MENU

Banks offsetting BHP’s loss

The benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is up by around 10 points today with gains realised by the big four banks offsetting BHP Billiton’s (ASX: BHP) plunge.

The mining heavyweight is currently trading at a 2.4% discount compared to its closing price, following the release of its full-year results yesterday afternoon. The company failed to meet analysts’ expectations of a 26% drop in profits for the full year to June 30 (instead reporting a 31% fall in in profit excluding one-off financial items). Investors are also not reacting well to the announcement of a further $2.6 billion of spending on the Jansen potash project, which the company deemed to be a good long-term prospect despite recent price falls.

The banks, on the other hand, are keeping the benchmark index afloat. NAB (ASX: NAB) has gained the most today, jumping 1.5%, ANZ (ASX: ANZ) is trading up 0.4%, Commonwealth Bank (ASX: CBA) has gained 0.9% and Westpac’s (ASX: WBC) shares have appreciated 0.7%.

Meanwhile, Seek (ASX: SEK) and Asciano (ASX: AIO) are also up 2.5% and 1.7%, respectively, following their solid results.

Are you interested in our #1 dividend-paying stock? Discover The Motley Fool’s favourite income idea for 2013-2014 in our brand-new, FREE research report, including a full investment analysis! Simply click here for your FREE copy of “The Motley Fool’s Top Dividend Stock for 2013-2014.”

More reading


Motley Fool contributor Ryan Newman does not own shares in any of the companies mentioned in this article.

5 ASX Stocks for Building Wealth After 50

I just read that Warren Buffett, the world’s best investor, made over 99% of his massive fortune after his 50th birthday.

It just goes to show you… it’s never too late to start securing your financial future.

And Motley Fool Chief Investment Advisor Scott Phillips just released a brand-new report that reveals five of our favourite ASX stocks for building wealth after 50.

– Each company boasts strong growth prospects over the next 3 to 5 years…

– Most importantly each pays a generous dividend, fully franked.

Simply click here to find out how you can claim your FREE copy of “5 ASX Stocks for Building Wealth After 50.”

See the stocks now