ASX 200 (ASX:XJO) midday update: CBA impresses, Mineral Resources delivers a shocker

The ASX 200 is having a decent day so far…

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 February 9, 2022 12:03 pm AEDT

At lunch on Wednesday, the S&P/ASX 200 Index (ASX: XJO) is fighting hard to stay in positive territory after giving back most of its early gains. The benchmark index is currently up 0.2% to 7,201.5 points.

Here's what is happening on the ASX 200 today:

A male sharemarket analyst sits at his desk looking intently at his laptop with two other monitors next to him showing stock price movements — Image source: Getty Images

CBA's half year result smashes expectations

The Commonwealth Bank of Australia (ASX: CBA) share price is charging higher today after smashing the market's expectations with its half year results. Australia's largest bank reported a 23% increase in cash earnings to $4,746 million. This compares to Morgans' estimate of $4,320 million and the market consensus estimate of $4,500 million. CBA also declared a $1.75 per share interim dividend and announced a $2 billion on-market share buyback.

Computershare jumps on guidance upgrade

The Computershare Limited (ASX: CPU) share price is surging higher today after its first half update impressed the market. For the six months ended 31 December, Computershare reported a 4.6% increase in management revenue to US$1.2 billion and a 4.5% lift in management earnings per share to 22.76 US cents. But best of all, management is upgrading its full year earnings per share guidance from 2% growth to 9%.

Mineral Resources predictably disappoints

The Mineral Resources Limited (ASX: MIN) share price is sinking today after its half year results unsurprisingly fell short of expectations. As mentioned here earlier this week, Mineral Resources had been tipped as a potential candidate for a negative earnings surprise by Goldman Sachs. This turned out to be the case, with the mining and mining services company's underlying net loss after tax of $36 million missing the consensus estimate of a $105 million profit by a whopping 134%.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Wednesday has been the Computershare share price with a 9.5% gain following its first half results and guidance upgrade. The worst performer has been the Mineral Resources share price with a 7% decline following its half year shocker.

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