At lunch on Thursday the S&P/ASX 200 Index (ASX: XJO) has followed the lead of U.S. and European markets and is pushing higher for a third day in a row. At the time of writing the benchmark index is up 1.4% to 5,069 points.
Here's what has been happening on the market today:
Bank shares mixed.
It had been a largely positive day of trade for the big four banks until just before lunch. At the time of writing, two of the big four are dropping lower and two are edging higher. The worst performer in the group is the Commonwealth Bank of Australia (ASX: CBA) share price with a 2.5% decline. The National Australia Bank Ltd. (ASX: NAB) share price is the best performer with a 0.4% gain.
Cochlear returns.
The Cochlear Limited (ASX: COH) share price is trading roughly flat on Thursday after returning from its trading halt. The hearing solutions company's shares were halted whilst it undertook an institutional placement. Cochlear ended up successfully raising $880 million at $140.00 per share. This compares to its original target of $800 million. These funds will be used to strengthen its balance sheet and support its business during the current macro-economic uncertainty.
Brickworks half year result.
The Brickworks Limited (ASX: BKW) share price is charging 7% higher today. This follows the release of its half year results this morning. The building products company posted an underlying net profit after tax of $100 million for the half. This was a 37% decline on the prior corresponding period and driven by a significant decline in building activity in Australia. Pleasingly for shareholders, it didn't stop Brickworks from increasing its interim dividend. It declared a fully franked 20 cents per share dividend, up 5% on the prior corresponding period.
Best and worst performers.
The best performer on the ASX 200 index today has been the Star Entertainment Group Ltd (ASX: SGR) share price. It is up 21% at lunch thanks to a broker note out of Credit Suisse this morning. The broker has upgraded its shares to an outperform rating with a $3.90 price target. The worst performer on the index has been the Northern Star Resources Ltd (ASX: NST) share price with a 12% decline. This morning the gold miner withdrew its guidance and deferred the payment of its dividend. It made the move due to the uncertainty caused by the coronavirus outbreak.
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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Cochlear Ltd. The Motley Fool Australia owns shares of National Australia Bank Limited. The Motley Fool Australia has recommended Brickworks and Cochlear Ltd. 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.
