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:
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.
The post ASX 200 (ASX:XJO) midday update: CBA impresses, Mineral Resources delivers a shocker appeared first on The Motley Fool Australia.
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More reading
- Mineral Resources (ASX:MIN) share price slides as lower iron ore prices bite
- Analysts forced to eat humble pie as CBA (ASX:CBA) share price soars 5%
- Computershare (ASX:CPU) share price jumps 12% after strong half and guidance upgrade
- 3 ASX tech shares to pounce on NOW while they’re cheap
- The ASX 200 just hit 3-week highs. What’s next?
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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