At lunch on Thursday the S&P/ASX 200 index is pushing higher again and climbed to a record high. At the time of writing the benchmark index is up 0.5% to 7,181.8 points.
Here’s what has been happening on the market today:
Qantas share price soars.
The Qantas Airways Limited (ASX: QAN) share price is charging higher on Thursday after releasing its half year results. The market appears happy with its plan to limit the impact of the coronavirus outbreak on its profits. Management will be cutting its capacity materially in the second half. This is expected to limit the impact to $100 million to $150 million of EBIT.
Coca Cola higher.
The Coca-Cola Amatil Ltd (ASX: CCL) share price charged to a multi-year high this morning after releasing its full year results. Coca Cola Amatil smashed expectations by reporting a 6.5% increase in total revenue from continuing operations of $5,112.1 million. Goldman Sachs was ahead of the consensus and expecting it to report sales of $5.07 billion. Looking ahead, management advised that it expects mid-single digit earnings per share growth in 2020.
The Medibank Private Ltd (ASX: MPL) share price is trading lower on Thursday after releasing a disappointing half year result. The private health insurer revealed growth in policyholder numbers over the prior corresponding period. However, this couldn’t stop its profits from falling. A meaningful increase in claims payments weighed on its performance during the half.
Best and worst performers.
The best performer on the ASX 200 at lunch is the Smartgroup Corporation Ltd (ASX: SIQ) share price with a gain of 13.5%. This follows the release of the employee management services provider’s full year results. The worst performer on the index is the WiseTech Global Ltd (ASX: WTC) share price with a 9.5% decline. Investors continue to sell the logistics solutions company’s shares after it warned of the impact of the coronavirus on its business.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of WiseTech Global. 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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