At lunch on Thursday the S&P/ASX 200 index has given back some of its early gains but is still trading higher. The benchmark index is up 0.15% to 7,099.4 points at the time of writing.
Here's what has been happening today:
TPG-Vodafone Australia merger approved.
The Federal Court has overturned the ACCC's decision to block the merger between TPG Telecom Ltd (ASX: TPM) and Vodafone Hutchison Telecommunications (Aus) Ltd (ASX: HTA). The court does not believe the merger would reduce competition in the Australian telco market. The two companies will now "work to complete the merger so that the benefits can flow to Australian consumers." The TPG Telecom share price is up 16% at lunch.
Telstra result.
The Telstra Corporation Ltd (ASX: TLS) share price was pushing higher this morning after the release of its half year results. But the merger approval has now offset this and sent its shares lower. This morning the telco giant revealed a 6.6% decline in underlying EBITDA to $3,875 million during the first half. However, underlying EBITDA (which excludes the in-year NBN headwind) increased by approximately $90 million. This was the first time this figure has grown since FY 2016.
NAB pushes higher.
The National Australia Bank Ltd (ASX: NAB) share price is pushing higher today after releasing its first quarter update. This morning NAB reported a 1% increase in cash earnings for the December quarter thanks to a slightly higher net interest margin. And although it warned that the divestment of its MLC wealth management business may be delayed till after the current financial year, it hasn't stopped investors from buying shares today. The NAB share price is up 2.5% at lunch.
Best and worst performers.
The best performer on the ASX 200 index today has been the Breville Group Ltd (ASX: BRG) share price with a 17.5% gain. This morning the appliance manufacturer revealed a 25.4% increase in half year revenue and a 20.8% lift in EBITDA. Going the other way is the Treasury Wine Estates Ltd (ASX: TWE) share price with a 5% decline following the release of its half year results. The wine giant warned that the coronavirus could have an impact on its second half performance.
