At lunch on Tuesday the S&P/ASX 200 index has followed the lead of U.S. markets and is pushing higher. At the time of writing the benchmark index is up 0.1% to 6,744.8 points.
Here's what has been happening on the market today:
Coles impresses.
The Coles Group Ltd (ASX: COL) share price has pushed higher on Tuesday following the release of its first quarter sales update. Coles achieved a 1.8% increase in total group sales to $8,695 million during the quarter. Its Supermarket segment also posted its 48th consecutive quarter of comparable sales growth. This was despite cycling the hugely successful Little Shop 1 promotion.
Bravura acquisition.
The Bravura Solutions Ltd (ASX: BVS) share price has stormed higher today after announcing the acquisition of FinoComp for $25 million. FinoComp is an Australian software company that builds unique, registry-agnostic and highly flexible software that supports the UK wealth market. Management believes the acquisition deepens its technical capabilities, creating a compelling opportunity to deliver plug and play solutions to a broader addressable market.
Bega Cheese guidance disappoints.
The Bega Cheese Ltd (ASX: BGA) share price has crashed lower following an update ahead of its annual general meeting. The food company has continued to experience unprecedented competitive milk supply conditions and easing demand from third party branded businesses. As a result, it expects its normalised EBITDA to be in the range of $95 million to $105 million in FY 2020. This will be a year on year decline of 8.7% to 17.5%.
Best and worst performers.
The best performer on the ASX 200 index on Tuesday has been the Bravura Solutions share price with a gain of 6.5%. Not far behind is the Mineral Resources Limited (ASX: MIN) share price thanks to improving investor sentiment in the lithium industry. Going the other way, the Bega Cheese share price is the worst performer on the index by some distance with a decline of 11.5%.
