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ASX 200 lunch time report: CYBG sinks, ANZ & TPG Telecom higher

At lunch on Thursday the S&P/ASX 200 index has bounced back from yesterday’s decline and is up a solid 1% to 6,618.5 points.

Here’s what has been happening on the market today:

Bank shares higher. 

Australia’s big four banks have returned to form again on Thursday and are all trading notably higher at lunch. The best performer in the group has been the Australia and New Zealand Banking Group (ASX: ANZ) share price with a gain of 1.4%.

CYBG crushed.

The big four banks may be charging higher, but the same cannot be said for the CYBG PLC (ASX: CYB) share price. The UK-based bank’s shares have crashed lower after it was forced to increase its provisions for legacy PPI costs by between £300 million and £450 million. Management advised that this is primarily due to an unprecedented volume of PPI Information Requests received during August in advance of the August 29 2019 deadline.

TPG Telecom results.

The TPG Telecom Ltd (ASX: TPM) share price has pushed 3.5% higher following the release of the telco company’s full year results. In FY 2019 TPG Telecom reported a 0.5% decline in adjusted EBITDA to $824 million compared to its guidance of $800 million to $820 million. EBITDA is expected to fall to between $735 million and $750 million in FY 2020 as NBN headwinds peak. Investors appear to believe that the end of the NBN pain is now in sight.

Best and worst performers.

The best performer on the ASX 200 index on Thursday has been the Nanosonics Ltd (ASX: NAN) share price with a 6% gain. The infection control specialist’s shares have raced higher despite there being no news out of it. Going the other way, the worst performer by some distance is the CYBG share price with its 19% decline. Some way behind is the Whitehaven Coal Ltd (ASX: WHC) share price with an 8% decline after going ex-dividend this morning.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and 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.

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