The S&P/ASX 200 Index (INDEXASX: XJO) had a correction on Tuesday as it fell 19.50 points (0.29%) to 6,753.
This follows a big day of trade on Monday where the benchmark index climbed higher to hit a 3-month high.
Here's a quick daily wrap up for the rundown of everything that you missed on the ASX on Tuesday.
1. Nine Entertainment shares slump after update
The Nine Entertainment Co. Holdings Ltd (ASX: NEC) share price led the ASX 200 losers on Tuesday. Nine shares slipped 5.69% lower to $1.74 per share after a market update from the media group.
Nine predicted pro-forma earnings before interest, tax, depreciation and amortisation (EBITDA) growth to be in the mid-single digit range, down from 10% growth previously.
Lower free-to-air TV advertising revenue was the catalyst for the lower earnings with a particularly weak September quarter.
The potential for a weaker property market could also hurt the company's 1H FY 2020 revenue from its Domain.com.au business.
2. Commonwealth Bank update sees share price rise
The Commonwealth Bank of Australia (ASX: CBA) share price closed 0.97% higher at $80.83 per share on the ASX on Tuesday.
CBA shares gained after a solid Q1 2020 result from Australia's largest bank in yesterday's trade. CBA reported cash profit after tax up 5% to $2.3 billion while statutory quarterly profit came in at $3.8 billion for the September quarter.
3. Qantas shares hit an all-time high… again
The Qantas Airways Limited (ASX: QAN) share price continued to charge higher during yesterday's trade.
On Monday, Qantas shares hit an all-time high following its zero net carbon emissions pledge to shareholders. It was the same story on the ASX on Tuesday as Qantas shares climbed 1.61% to hit a fresh record high of $6.95 per share in the process.
Qantas shares are now up 20.49% in 2019 and have strong momentum behind them as we head towards the end of the year.
