At lunch on Wednesday the S&P/ASX 200 index has fought back from an early decline and is pushing higher. At the time of writing the index is up 0.15% to 6,480.8 points.
Here's what has been happening on the index today:
Afterpay impresses.
The Afterpay Touch Group Ltd (ASX: APT) share price has zoomed higher today after its full year results smashed expectations. Afterpay Touch reported a 140% lift in underlying sales to $5.2 billion, an 86% increase in total income to $264.1 million, and a 93% jump in a net transaction margin to $136.5 million. It also revealed that its UK launch has gone very well and that it has signed an agreement with payments giant VISA.
Bellamy's disappoints.
Unfortunately, the same cannot be said for the Bellamy's Australia Ltd (ASX: BAL) full year results. The infant formula company's shares have sunk lower after posting a 19% decline in revenue to $266.2 million and a 36% drop in normalised net profit after tax to $30.1 million. Management also deferred its $500 million revenue target due to delays in gaining its SAMR accreditation.
Macquarie's $1 billion capital raising.
Macquarie Group Ltd (ASX: MQG) shares were placed in a trading halt this morning pending the launch of a $1 billion non-underwritten institutional placement and associated share purchase plan. The investment bank is raising the funds after identifying opportunities to invest the capital in areas that offer attractive risk-adjusted returns for shareholders over the medium term.
Bank shares lower.
The Australian banking sector has acted as a major drag on the market on Wednesday. At lunch Australia and New Zealand Banking Group (ASX: ANZ), Commonwealth Bank of Australia (ASX: CBA), and the rest of the big four are all trading notably lower amid general weakness in the sector.
Best and worst performers.
The Afterpay Touch share price is the best performer on the index today with its 7.5% gain. Not far behind is the HUB24 Ltd (ASX: HUB) share price with a 6.5% gain thanks to a positive response to yesterday's results from brokers. The worst performer is the Speedcast International Ltd (ASX: SDA) share price with a further 15% decline. Investors have been hitting the sell button in a panic due to its disappointing half year result and spiralling debt.
