The S&P/ASX 200 index has returned to form on Wednesday after trade war concerns eased. At lunch the index is up 0.1% to 6,575.7 points.
Here’s what has been happening on the market today:
NAB third quarter update.
The National Australia Bank Ltd (ASX: NAB) share price has edged lower following the release of its third quarter update. NAB advised that its cash profit for the period rose 1% over the same time last year to $1.65 billion thanks to an improvement in its net interest margin. One negative was loans that are 90 days or more past due climbed 14 basis points to 0.85%. This is the highest level since the fourth quarter of 2017.
CSL result impresses.
The CSL Ltd (ASX: CSL) share price has pushed 5% higher today following the release of its full year results. The biotherapeutics company posted revenue of US$8,539 million and net profit after tax of US$1,919 million. In constant currency this was an 11% and 17% year on year increase. Looking ahead, CSL expects net profit after tax growth of 7% to 10% in FY 2020. This takes into account the one-off financial headwind of transitioning to a new model of direct distribution in China.
Administration services company Computershare Limited (ASX: CPU) also released its full year results this morning. It posted a net profit of US$415.7 million on revenue of US$2.41 billion for the 12 months ended June 30. This was an increase of 38.5% and 4.8% respectively. The Computershare share price is down slightly at lunch.
Best and worst performers.
The best performer on the index today is the Aveo Group (ASX: AOG) share price with a gain of 5.5%. The retirement living company’s shares surged higher after receiving a takeover approach. Going the other way is the Pact Group Holdings Ltd (ASX: PGH) share price with a decline of 16%. The packaging company’s shares were crushed after the release of a bitterly disappointing full year result.
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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of CSL Ltd. The Motley Fool Australia owns shares of National Australia Bank Limited. The Motley Fool Australia has recommended Computershare. 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.