At lunch on Thursday the S&P/ASX 200 index is on course to bounce back from yesterday's decline. At the time of writing the benchmark index is up 0.7% to 6,705.5 points.
Here's what has been happening on the market today:
NAB results.
The National Australia Bank Ltd (ASX: NAB) share price is up almost 3% at lunch following the release of its full year results. NAB posted a 10.6% decline in FY 2019 cash earnings to $5.1 billion and a 16% reduction in its final dividend to 83 cents a share. Much to the relief of shareholders, no capital raising was announced and the bank fully franked its dividend.
Xero impresses.
The Xero Limited (ASX: XRO) share price has stormed to a record high on Thursday after delivering a strong half year result. For the six months ended September 30, Xero reported a 32% increase in operating revenue to NZ$338.7 million. The business and accounting software company also announced that it has now surpassed 2 million subscribers.
Flight Centre disappoints.
The Flight Centre Travel Group Ltd (ASX: FLT) share price is trading notably lower today after disappointing with its FY 2020 guidance. The travel agent giant warned that first half profit before tax would be down 22% to 36% on the $140.4 million achieved a year earlier. For the full year, it expects underlying profit before tax of $310 million to $350 million. The mid-point of this range represents a 3.8% decrease on FY 2019's $343.1 million.
Best and worst performers.
The best performer on the ASX 200 at lunch is the James Hardie Industries plc (ASX: JHX) share price with a gain of 6.5%. The building products company's shares are racing higher after a solid half year result. It posted adjusted net operating profit of US$188.8 million, which is 17% higher than the same period last year. Going the other way, the Perenti Global Ltd (ASX: PRN) (Ausdrill) share price is the worst performer with a 10.5% decline following a security incident.
