At lunch on Wednesday the S&P/ASX 200 index is on course to record another solid gain. At the time of writing the benchmark index is up 0.5% to 6,821.4 points.
Here’s what has been happening on the market today:
Westpac shares slide lower.
The Westpac Banking Corp (ASX: WBC) share price is heading in the wrong direction once again. Its shares are down around 1% at lunch after there were calls for further executive changes at the bank following the AUSTRAC scandal. Also weighing on its shares are reports that it could be dumped from the government home loan scheme.
Telstra investor day.
The Telstra Corporation Ltd (ASX: TLS) share price is pushing higher on the day of its investor event. At the event the telco giant reconfirmed its FY 2020 guidance and provided an update on its T22 strategy. In respect to the latter, Telstra confirmed that it is on course to reduce underlying fixed costs by a cumulative $2.5 billion by FY 2022.
Collins Foods impresses.
The Collins Foods Ltd (ASX: CKF) share price is charging higher on Wednesday after the release of its half year results. The quick service restaurant operator delivered a 9.2% increase in half year revenue to $448.8 million. And thanks to management’s focus on maintaining strong cost control, statutory net profit after tax grew 12.1% to $24.1 million.
Best and worst performers.
The Bravura Solutions Ltd (ASX: BVS) share price is the best performer on the index with a gain of 13%. On Tuesday the fintech company revealed it was on track to achieve its FY 2020 guidance of mid-teen net profit growth. In response to this, this morning Goldman Sachs upgraded its shares to a buy rating with a $5.06 price target. The worst performer on the index today has been the Clinuvel Pharmaceuticals Limited (ASX: CUV) share price. It is down 5% on no news.
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James Mickleboro owns shares of Collins Foods Limited and Westpac Banking. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Bravura Solutions Ltd. The Motley Fool Australia owns shares of and has recommended Telstra Limited. The Motley Fool Australia has recommended Bravura Solutions Ltd and Collins Foods 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.