The S&P/ASX 200 index is on course to finish the day notably lower on Thursday. At lunch the benchmark index is down 0.6% to 6,336.6 points.
Here's what has been happening on the market today:
NAB cuts its dividend.
The National Australia Bank Ltd (ASX: NAB) share price is down over 0.5% after announcing its half year results and cutting its interim dividend by 16% to 83 cents. This cut was much larger than the market had expected and was due to the difficult operating environment and its need to improve capital generation.
ANZ shares downgraded.
The Australia and New Zealand Banking Group (ASX: ANZ) share price has come under pressure today after being downgraded by two leading brokers following yesterday's half year results. ANZ's shares are down over 2.5% at lunch after Goldman Sachs downgraded them to neutral and Credit Suisse downgraded them to an underperform rating with a lowly $25.55 price target.
Wesfarmers targets lithium miner.
The Wesfarmers Ltd (ASX: WES) share price has drifted 0.5% lower today after announcing a takeover approach for lithium miner Kidman Resources Ltd (ASX: KDR). Wesfarmers has tabled a $1.90 per share offer, valuing Kidman Resources at approximately $776 million.
Woolworths sales update.
The Woolworths Group Ltd (ASX: WOW) share price is up over 0.5% at lunch after releasing a stronger than expected third quarter sales update. The conglomerate reported strong comparable sales growth across the whole of its continuing operations during the quarter.
Best and worst performers.
The best performer on the benchmark index at lunch is the Pilbara Minerals Ltd (ASX: PLS) with a 7.5% gain. News that Wesfarmers has made an offer for Kidman Resources has sent lithium miner shares rocketing higher. Going the other way is the Pendal Group Ltd (ASX: PDL) share price which has fallen 12% after reporting a 26% decline in first half cash earnings. This was driven by a massive reduction in performance fees during the period.
