At lunch on Thursday the S&P/ASX 200 index has returned to form and is racing higher. At the time of writing the benchmark index is up 1.8% to 6,438.4 points.
Here’s what has been happening on the market today:
TPG Telecom results.
The TPG Telecom Ltd (ASX: TPM) share price is charging higher today after delivering a solid half year result and upgrading its guidance. TPG Telecom posted a 1% increase in revenue to $1,246.5 million and a 6% decline in underlying EBITDA to $399.1 million. This stronger than expected first half led to management upgrading its BAU EBITDA guidance to be in the range of $775 million to $785 million. This compares to its previous guidance of $735 million to $750 million.
ACCC won’t appeal TPG-Vodafone Australia merger decision.
Also boosting the TPG Telecom share price today was news that the ACCC will not appeal the Federal Court’s decision to approve the merger between it and Vodafone Hutchison Telecommunications (Aus) Ltd (ASX: HTA). The competition watchdog concluded that it does not have grounds for appeal. ACCC Chair Rod Sims said: “The ACCC remains disappointed by this outcome, which has closed the door on what we consider was a once in a generation chance for increased competition in the highly concentrated mobile telecommunications market.”
Bank shares higher.
The big four banks have rebounded from yesterday’s selloff and are all pushing higher at lunch. However, the majority of the banks have failed to push anywhere near as strongly as the market as a whole. This could be an indication that investors are still a little uncertain over their prospects following the rate cut. The best performer in the group at the time of writing is the Westpac Banking Corp (ASX: WBC) share price with a 1% gain.
Best and worst performers.
The best performer on the ASX 200 at lunch is the TPG Telecom share price with its gain of 8%. This follows its half year update and the ACCC’s decision not to appeal the Federal Court’s merger decision. The worst performer on the index today has been the Jumbo Interactive Ltd (ASX: JIN) share price with a decline of 4%. Some of this decline is attributable to its shares trading ex-dividend this morning for its fully franked 18.5 cents per share interim dividend.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. 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.