The S&P/ASX 200 index is on course to record a second consecutive day of declines. At lunch the benchmark index is down 0.35% to 6,666.8 points.
Here’s what has been happening on the market today:
The Australia and New Zealand Banking Group (ASX: ANZ) share price is sinking notably lower on Thursday after the release of its full year results. Although the bank’s cash profits fell just a touch short of expectations, its decision to declare an 80 cents per share partially franked dividend surprised the market. The bank will be franking the dividend at 70% due to changes in its business shape and softness in its local operations.
Big four tumble lower.
ANZ’s decision to cut the franking on its dividend appears to have spooked shareholders of the other big four banks. All four banks are trading notably lower at lunch. ANZ is the worst in the group with a 3.5% decline. Westpac Banking Corp (ASX: WBC) is the next worst performer with a 1.5% decline. The market appears concerned that it may follow ANZ’s lead.
Gold miners rise.
The gold miners have been strong performers on the Thursday. The likes of Regis Resources Limited (ASX: RRL) and St Barbara Ltd (ASX: SBM) have all charged higher after the gold price jumped overnight. The precious metal rose following the U.S. Federal Reserve’s decision to cut rates. The S&P/ASX All Ords Gold index is up 0.8% at lunch.
Best and worst performers.
The best performer on the benchmark index on Thursday has been the Iluka Resources Limited (ASX: ILU) share price with a 5% gain. This morning the mineral sands producer released its quarterly update and revealed a solid increase in production during the September quarter. Going the other way, the worst performer has been the Jumbo Interactive Ltd (ASX: JIN) share price with a decline of almost 4%. This appears to be due to profit-taking after a stellar run in 2019.
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James Mickleboro owns shares of Westpac Banking. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of and recommends Jumbo Interactive Limited. The Motley Fool Australia has recommended Jumbo Interactive 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.