At lunch on Tuesday the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has fought back from an earlier decline to be 0.15% higher at 6,200 points.
Here's what has been happening on the market today:
Westpac exits personal financial advice.
The Westpac Banking Corp (ASX: WBC) share price has pushed 0.5% higher on Tuesday after the banking giant announced the reset of its wealth strategy. This includes the exit from personal financial advice and the realignment of its major BT Financial Group businesses into the Consumer and Business divisions.
TPG Telecom results.
The TPG Telecom Ltd (ASX: TPM) share price has edged higher today following the release of its half year results. For the six months ended January 31, the telco giant posted a 3.2% increase in normalised net profit to $225.7 million. When including the impairment of its mobile network build out, net profit after tax was down 76% to $46.9 million. No change was made to the company's full year guidance.
Healius shares rise.
Thanks to the release of a positive broker note out of Ord Minnett, the Healius Ltd (ASX: HLS) share price has pushed 2% higher today. According to the note, the broker has retained its accumulate rating and lifted the price target on the healthcare company's shares to $3.35. The broker believes recent funding developments in the industry have been favourable for Healius.
Caltex update.
The Caltex Australia Limited (ASX: CTX) share price has dropped 3.5% lower after the release of a disappointing update. According to the release, Retail Fuel Margins in the first quarter have softened due to the rebound in the crude oil price and competitor activity. As a result, the company expects a Total Fuel and Shop Margin range of $160 million to $170 million in the first quarter of 2019. This will be $35 million to $45 million lower than what it achieved in the prior corresponding period.
Best and worst performers.
The best performer on the ASX 200 at lunch is the OZ Minerals Limited (ASX: OZL) share price with a 2.5% gain. News that Chinese copper demand is expected to be strong in the second quarter appears to have be the catalyst for this. Going the other way is the New Hope Corporation Limited (ASX: NHC) share price, which is the worst performer on the ASX 200 with a 9% decline. Investors have been hitting the sell button after its half year results disappointed.
