At lunch on Wednesday the S&P/ASX 200 Index (ASX: XJO) is on course to record a disappointing decline. The benchmark index is currently down 0.5% to 6,880.7 points.
Here's what has been happening on the market today:
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Westpac Q1 update impresses
The Westpac Banking Corp (ASX: WBC) share price is racing higher today. Investors have been buying the banking giant's shares after its first quarter update impressed. Westpac reported a quarterly cash profit of $1.97 billion for the three months ended 31 December. This was more than double the quarterly average it achieved during the second half of FY 2020. Another big positive was that Westpac has reversed some of its COVID impairments. The bank recorded an impairment benefit of $501 million in the period after the COVID-19 threat receded.
Coles disappoints
The Coles Group Ltd (ASX: COL) share price has come under pressure today following the release of its half year results. While Coles delivered a profit result ahead of expectations, its outlook appears to have spooked investors. CEO Steven Cain warned: "Depending on COVID-19, vaccine roll out and efficacy, and other factors, sales in the supermarket sector may moderate significantly or even decline in the second half of FY21 and into FY22."
Domino's delivers
The Domino's Pizza Enterprises Ltd (ASX: DMP) share price hit a record high this morning after investors responded very positively to its first half results. The pizza chain operator delivered a 16.5% increase in total global food sales to $1.84 billion and a 32.3% EBIT jump to $153 million. This was driven by strong same store sales growth and new store openings. Pleasingly, management is confident on the second half. CEO and Managing Director, Don Meij, said the company intends "to significantly outperform this strong result in the Second Half."
Best and worst ASX 200 performers
The EML Payments Ltd (ASX: EML) share price is the best performer on the ASX 200 today with a 13% gain. This follows the release of its half year results, which revealed strong revenue and profit growth. The worst performer has been the Zip Co Ltd (ASX: Z1P) share price with a 12% decline. This appears to have been driven by profit taking after some incredible gains in recent weeks.
