At lunch on Thursday the S&P/ASX 200 index is on course to end its positive run. At the time of writing the benchmark index is down 0.4% to 6,711.1 points.
Here’s what is happening on the market today:
BHP Q1 update.
The BHP Group Ltd (ASX: BHP) share price has dropped 2% on Thursday following the release of its first quarter update. The mining giant’s production was solid but unspectacular during the quarter. Management also reaffirmed its guidance and expects to deliver total production slightly ahead of FY 2018.
The IOOF Holdings Limited (ASX: IFL) share price has stormed higher after updating the market on its acquisition of ANZ Wealth Pension and Investments business from Australia and New Zealand Banking Group (ASX: ANZ). That update revealed that ANZ has agreed a revised price of $850 million, down from $975 million. The deal still needs APRA approval.
Bank of Queensland disappoints.
The Bank of Queensland Limited (ASX: BOQ) share price has come under pressure today after posting a very disappointing full year result. The regional bank posted cash earnings after tax of $320 million. This was a 14% decline on the prior corresponding period and fell short of expectations. Management also warned that profits would be lower in FY 2020.
Best and worst performers.
The best performer on the benchmark index on Thursday has been the IOOF share price after its update on the ANZ Wealth Pension and Investments transaction. At lunch the financial services company’s shares are up over 10%. Going the other way, the worst performer on the index has been the Northern Star Resources Ltd (ASX: NST) share price with a 7% decline. Investors have been selling the gold miner’s shares after its first quarter production update disappointed. This was largely down to the poor performance of its Pogo operation.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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.