At lunch on Thursday the S&P/ASX 200 index is on course to record a solid gain. The benchmark index is up 0.5% to 6,708.1 points at the time of writing.
Here’s what has been happening on the market today:
Bank shares push higher.
Australia’s big four banks are pushing higher on Thursday. At lunch all four banks are in the black, with the Commonwealth Bank of Australia (ASX: CBA) share price leading the way. The shares of Australia’s largest bank are up 0.4% at the time of writing.
Qantas profit hit.
The Qantas Airways Limited (ASX: QAN) share price has tumbled lower today after an otherwise solid first quarter performance was spoiled by a profit warning. The airline advised that the Hong Kong protests and the US-China trade war are expected to negatively impact its bottom line in FY 2020.
There has been a large number of annual general meetings on Thursday. Some of these AGM updates have gone down particularly well with investors today. One that has caught the eye is retailer JB Hi-Fi Limited (ASX: JBH). Its shares have raced 8% higher after providing a solid sales update at the event. Investors also responded very positively to the Star Entertainment Group Ltd (ASX: SGR) AGM update.
Best and worst performers.
The best performer on the benchmark index on Thursday has been the JB Hi-Fi share price with a gain of 8%. Investors were delighted to see the retailer report strong sales growth across much of the business in the first quarter. It also reaffirmed its FY 2020 sales guidance. Going the other way, the worst performer has been the WiseTech Global Ltd (ASX: WTC) share price with a 4.5% decline. Investors may be concerned that a third short seller report from J Capital could be released today.
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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 WiseTech Global. 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.
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