At lunch on Wednesday the S&P/ASX 200 Index (ASX: XJO) is on course to bounce back from yesterday’s decline. The benchmark index is currently up 0.5% to 6,632.8 points.
Here’s what has been happening on the market today:
Transurban reveals distribution plans.
The Transurban Group (ASX: TCL) share price is trading broadly flat on Wednesday following the release of an update on its distribution plans. The toll road giant revealed that it plans to pay an interim distribution of 15 cents per share. This is half the distribution it paid in the prior corresponding period. Looking ahead, it continues to anticipate that the full year distribution will be in line with free cash, excluding capital releases.
Smartgroup FY 2020 guidance.
The Smartgroup Corporation Ltd (ASX: SIQ) share price is surging higher today after the salary packaging and novated leasing company released its guidance for FY 2020. Smartgroup is expecting an adjusted net profit after tax before amortisation of $65 million. While this is down almost 20% from a year earlier, it is a lot better than many investors had feared.
Big four banks rise.
The big four banks are all performing positively on Wednesday and helping to drive the ASX 200 higher. The best performer in the group has been the Australia and New Zealand Banking GrpLtd (ASX: ANZ) share price. The banking giant’s shares are up a decent 0.6% at the time of writing after investor sentiment improved.
Best and worst ASX 200 performers.
The best performer on the ASX 200 on Wednesday has been the Smartgroup share price with an 8% gain following its guidance update. The worst performer has been the Ramelius Resources Limited (ASX: RMS) share price with a 4.5% decline. A number of gold miners have come under pressure on Wednesday after a pullback in the spot gold price.
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More reading
- Here’s what the Transurban (ASX:TCL) dividend will look like in 2021
- Why the Smartgroup (ASX:SIQ) share price has popped 7% higher
- Here’s how ASX 200 energy shares have performed in 2020 so far
- ASX miners put on alert as the iron ore price crashes overnight
- Why the Challenger (ASX:CGF) share price is one to watch today
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of Transurban Group. The Motley Fool Australia has recommended SMARTGROUP DEF SET. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
The post ASX 200 up 0.5%: Big four banks rise, Smartgroup guidance, Transurban distribution update appeared first on The Motley Fool Australia.
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