At lunch on Thursday the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has bounced back from a soft start and pushed higher. At the time of writing the benchmark index is up 0.25% to 6,079.4 points.
Here's what has been happening on the market today:
Telstra cuts its dividend.
The Telstra Corporation Ltd (ASX: TLS) share price is down 0.5% at lunch following the release of its half year results. As was widely expected by the market, the telco giant trimmed its interim dividend from 11 cents per share to 8 cents per share. A sharp decline in profits due largely to NBN margin impact was the catalyst for the move.
Magellan shares surge higher.
One of the best performers on the index today has been the Magellan Financial Group Ltd (ASX: MFG) share price. The fund manager's shares are up 8% after posting half year adjusted net profit after tax growth of 62% to $176.3 million. This was driven by a 35% increase in average funds under management to $72.1 billion.
AMP shares sink lower.
The AMP Limited (ASX: AMP) share price is down 4% after the financial services company released soft full year results this morning. AMP reported a 55% decline in revenue from ordinary activities to $8,286 million and a massive 97% decline in net profit to $28 million. The embattled company's profits were wiped out by the negative impact of the Royal Commission.
Suncorp profits hit by natural disaster claims.
The Suncorp Group Ltd (ASX: SUN) share price has tumbled 3.5% lower following the release of its half year results. The insurance and banking giant grew its top line by a solid 3.75% during the half, but saw profits decline 44.7% on the prior corresponding period due largely to natural disaster claims.
Best and worst performers.
The best performer on the ASX 200 at lunch has been the Breville Group Ltd (ASX: BRG) share price with its 17% gain. Investors have been fighting to get hold of its shares after it posted a 19.7% increase in half year profit after tax to $43.5 million. Not far behind is the Cleanaway Waste Management Ltd (ASX: CWY) share price with its 10% gain after announcing a strong first half result. Going the other way is the Unibail-Rodamco-Westfield (ASX: URW) share price which has fallen 9% following a weak first half.
