At lunch on Friday the S&P/ASX 200 Index (ASX: XJO) has given back its morning gains and is trading flat. The benchmark index is currently at 6,120.4 points.
Here’s what is happening on the market today:
Suncorp FY 2020 results.
The Suncorp Group Ltd (ASX: SUN) share price is racing higher on Friday after the release its full year results. The insurance and banking giant’s cash earnings came in at $749 million in FY 2020, down 32.8% on the prior corresponding period. This didn’t stop the company from paying its shareholders a final dividend. Suncorp has declared a final fully franked 10 cents per share dividend. This lifts its full year dividend to 36 cents per share.
A2 Milk acquisition.
The A2 Milk Company Ltd (ASX: A2M) share price is on the rise today after announcing a non-binding indicative offer to acquire a 75.1% interest in Mataura Valley Milk for NZ$270 million. Mataura Valley Milk is a New Zealand dairy nutrition business. If the deal completes successfully, the infant formula company plans to establish blending and canning capacity at Mataura’s facility in the future.
TPG Telecom half year results.
The TPG Telecom Ltd (ASX: TPG) share price is edging higher today following the release of its half year results. Given the timing of the merger (and despite the company name), these results are predominantly based on the Vodafone Australia business and include a contribution of only four days from the original TPG business. TPG Telecom reported a net profit after tax of $83 million. This includes a $226 million one-off, non-cash credit to its tax expense.
Best and worst ASX 200 shares.
The best performer on the ASX 200 on Friday has been the Star Entertainment Group Ltd (ASX: SGR) share price with an 8.5% gain. This morning Credit Suisse upgraded its shares to an outperform rating with a $3.60 price target. The worst performer has been the IPH Ltd (ASX: IPH) share price with a 4% decline. This follows a lukewarm response to its full year results on Thursday.
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More reading
- Why a2 Milk, Coca-Cola Amatil, Star, & Suncorp shares are charging higher
- TPG Telecom share price higher following half year update
- Meet the latest ASX stock that’s more than doubled its full year COVID-19 earnings
- Mayne Pharma share price on watch as earnings slump 27%
- Why these Charter Hall REITs are outperforming in FY20
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of A2 Milk. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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