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ASX 200 lunch update: Afterpay & ANZ higher, Whitehaven Coal sinks

On Thursday the S&P/ASX 200 index has returned to form and is pushing notably higher. At lunch the benchmark index is up 0.9% to 6,669.1 points.

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

RBNZ update.

The Australian banking sector is storming higher today after the Reserve Bank of New Zealand announced its highly anticipated banking update. The central bank revealed that it wants the big four to come up with ~NZ$20 billion (A$19 billion) in capital to lift the CET1 ratios of their New Zealand subsidiaries to 16% of risk-weighted loans issued in the country. The good news is they have seven years to get there. The Australia and New Zealand Banking Group (ASX: ANZ) share price is up 2.2% at lunch.

Metcash disappoints.

The Metcash Limited (ASX: MTS) share price has tumbled lower after releasing a disappointing half year result. Metcash delivered sales of $7.2 billion and an underlying profit after tax of $95.7 million. This was a 0.5% increase and 4.6% decline, respectively, on the prior corresponding period. On a reported basis, Metcash posted a $151.6 million loss after tax. This includes a post-tax impairment of $237.4 million following the recently announced loss of the 7-Eleven contract.

Afterpay impresses.

The Afterpay Limited (ASX: APT) share price is charging higher on Thursday after releasing a sales update. According to the release, during November Afterpay achieved $1 billion of monthly underlying sales. This represents the highest monthly performance since inception and brought its total underlying sales during the first five months of FY 2020 to $3.7 billion.

Best and worst performers.

The best performer on the ASX 200 index at lunch is the Resolute Mining Limited (ASX: RSG) share price with a gain of over 7.5%. The gold miner’s shares are racing higher following a positive drilling update from its Mako Gold Mine in Senegal. The worst performer is the Whitehaven Coal Ltd (ASX: WHC) share price with a decline of 9%. The coal miner’s shares have crashed lower after it downgraded its guidance for FY 2020.

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James Mickleboro 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 has no position in any of the stocks mentioned. 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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