At lunch on Tuesday the S&P/ASX 200 index is on course to record a strong gain. At the time of writing the benchmark index is up 0.7% to 7,063 points.
Here's what has been happening on the market today:
Cochlear downgrade.
It has been a disappointing day of trade for the Cochlear Limited (ASX: COH) share price. The hearing solutions company's shares are sinking lower after it downgraded its FY 2020 guidance due to the coronavirus outbreak. Cochlear now expects full year underlying net profit in the range of $270 million to $290 million. This represents an increase of 2% to 9%, compared to prior guidance of growth of 9% to 13%. It is worth noting that this guidance assumes only Greater China sales are impacted by the virus.
Challenger results.
The Challenger Ltd (ASX: CGF) share price is charging higher today following the release of its half year results. The annuities company reported a 4% decline in normalised net profit after tax to $191 million due to a higher effective tax rate. Looking ahead, management advised that Challenger is on track to achieve the top end of its FY 2020 normalised net profit before tax guidance range of $500 million to $550 million.
Suncorp results.
The Suncorp Group Ltd (ASX: SUN) share price is tumbling lower on Tuesday after the release of its half year results. The insurance and banking giant reported profit from continuing operations of $396 million for the half. This was down 6.2% on the prior corresponding period. All three of its segments recorded declines in profit during the period.
Best and worst performers.
The best performer on the ASX 200 on Tuesday has been the Challenger share price with a gain of 11%. Investors have responded positively to the company's guidance for the full year. Going the other way is the Beach Energy Ltd (ASX: BPT) share price with a decline of 3.5%. This follows the further weakening of oil prices and the release of its half year update this morning.
