The Motley Fool

ASX 200 lunch time report: CSL higher, NAB & Pact Group lower

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.

Computershare result.

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.

Bank share rated as a buy.

The #1 bank stock to own for the next 12 months and beyond has been named here. Now, if you’ve been around this site for any length of time, you know The Motley Fool usually shuns bank shares. But we’ve recently discovered a ‘hidden in plain sight’ bank stock with what we think is mouth-watering potential. With the company boasting nearly 25% net profit growth every year for the last 5 YEARS…

And the shares paying a fully franked dividend that beats the pants off term deposits!

So if you like steady, high-growth income plays – we’ve got you covered!

You’re invited. Simply click the link below to discover our #1 ASX bank stock to profit in 2019. To scoop up your FREE copy, simply click the link below right now. But you will want to hurry – this free report is available for a brief time only.

CLICK HERE FOR YOUR FREE REPORT!

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.

NEW. Five Cheap and Good Stocks to Buy in 2019…

Our Motley Fool experts have just released a brand new FREE report, detailing 5 dirt cheap shares that you can buy today.

One stock is an Australian internet darling with a rock solid reputation and an exciting new business line that promises years (or even decades) of growth… while trading at an ultra-low price…

Another is a diversified conglomerate trading near a 52-week low all while offering a 2.8% fully franked yield…

Plus 3 more cheap bets that could position you to profit over the next 12 months!

See for yourself now. Simply click the link below to scoop up your FREE copy and discover all 5 shares. But you will want to hurry – this free report is available for a brief time only.

CLICK HERE FOR YOUR FREE REPORT!