14% increase in cash earnings to $268 million. Management advised that this was driven by lending momentum, higher non-interest income, carefully managed costs, and a loan impairment expense credit in the half. However, its performance versus the prior half was weaker, with cash earnings down 9% over that period.

Allkem shares jump on third quarter update

The Allkem Ltd (ASX: AKE) share price is racing higher today following the release of a record-breaking third quarter update. Thanks to record revenue generation at Mt Cattlin and Olaroz, Allkem reported quarterly group revenue of US$235 million and group gross operating cash margin of US$189 million. These records won’t stand for long, with management expecting lithium prices to be even stronger during the fourth quarter.

Netwealth shares fall on Q3 update

The Netwealth Group Ltd (ASX: NWL) share price is in the red today after the release of the investment platform provider’s quarterly update. Netwealth only reported a modest 1.6% increase in funds under administration (FUA) to $57.6 billion. Though, it worth noting that this growth was achieved despite the company facing negative market movements which impacted its FUA by $1.7 billion.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Thursday has been the Qantas Airways Limited (ASX: QAN) share price with a 6% gain on no news. Going the other way, the worst performer has been the Bank of Queensland share price with a 5% decline. This follows the release of the bank’s half year results this morning.

Motley Fool contributor James Mickleboro owns Orocobre Limited. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns and has recommended Netwealth. The Motley Fool Australia owns and has recommended Netwealth. 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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