At lunch on Wednesday the S&P/ASX 200 Index (ASX: XJO) is off its lows but on course to record another decline. The benchmark index is down 0.9% to 5,352.5 points.
Here's what has been happening:
Commonwealth Bank third quarter update.
The Commonwealth Bank of Australia (ASX: CBA) share price is trading higher today after the release of its third quarter update. For the three months ending March 31, Commonwealth Bank delivered cash net profit from continuing operations of $1.3 billion. This was down 41% on the average quarterly cash net profit it posted in the first half. The coronavirus pandemic was the main drag on its results. The banking giant revealed an additional credit provision of $1.5 billion for the potential longer term impacts of COVID-19.
Big banks under pressure.
The rest of the big four banks are trading lower on Wednesday after overnight declines by their U.S. counterparts. The worst performer in the group is the Australia and New Zealand Banking Grp Ltd (ASX: ANZ) share price with a 1% decline. Its shares were down as much as 2% at stage this morning.
Gold miners charge higher.
One area of the market which is pushing higher today is the gold mining industry. Two of the biggest gold miners, Newcrest Mining Limited (ASX: NCM) and Northern Star Resources Ltd (ASX: NST), are up around 2% at lunch. This has helped drive the S&P/ASX All Ordinaries Gold index 1.25% higher today. Investors have been buying the gold miners due to a rise in the gold price and increasing demand for safe haven assets.
Best and worst ASX 200 performers.
The best performer on the ASX 200 today has been the Pilbara Minerals Ltd (ASX: PLS) share price by some distance with a 7% gain. This is despite there being no news out of the lithium miner today. The worst performer has been the Ausnet Services Ltd (ASX: AST) share price with a 6.5% decline. This morning Ord Minnett downgraded its shares to a lighten rating with a $1.75 price target following its FY 2020 result.
5 cheap stocks that could be the biggest winners of the stock market crash
Investing expert Scott Phillips has just named what he believes are the 5 cheapest and best stocks to buy right now. Courtesy of the crashing stock market, these 5 companies are suddenly trading at significant discounts to their recent highs… creating what could be incredible opportunities for bargain-hungry investors. Simply click here to scoop up your FREE copy and discover the names of all 5 cheap shares to buy now… before the next stock market rally.
Returns as of 7/4/2020
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.
