At lunch on Thursday the S&P/ASX 200 index has bounced back from an earlier decline and is up 0.1% to 6,292.9 points.
Here's what has been happening on the market today:
Xero result impresses.
The Xero Limited (ASX: XRO) share price has stormed higher and is up over 9% at lunch following the release of its full year results. In FY 2019 Xero posted a 36% increase in operating revenue to $552.8 million and a 32% lift in Annualised Monthly Recurring Revenue (AMRR) to $638.2 million. This was driven by a 31% jump in total subscribers to 1.818 million and a modest rise in average revenue per user.
Telstra hits a 52-week high.
The Telstra Corporation Ltd (ASX: TLS) share price has continued its solid run on Thursday and reached a 52-week high of $3.50 this morning. Investors have been fighting to get hold of the telco giant's shares since the ACCC blocked the merger between TPG Telecom Ltd (ASX: TPM) and Vodafone Australia. This is expected to allow Telstra to cement its leadership position in 5G.
Westpac shares sink lower.
The Westpac Banking Corp (ASX: WBC) share price is down 4.5% to $25.70. The majority of this decline is attributable to the banking giant's shares trading ex-dividend this morning for its fully franked 94 cents per share interim dividend. This dividend will now be paid to eligible shareholders in around six weeks on June 24.
CSL rated as a buy.
The CSL Limited (ASX: CSL) share price has edged lower on Thursday despite being the subject of a positive broker note out of UBS. According to the note, the broker has retained its buy rating and lifted the price target on its shares to $223.00. UBS is positive on immunoglobulins growth and its Seqirus business.
Best and worst performers.
The best performer on the benchmark index on Thursday is the Xero share price with its 9% gain. After which, the next best performer is the oOh!Media Ltd (ASX: OML) share price which is up 5% following the release of its AGM presentation. The worst performer on the ASX 200 today is the McMillan Shakespeare Limited (ASX: MMS) share price which has fallen 5% despite there being no news out of the salary packaging company.
