ASX 200 down 1%: CBA Q3 update, tech shares rise, Qantas update

Afterpay Ltd (ASX:APT) and Commonwealth Bank of Australia (ASX:CBA) shares are making waves on the ASX 200 on Wednesday…

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At lunch on Wednesday, the S&P/ASX 200 Index (ASX: XJO) is on course to record another sizeable decline. The benchmark index is currently down 1% to 7,023.6 points.

Here’s what has been happening on the market today:

CBA third quarter update

The Commonwealth Bank of Australia (ASX: CBA) share price is trading lower today following the release of the banking giant’s third quarter update. For the three months ended 31 March, Commonwealth Bank reported a cash net profit after of $2.4 billion. This represents a 24% increase over the quarterly average recorded during the first half of FY 2021. The bank finished the period with a CET1 ratio of 12.7%. This compares to APRA’s unquestionably strong benchmark of 10.5%. In light of this surplus capital position, management notes that it creates flexibility for the Board to consider capital management initiatives.

Qantas pushes back international travel plans

The Qantas Airways Limited (ASX: QAN) share price is under pressure today. This morning the airline operator announced that it would be pushing back its international service plans from the end of October 2021 to late December 2021. This is in response to the Federal Budget, which saw the Government revise its anticipated timeline for the completion of Australia’s vaccine rollout to the end of 2021.

Tech shares rebound

It has been a positive day for Australian tech shares on Wednesday. The likes of Afterpay Ltd (ASX: APT) and Zip Co Ltd (ASX: Z1P) are charging higher following an interesting night on Wall Street. At one stage the tech-focused Nasdaq index was down by 3.5% before rebounding to close the day largely flat. The S&P/ASX All Technology Index (ASX: XTX) is up 1.1% at lunch.

Best and worst ASX 200 performers

The best performer on the ASX 200 today has been the CSR Limited (ASX: CSR) share price with a 4.5% gain. This follows the release of the building products company’s full year results. The worst performer has been the Ausnet Services Ltd (ASX: AST) share price with a 6% decline following the release of its 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 ZIPCOLTD FPO. The Motley Fool Australia owns shares of AFTERPAY T FPO. 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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