ASX 200 up 0.8%: ANZ to pay dividend, a2 Milk tumbles, CSL impresses

Australia and New Zealand Banking GrpLtd (ASX:ANZ) and CSL Limited (ASX:CSL) shares are making moves on the ASX 200 on Wednesday…

James Mickleboro

Author Bio James Mickleboro is an investment writer and analyst who has worked with The Motley Fool Australia for 10 years, covering ASX shares, market news, broker research, dividends, growth stocks, and long-term investing ideas. Over that time, James has written extensively about Australian equities and developed a particular focus on helping everyday investors understand the stories behind share price moves, company announcements, broker views, and broader market trends. His best investment recommendation was identifying Afterpay while it was still a small-cap growth share, before its rise into one of Australia’s biggest technology success stories. His worst investment lesson came from CSL Ltd (ASX: CSL), where he was burnt by believing management could turn the business around sooner than the market ultimately allowed. Areas of Expertise ASX shares Growth and dividend investing Broker research Interpreting company announcements Market news Portfolio strategy Long-term wealth creation Education Bachelor of Politics, Philosophy and Economics. CFA Institute Social Media LinkedIn Favorite Investment Quote "It’s far better to buy a wonderful company at a fair price than a fair company at a wonderful price." — Warren Buffett

Published August 19, 2020 11:58 am AEST

At lunch on Wednesday the S&P/ASX 200 Index (ASX: XJO) is on course to record another solid gain. The benchmark index is currently up 0.8% to 6,172.1 points.

Here's what is happening on the market today:

ANZ share price storms higher on Q3 update.

The Australia and New Zealand Banking GrpLtd (ASX: ANZ) share price is pushing higher today after the release of its quarterly update. That update revealed a solid 30% increase in cash profit from continuing operations to $1.5 billion in the third quarter. In addition to this, unlike some of its peers, ANZ has announced that it will pay a 25 cents per share fully franked interim dividend.

A2 Milk Company tumbles lower.

The A2 Milk Company Ltd (ASX: A2M) share price is tumbling lower following the release of its full year results. The fresh milk and infant formula company delivered a 32.8% increase in revenue to NZ$1,730 million. This was in line with its revenue guidance of NZ$1,700 million to NZ$1,750 million. On the bottom line, the company posted a 34.1% increase in net profit after tax of NZ$385.8 million. Investors appear to have been expecting an even stronger profit result.

CSL result impresses.

The CSL Limited (ASX: CSL) share price is storming higher after delivering a solid FY 2020 result. The biotherapeutics company posted sales revenue of US$8,797 million and a net profit after tax of US$2,103 million. This was a 7.2% and 9.6% increase, respectively, on the prior corresponding period. This was driven by solid growth from both its CSL Behring and Seqirus vaccines businesses during the year. Management is forecasting similar revenue and profit growth (in constant currency terms) in FY 2021.

Best and worst ASX 200 performers.

The best performer on the ASX 200 on Wednesday has been the WiseTech Global Ltd (ASX: WTC) share price with a 23% gain. This follows the release of a strong full year result and positive guidance for FY 2021. The worst performer is the Resolute Mining Limited (ASX: RSG) share price with a 16% decline. This follows a military mutiny in Mali where the gold miner operates.

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