The ASX 200 (Index: ^AXJO) (ASX: XJO) was eventful again this week. Here are four big stories you may have missed that affected businesses in the ASX 200 index:
Commonwealth Bank of Australia (ASX: CBA)
Australia’s largest bank reported its first quarter profit of FY20 this week.
The bank reported an audited statutory net profit of approximately $3.8 billion for the quarter including a $1.5 gain on the sale of CFSGAM.
Unaudited cash net profit from continuing operations of around $2.3 billion was up 5% excluding notable items. Operating income increased 3% on a day-weighted basis with operating expenses (excluding notable items) up 2%.
However, troublesome and impaired assets were slightly higher with pockets of stress similar to the ones highlighted in FY19.
BHP Group Ltd (ASX: BHP)
The resources giant announced this week who will be the new CEO to replace outgoing CEO Andrew Mackenzie.
Mike Henry has been chosen with 30 years’ experience in the global mining and petroleum industry, spanning operational, commercial, safety, technology and marketing roles. Mr Henry has been involved with BHP since 2003 and has now secured the top role. Climate change and the environment will remain a focus under the new leadership.
Afterpay Touch Group Ltd (ASX: APT)
Afterpay gave an update for the first for months of FY20 to October 2019.
Underlying sales grew by 110% to $2.7 billion compared to the prior corresponding period. Current annualised underlying sales are more than $8.5 billion. Active customers increased by 137% to 6.1 million and active merchants are up by 96% to 39,450. Afterpay added 15,000 new customers per day in October.
Nearmap Ltd (ASX: NEA)
The aerial mapping business held its annual general meeting (AGM) this week.
Nearmap went over its successes over the past year and gave investors some guidance. Annualised contract value (ACV) is expected to be between $116 million to $120 million in FY20, which would be growth of between 29% to 33% compared to $90.2 million in ACV in FY19.
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Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of AFTERPAY T FPO. The Motley Fool Australia owns shares of and has recommended Nearmap Ltd. 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.