ASX 200 up 0.35%, CBA gives Q3 update

The S&P/ASX 200 Index (ASX:XJO) ended the day up 0.35% after Commonwealth Bank of Australia (ASX:CBA) gave its FY20 third quarter update.

Tristan Harrison

Author Bio Tristan Harrison has a decade of experience as an ASX share investment writer and was previously a business, tax and audit accountant for seven years. Tristan has contributed to The Motley Fool since October 2016. He has an advanced diploma from the Association of Accounting Technicians and is currently enrolled in the Chartered Institute Management Accountant (CIMA) program. Tristan's goal is to help Australians learn about great ASX shares that can help grow their portfolio, wealth and dividends over the long-term. Areas of Expertise ASX dividend shares and passive income strategies ASX growth shares and ETFs Business and company financial analysis Franking credits and personal tax topics Personal finance Education Advanced diploma from the Association of Accounting Technicians Enrolled in the Chartered Institute Management Accountant (CIMA) program Social Media X/Twitter Favorite Investment Quote "Live within your income and save so that you can invest." — Charlie Munger

Published May 13, 2020 4:51 pm AEST

The S&P/ASX 200 Index (ASX: XJO) ended the day up 0.35% to 5,422 points. The ASX 200 was down over 1% earlier in the day.

China and Australia's dispute continues to grow. The Asian superpower reminded Australia how important it is to the Australian economy.

Commonwealth Bank of Australia (ASX: CBA) update

CBA, Australia's largest bank, announced its third quarter update today in light of the coronavirus. .

The bank said that it has been giving widespread support for the economy.

It said that its March 2020 quarter showed cash profit was down 44% compared to the first half of FY20's quarterly average.

Both the statutory net profit after tax and cash profit came in at $1.3 billion.

The major ASX 200 bank also announced that it had agreed to sell a 55% stake in Colonial First State for $1.7 billion.

Glittering day for Resolute Mining Limited (ASX: RSG)

Resolute Mining announced it has completed the second tranche of its $195 million capital raising at a price of $1.10 per share. The initial capital raising was launched in January 2020. Today it issued over 7.7 million shares to ICM Limited nominees.

The gold miner was one of the top performers in the ASX 200 today. The Resolute Mining share price went up over 5%.

Large ASX 200 movers

At the green end of the ASX 200 the Pilbara Minerals Ltd (ASX: PLS) share price rose around 11%, the Avita Medical Ltd (ASX: AVH) share price climbed 8.7% and the Mayne Pharma Group Ltd (ASX: MYX) share price grew over 5%.

At the red of the ASX 200 the Orocobre Limited (ASX: ORE) share price fell 7.7%, the Alumina Limited (ASX: AWC) share price dropped 6.6% and the Harvey Norman Holdings Limited (ASX: HVN) share price fell 5.7%.

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