It has been a mixed day of trade for the S&P/ASX 200 index on Friday. At lunch the benchmark index is trading a few points lower at 6,404.4 points.
Here’s what has been happening on the market today:
ANZ Pillar 3 update.
The Australia and New Zealand Banking Group (ASX: ANZ) share price is trading lower today following the release of its Pillar 3 update for the June quarter. That update revealed that ANZ recorded a total provision charge of $209 million for the June quarter, which was broadly flat compared with the first half quarterly average. Management also revealed that it experienced an improvement in home loan volumes in July.
Cochlear storms higher.
The Cochlear Limited (ASX: COH) share price has stormed higher today after the release of its full year results. The hearing solutions company’s shares are up over 4.5% after posting a net profit of $276.7 million, which was up 13% or 11% in constant currency. This compares to the market consensus for a net profit after tax of $269 million.
Telstra asset sale.
The Telstra Corporation Ltd (ASX: TLS) share price is trading over 1% lower today despite announcing the establishment and part sale of an unlisted property trust that will own 37 of its existing exchange properties. The telco giant will net $700 million for the sale of a 49% stake to a consortium led by Charter Hall Group (ASX: CHC).
Best and worst performers.
The best performer on the ASX 200 index on Friday has been the Super Retail Group Ltd (ASX: SUL) share price with a gain of over 8%. Its shares have continued to rise strongly since the release of a solid full year result. The worst performer on the benchmark index by some distance today has been the oOh!Media Ltd (ASX: OML) share price. The media and outdoor advertising company’s shares are down a whopping 25% after downgrading its full year guidance. Challenging trading conditions has led to the company downgrading its EBITDA guidance from between $152 million and $162 million to between $125 million and $135 million.
Bank share rated as a buy.
BRAND NEW! An urgent new investment report with all the details on the #1 BANK STOCK for the next 12 months and beyond has been released 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.
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 Cochlear Ltd. The Motley Fool Australia owns shares of and has recommended Telstra Limited. The Motley Fool Australia owns shares of Super Retail Group Limited. The Motley Fool Australia has recommended Cochlear Ltd. and oOh!Media 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.