The benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is up by around 10 points today with gains realised by the big four banks offsetting BHP Billiton's (ASX: BHP) plunge.
The mining heavyweight is currently trading at a 2.4% discount compared to its closing price, following the release of its full-year results yesterday afternoon. The company failed to meet analysts' expectations of a 26% drop in profits for the full year to June 30 (instead reporting a 31% fall in in profit excluding one-off financial items). Investors are also not reacting well to the announcement of a further $2.6 billion of spending on the Jansen potash project, which the company deemed to be a good long-term prospect despite recent price falls.
The banks, on the other hand, are keeping the benchmark index afloat. NAB (ASX: NAB) has gained the most today, jumping 1.5%, ANZ (ASX: ANZ) is trading up 0.4%, Commonwealth Bank (ASX: CBA) has gained 0.9% and Westpac's (ASX: WBC) shares have appreciated 0.7%.
Meanwhile, Seek (ASX: SEK) and Asciano (ASX: AIO) are also up 2.5% and 1.7%, respectively, following their solid results.
Are you interested in our #1 dividend-paying stock? Discover The Motley Fool's favourite income idea for 2013-2014 in our brand-new, FREE research report, including a full investment analysis! Simply click here for your FREE copy of "The Motley Fool's Top Dividend Stock for 2013-2014."
More reading
- BHP reports, Jansen project to continue
- Suncorp profit falls 32%
- Why is this stock up 90% this year?
Motley Fool contributor Ryan Newman does not own shares in any of the companies mentioned in this article.
