The S&P/ASX 200 Index (ASX: XJO) went up 1.5% today despite the market seeing some of the difficulties faced by the ASX banks.
It was a rollercoaster day. The market opened higher for the first 15 minutes, then went lower and then steadily rose through the rest of the day.
Here are some of the ASX 200 highlights from the day:
National Australia Bank Ltd (ASX: NAB) result and capital raising
NAB announced its half-year result today. It didn't make for great reading. Cash earnings were down 51.4% to $1.44 billion. Even after excluding the large notable items, cash earnings had fallen by 24.6% to $2.47 billion.
As a result of the difficult operating environment and uncertain future, NAB announced two large decisions. It cut the dividend by more than half to $0.30 per share. It also announced a capital raising which will hopefully raise around $3.5 billion in total.
The other ASX bank investors didn't like what they saw from NAB.
The Commonwealth Bank of Australia (ASX: CBA) share price managed to finish flat (underperforming compared to the ASX 200).
The Westpac Banking Corp (ASX: WBC) share price dropped 4.4%.
The Australia and New Zealand Banking Group (ASX: ANZ) share price declined 2.3%.
Domain Holdings Australia Ltd (ASX: DHG) share price jumps
The Domain share price rose by 18.6% today, making it the top performer within the ASX 200.
Why did it go up so much? Domain announced a new debt facility of $80 million with a term of 18 months. At 31 March 2020 its net debt was $149.5 million.
Domain also announced a voluntary staff program to deliver a 20% reduction in staff costs. They could either reduce hours or participate in a share rights program.
The company has been reducing expenses relating to marketing to lower overall costs.
In the March 2020 the company saw a 15% increase in digital revenue and a 10% increase of total revenue.
Aristocrat Leisure Limited (ASX: ALL) coronavirus update
Gaming business Aristocrat Leisure announced that almost all of its land-based customers globally have suspended operations.
The company has over $1 billion of available liquidity and it's taking steps to save on costs and maintain cash levels.
Part of the plan is that it's suspending the FY20 interim dividend.
One pleasing point is that its digital business is apparently continuing to perform strongly with higher bookings and player engagement.
