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ASX 200 lunch update: CBA & Jumbo higher, Westpac sinks

At lunch on Tuesday the S&P/ASX 200 index has given back its early gains and is sinking lower. At the time of writing the benchmark index is down 0.4% to 6,745.3 points.

Here’s what has been happening on the market today:

CBA Q1 update.       

The Commonwealth Bank of Australia (ASX: CBA) share price is higher at lunch following its first quarter update. During the three months ended September 30, CBA posted unaudited cash net profit from continuing operations of $2.3 billion. This was a 5% increase on the prior corresponding period excluding notable items.

Westpac sinks.

The Westpac Banking Corp (ASX: WBC) share price is sinking lower on Tuesday after trading ex-dividend. The banking giant’s shares are down a sizeable 3.5% at lunch. Shareholders can now look forward to receiving its 80 cents per share fully franked dividend on December 20. The Australia and New Zealand Banking Group (ASX: ANZ) share price is also trading lower today.

Incitec Pivot result.

The Incitec Pivot Ltd (ASX: IPL) share price has dropped lower following the release of a disappointing full year result. In FY 2019 the industrial chemicals company posted a reported net profit after tax of $152 million. Earnings per share excluding individual material items came in at 9.5 cents per share, down almost 55% from FY 2018.

Jumbo’s UK expansion.

The Jumbo Interactive Ltd (ASX: JIN) share price is surging higher on Tuesday after announcing its expansion into the UK. The online lottery ticket seller is entering the market via the ₤3.0 million (~A$5.4 million) acquisition of UK lottery merchant Gatherwell.

Best and worst performers.

The Jumbo Interactive share price is the best performer on the index today. Its UK expansion news has sent its shares charging 10% higher. Going the other way is the Nine Entertainment Co Holdings Ltd (ASX: NEC) share price with a 5% decline following a profit warning. The media giant is being impacted by weak advertising markets.

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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 and Nine Entertainment Co. Holdings 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.

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