At lunch on Wednesday the S&P/ASX 200 Index (ASX: XJO) is bouncing back from yesterday's decline. The benchmark index is currently up 0.35% to 6,845.3 points.
Here's what is happening on the market today:
Commonwealth Bank half year result
The Commonwealth Bank of Australia (ASX: CBA) share price is trading lower today following the release of its half year results. For the six months ended 31 December, the banking giant reported a 0.5% decline in operating income to $11,961 million and a 10.8% decline in cash net profit after tax from continuing operations to $3,886 million. Excluding COVID-19 impacts and remediation costs, the bank's cash profit would have been broadly flat. Commonwealth Bank declared a fully franked interim dividend of $1.50 per share.
IAG result impresses
The Insurance Australia Group Ltd (ASX: IAG) share price is charging higher today following the release of a better than expected half year result. The insurance giant delivered a 3.8% increase in gross written premiums (GWP) to $6,188 million and 33.1% increase in insurance profit to $667 million. The latter was driven largely by lower motor claims due to COVID lockdowns. However, due to a hefty business interruption claims charge, the company posted a statutory loss after tax of $460 million. Nevertheless, the company surprised the market by declaring a 7 cents per share interim dividend.
Crown share price tumbles
The Crown Resorts Ltd (ASX: CWN) share price is tumbling lower after being found unsuitable to operate its Barangaroo casino in Sydney. Commissioner Patricia Bergin explained: "Any applicant for a casino licence with the attributes of Crown's stark realities of facilitating money laundering, exposing staff to the risk of detention in a foreign jurisdiction and pursuing commercial relationships with individuals with connections to Triads and organised crime groups would not be confident of a positive outcome." Two directors have resigned this morning following the release of the report.
Best and worst ASX 200 performers
The best performer on the ASX 200 on Wednesday has been the Zip Co Ltd (ASX: Z1P) share price with an 8% gain. This is despite there being no news out of the buy now pay later provider. Going the other way, the worst performer has been the CIMIC Group Ltd (ASX: CIM) share price with a disappointing 17% decline. This follows the release of its full year results for FY 2020 this morning. Weak cash flows appear to have spooked the market.
