At lunch on Wednesday the S&P/ASX 200 Index (ASX: XJO) is on course to record a decline. The benchmark index is currently down 0.3% to 6,118.5 points.
Here's what has been happening on the market today:
CBA delivers robust FY 2020 result.
The Commonwealth Bank of Australia (ASX: CBA) share price is flat at lunch following the release of a robust full year results for FY 2020. The banking giant reported operating income of $23,758 million, up 0.8% on the prior corresponding period. This reflects volume growth in home lending and deposits, which offset a 2 basis point decline in its net interest margin to 2.07%. CBA's cash net profit after tax from continuing operations was down 11.3% to $7,296 million. This was driven largely by higher COVID-19 loan impairment expense. A 98 cents per share final dividend was declared.
SEEK outlook disappoints.
The SEEK Limited (ASX: SEK) share price has tumbled lower today after the release of its full year results. In FY 2020, the job listings giant's earnings before interest, tax, depreciation, and amortisation (EBITDA) fell 9% to $414.9 million. This was driven by a 17% decline in AP&A EBITDA to $295 million, which offset a 20% increase in SEEK Investments EBITDA to $151.7 million. While this decline was expected, SEEK's outlook appears to have underwhelmed. Due to the negative impact of the pandemic, SEEK has suggested that its EBITDA could drop 20.5% in FY 2021.
Gold miners sink lower.
Australia's leading gold miners are sinking into the red on Wednesday after the gold price crashed almost 6% lower overnight. The likes of Newcrest Mining Limited (ASX: NCM) and Northern Star Resources Ltd (ASX: NST) are all under significant pressure. This appears to have been driven by improving economic data and a potential Russian coronavirus vaccine. The S&P/ASX All Ordinaries Gold index is down 5.5% at the time of writing.
Best and worst ASX 200 shares.
The best performer on the ASX 200 at lunch is the Unibail-Rodamco-Westfield (ASX: URW) share price with a 5% gain. Bargain hunters may be buying the shopping centre operator's shares after a heavy decline in 2020. The worst performer is the SEEK share price with a 10% decline. This follows the release of its aforementioned full year results.
