The S&P/ASX 200 index has returned to form on Wednesday after trade war concerns eased. At lunch the index is up 0.1% to 6,575.7 points.
Here's what has been happening on the market today:
NAB third quarter update.
The National Australia Bank Ltd (ASX: NAB) share price has edged lower following the release of its third quarter update. NAB advised that its cash profit for the period rose 1% over the same time last year to $1.65 billion thanks to an improvement in its net interest margin. One negative was loans that are 90 days or more past due climbed 14 basis points to 0.85%. This is the highest level since the fourth quarter of 2017.
CSL result impresses.
The CSL Ltd (ASX: CSL) share price has pushed 5% higher today following the release of its full year results. The biotherapeutics company posted revenue of US$8,539 million and net profit after tax of US$1,919 million. In constant currency this was an 11% and 17% year on year increase. Looking ahead, CSL expects net profit after tax growth of 7% to 10% in FY 2020. This takes into account the one-off financial headwind of transitioning to a new model of direct distribution in China.
Computershare result.
Administration services company Computershare Limited (ASX: CPU) also released its full year results this morning. It posted a net profit of US$415.7 million on revenue of US$2.41 billion for the 12 months ended June 30. This was an increase of 38.5% and 4.8% respectively. The Computershare share price is down slightly at lunch.
Best and worst performers.
The best performer on the index today is the Aveo Group (ASX: AOG) share price with a gain of 5.5%. The retirement living company's shares surged higher after receiving a takeover approach. Going the other way is the Pact Group Holdings Ltd (ASX: PGH) share price with a decline of 16%. The packaging company's shares were crushed after the release of a bitterly disappointing full year result.
