The S&P/ASX 200 index has followed the lead of U.S. markets and started the week on a disappointing note. At lunch the benchmark index is down 0.5% to 6,987.4 points.
Here's what has been happening on the market today:
JB Hi-Fi delivers strong result.
The JB Hi-Fi Limited (ASX: JBH) share price is racing higher on Monday after delivering a stronger than expected first half result. Thanks to solid sales growth across the business and improving margins, the retailer delivered an 8% increase in EBIT to $255.6 million. This compares to the consensus estimate for EBIT of $244 million. The company also increased its guidance for the full year.
Big four banks tumble.
The big four banks have all started the week deep in the red. The worst performer in the group at lunch is the Australia and New Zealand Banking Group (ASX: ANZ) share price with a decline of 0.8%. Later this week Commonwealth Bank of Australia (ASX: CBA) will be releasing its half year results.
Boral sinks.
The Boral Limited (ASX: BLD) share price has crashed lower on Monday after the release of its half year results. That release revealed a 6% decline in EBITDA to $440 million during the first half. Boral's CEO and Managing Director, Mike Kane, said: "Boral's first half results for FY2020 are broadly in line with our guidance but we have seen a challenging start to the second half of the year." The company also revealed sweeping changes in its North American Windows business following an investigation into financial irregularities.
Best and worst performers.
The best performer on the benchmark index on Monday has been the JB Hi-Fi share price with a solid 9.5% gain. Investors have responded very positively to its half year results release. The worst performer has been the Boral share price with a disappointing 11% decline following its update. Not too far behind is the REA Group Limited (ASX: REA) share price with a 6% decline after analysts at Credit Suisse retained their underperform rating and cut the price target on its shares to $100.20.
