At lunch on Tuesday the S&P/ASX 200 Index (ASX: XJO) is on course to give back some of yesterday’s gains. The benchmark index is currently down 0.1% to 6,651.3 points.
Here’s what has been happening on the market today:
APRA removes dividend restrictions.
Shareholders of Commonwealth Bank of Australia (ASX: CBA) and the rest of the big four banks were given a lift today after APRA revealed that it will no longer hold banks to a minimum level of earnings retention. This means the big four will be able to pay out as much as their earnings to shareholders as they see fit. Though, APRA has requested the banks be vigilant with their dividend payments.
Iron ore price pulls back.
BHP Group Ltd (ASX: BHP) and Fortescue Metals Group Limited (ASX: FMG) shares have come under pressure today and are weighing on the ASX 200. Investors have been selling their shares after the price of iron ore pulled back during overnight trade. According to CommSec, the spot iron ore price dropped approximately 3.9% to US$154.50 a tonne.
Zip signs Harvey Norman partnership.
The Zip Co Ltd (ASX: Z1P) share price is pushing higher today after announcing a partnership with the franchisees of Harvey Norman Holdings Limited (ASX: HVN) and its subsidiaries Domayne and Joyce Mayne. The partnership will see the retailers offer their customers the ability to pay with Zip’s BNPL payment solutions.
Best and worst ASX 200 performers.
The Reliance Worldwide Corporation Ltd (ASX: RWC) share price has been the best performer on the ASX 200 on Tuesday with a 3.5% gain. This is despite there being no news out of the plumbing parts company. The worst performer has been the Mesoblast limited (ASX: MSB) share price with a 12% decline following the release of disappointing trial results.
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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 Reliance Worldwide Limited and ZIPCOLTD FPO. The Motley Fool Australia has recommended Reliance Worldwide Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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