The S&P/ASX 200 index is on course to finish the week on a very positive note. At lunch the benchmark index is a sizeable 0.65% higher at 6,737.7 points.
Here's what has been happening on the local share market on Friday:
ResMed rockets.
The ResMed Inc. (ASX: RMD) share price has rocketed higher after smashing expectations with its first quarter result. The sleep treatment specialist reported a 17% jump in sales to US$681.1 million and a 16% lift in adjusted net profit to US$135.4 million. This compares very favourably to the consensus sales estimate of US$660.87 million.
Cleanaway disappoints.
The Cleanaway Waste Management Ltd (ASX: CWY) share price has crashed lower following the release of its annual general meeting update. This morning the waste management company warned that its first half profits would be flat on the prior corresponding period. This is due to a combination of lower economic activity, softness in commodity prices, and a reduction in local Queensland volumes. Management expects a stronger second half.
Bank shares push higher.
Australia's big four banks are on course to finish the week in a positive fashion. All four banks are pushing notably higher at lunch, with the National Australia Bank Ltd (ASX: NAB) share price leading the way. NAB's shares are up almost 0.7% at the time of writing.
Best and worst performers.
The best performer on the ASX 200 index on Friday has been the ResMed Inc. share price with its 10.5% gain. Investors have been scrambling to buy its shares after it smashed expectations with its quarterly result. Going the other way, the Cleanaway share price is the worst performer with a 14% decline. The next worst performer has been the Bingo Industries Ltd (ASX: BIN) share price with a decline of 5%. Cleanaway's AGM update appears to have spooked its rival's shareholders.
