At lunch on Wednesday the S&P/ASX 200 index has given back a lot of its morning gains but remains on course to finish the day higher. At the time of writing the index is up 0.2% to 6,489.7 points.
Here's what has been happening on the market today:
CBA result disappoints.
The Commonwealth Bank of Australia (ASX: CBA) share price has dropped 1.5% lower on Wednesday after its full year results fell a touch short of the market's expectations. In addition to the results, the bank revealed that has signed an agreement with Afterpay Touch Group Ltd (ASX: APT) rival Klarna. The bank has committed an investment of US$100 million into Klarna and will become its exclusive partner in Australia and New Zealand.
Suncorp result catches the eye.
The Suncorp Group Ltd (ASX: SUN) share price has stormed over 4.5% higher following the release of the insurance and banking giant's full year results. Suncorp reported a 1.5% increase in cash profit to $1,115 million, which was marginally ahead of consensus forecasts. In addition to this, the company declared a 39 cents per share special dividend.
Transurban announces $700 million equity raising.
Toll road operator Transurban Group (ASX: TCL) released its full year results and requested a trading halt this morning in order to undertake the institutional placement component of a $700 million equity raising. The money is being raised to fund the purchase of the remaining 34.62% minority interests in M5 West for $468 million. Transurban also provided FY 2020 distribution guidance of 62 cents per security, which represents growth of 5.1% over FY 2019's distribution.
Best and worst performers.
The best performer on the ASX 200 index at lunch is the Resolute Mining Limited (ASX: RSG) share price with a 7.5% gain. The gold miner's shares have raced higher after the gold price continued its ascent overnight. Going the other way is the Cooper Energy Ltd (ASX: COE) share price with a decline of 2.5% after oil prices weakened.
