The Australian share market has had a mixed start to the week. At lunch the S&P/ASX 200 index has bounced back from a morning in the red and is trading roughly flat at 6,583.6 points.
Here’s what is happening on the market today:
Bendigo and Adelaide Bank higher.
The Bendigo and Adelaide Bank Ltd (ASX: BEN) share price is up 2.5% at lunch after the release of a better than expected full year result by the regional bank. Whilst underlying earnings came in 2.5% lower year on year at $435.7 million, many brokers had been expecting worse from the bank. It also declared a final dividend of 35 cents per share, which was flat on last year’s final dividend and in line with the market’s expectations.
Bank shares higher.
The big four banks have followed the lead of Bendigo and Adelaide Bank and pushed higher today. At lunch all four bank are in positive territory, with the Westpac Banking Corp (ASX: WBC) share price the best performer in the group. The shares of Australia’s oldest bank are up 0.7% at the time of writing.
JB Hi-Fi result impresses.
The JB Hi-Fi Limited (ASX: JBH) share price has raced 7.5% higher on Monday following the release of its full year results. In FY 2019 JB Hi-Fi posted a 3.5% increase in revenue to $7.095.3 million, a 6.4% lift in earnings before interest and tax (EBIT) to $372.8 million, and a 7.1% lift in profit after tax to $249.8 million. Although its sales fell a touch short of expectations, its earnings smashed them.
Best and worst performers.
The best performer on the S&P/ASX 200 index on Monday has been the JB Hi-Fi share price after its impressive full year result. Not far behind is the Ansell Limited (ASX: ANN) share price which has risen over 5% after a better than expected result. Going the other way is the Orocobre Limited (ASX: ORE) share price with a decline of 4.5%. This appears to be down to profit taking after a strong share price gain last week.
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Motley Fool contributor James Mickleboro owns shares of Westpac Banking. The Motley Fool Australia has recommended Ansell Ltd. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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