At lunch on Tuesday the S&P/ASX 200 index has returned to form and is pushing higher. The benchmark index is up 0.3% to 6,460.6 points at noon.
Here’s what has been happening on the market today:
Bank shares push higher.
Australia’s big four banks have recovered slightly from their sizeable declines on Monday. All four banks are higher at lunch, with the Australia and New Zealand Banking Group (ASX: ANZ) share price and the National Australia Bank Ltd (ASX: NAB) share price leading the way with gains of 0.7% and 0.8%, respectively.
The Nanosonics Ltd (ASX: NAN) share price has rocketed 27% higher on Tuesday following the release of the infection control specialist’s full year results. In FY 2019 Nanosonics reported record full year sales of $84.3 million, which was a 39% increase on the prior corresponding period. This was driven by strong growth in its installed base, capital sales, and consumables sales. Operating profit before tax grew at an even quicker rate of 201% to $16.8 million.
The Wesfarmers Ltd (ASX: WES) share price is trading 0.5% higher at lunch after the conglomerate released its full year results. For the 12 months ended June 30, Wesfarmers reported a 4.3% increase in revenue from continuing operations to $27,920 million and a 27% lift in earnings before interest and tax (EBIT) to $2,974 million. This was in line with the market’s expectations.
Best and worst performers.
Nanosonics is far and away the best performer on the benchmark index today with its impressive 27% gain. The next best performer is the Orocobre Limited (ASX: ORE) share price with a gain of 6.5%. Its shares have rebounded after dropping to a 52-week low on Monday. The worst performer today has been the Speedcast International Ltd (ASX: SDA) share price with a 25% decline following the release of a disappointing half 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 Nanosonics Limited. The Motley Fool Australia owns shares of and has recommended Wesfarmers Limited. The Motley Fool Australia owns shares of National Australia Bank Limited. The Motley Fool Australia has recommended Nanosonics Limited. 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.