At lunch on Wednesday the S&P/ASX 200 index has continued its positive run and is pushing higher. The benchmark index is currently up 0.5% to 7,090.5 points.
Here's what has been happening on the market today:
CBA delivers solid result.
The Commonwealth Bank of Australia (ASX: CBA) share price is pushing higher today after delivering a stronger than expected half year result. The banking giant reported cash earnings of $4,477 million for the six months ended December 31. Although this was down 4.3% on the prior corresponding period, it was higher than the consensus estimate of $4,405 million. A fully franked interim dividend of 200 cents per share was declared.
CSL upgrades guidance.
The CSL Limited (ASX: CSL) share price climbed to a record high this morning after the biotherapeutics company's half year result impressed the market. In constant currency, CSL delivered an 11% increase in revenue to US$4,980 million and an 11% increase in net profit after tax to US$1,248 million. Strong demand for immunoglobulins was a key catalyst for its growth. This strong half led to management increasing its profit guidance for FY 2020. It now expects growth of 10% to 13%, compared to prior guidance for 7% to 10% growth in FY 2020.
Blackmores downgrades guidance and suspends dividend.
The Blackmores Limited (ASX: BKL) share price is sinking lower today after downgrading its guidance and suspending its dividend. The health supplements company expects to report an underlying NPAT of $18 million in the first half. This represents a 47% decline on the prior corresponding period and falls short of its ~$21 million guidance. Unfortunately, things are set to go from bad to worse, with management forecasting a full year NPAT of just $17 million to $21 million.
Best and worst performers.
The best performer on the ASX 200 at lunch is the IDP Education Ltd (ASX: IEL) share price with a massive 25% gain. This follows the release of a strong first half result. The worst performer on the index by some distance is the Blackmores share price with its 15% decline following its disappointing trading update.
