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ASX 200 down 1.25%: Big four banks tumble, Cleanaway impresses, Whitehaven disappoints

Graphic showing stock market crash with virus imagery overlaid
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At lunch on Wednesday the S&P/ASX 200 Index (ASX: XJO) looks set to end its winning streak with a disappointing decline. The benchmark index is currently down 1.25% to 6,084.6 points.

Here’s what is happening on the market today:

Bank shares under pressure.

After a strong day on Tuesday, the banking sector is giving back its gain today. All the big four banks are trading notably lower at lunch, with the National Australia Bank Ltd (ASX: NAB) share price the worst performer in the group. Its shares are down over 2.5% at the time of writing.

Cleanaway impresses.

The Cleanaway Waste Management Ltd (ASX: CWY) share price is racing higher today following the release of the waste management company’s full year results. Despite the negative impact of the pandemic and the landfill levy in Queensland, Cleanaway still delivered a strong result in FY 2020. It reported an 8% increase in underlying net profit after tax to $152.9 million. This positive form allowed the company to increase its full year dividend by 15.5% to 4.1 cents per share.

Whitehaven crashes.

The Whitehaven Coal Ltd (ASX: WHC) share price is crashing lower on Wednesday following the release of its full year results. The coal miner reported a 95% decline in underlying net profit after tax to $30 million. Its performance was impacted by weak coal prices and labour shortage issues. In light of this, Whitehaven paid just a 1.5 cents per share dividend in FY 2020. Down from 50 cents per share a year earlier.

Best and worst ASX 200 performers.

The best performer on the ASX 200 on Wednesday has been the Cleanaway share price with a gain of over 8%. This follows the release of its full year results. The worst performer has been the Bravura Solutions Ltd (ASX: BVS) share price with a disappointing 16% decline. A strong FY 2020 result was overshadowed by weak guidance for FY 2021. Management warned that profits could be flat this year.

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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Bravura Solutions Ltd. The Motley Fool Australia has recommended Bravura Solutions Ltd. 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.

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