At lunch on Wednesday the S&P/ASX 200 Index (ASX: XJO) has fought back from a heavy decline but is still trading lower. At the time of writing the benchmark index is down 0.45% to 5,227.9 points.
Here’s what has been happening on the market today:
Bank shares tumble.
Although they are well off their lows for the day, the big four banks are all trading lower at lunch. This follows news that APRA has requested that dividend payments be limited in the coming months. The worst performer in the group is the Westpac Banking Corp (ASX: WBC) share price with a decline of 3%.
Bank of Queensland result.
The Bank of Queensland Limited (ASX: BOQ) share price has dropped lower after the release of its half year results. For the six months ended February 29, Bank of Queensland achieved cash earnings after tax of $151 million. This was down 10% on the prior corresponding period and 1% on the second half of FY 2019. Whilst this was a decent result all things considered, investors appear disappointed that it has deferred its interim dividend until the market outlook is clearer.
Treasury Wine reveals potential Penfolds demerger.
The Treasury Wine Estates Ltd (ASX: TWE) share price is storming higher after investors responded positively to news that it is planning to demerge its Penfolds business. This follows a detailed review of its portfolio and an assessment of both the optimal strategy and structure of the business. Management believes the potential demerger would facilitate the creation of incremental long-term value for shareholders.
Best and worst ASX 200 performers.
The best performer on the ASX 200 at lunch is the Unibail-Rodamco-Westfield (ASX: URW) share price with a 13% gain. After falling by more than 50% over the last two months, investors may believe it is a bargain buy now. The worst performer on the index is the Jumbo Interactive Ltd (ASX: JIN) share price with an 8% decline. This could be down to profit taking after a sold run over the last few weeks.
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James Mickleboro owns shares of Westpac Banking. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. recommends Jumbo Interactive Limited. The Motley Fool Australia owns shares of and has recommended Jumbo Interactive Limited and Treasury Wine Estates Limited. 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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