ASX 200 lunch update: TPG & Westpac higher, Jumbo lower

Jumbo Interactive Ltd (ASX:JIN), TPG Telecom Ltd (ASX:TPM), and Westpac Banking Corp (ASX:WBC) shares are on the move on the ASX 200 on Thursday…

a woman

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

At lunch on Thursday the S&P/ASX 200 index has returned to form and is racing higher. At the time of writing the benchmark index is up 1.8% to 6,438.4 points.

Here's what has been happening on the market today:

TPG Telecom results.

The TPG Telecom Ltd (ASX: TPM) share price is charging higher today after delivering a solid half year result and upgrading its guidance. TPG Telecom posted a 1% increase in revenue to $1,246.5 million and a 6% decline in underlying EBITDA to $399.1 million. This stronger than expected first half led to management upgrading its BAU EBITDA guidance to be in the range of $775 million to $785 million. This compares to its previous guidance of $735 million to $750 million.

ACCC won't appeal TPG-Vodafone Australia merger decision. 

Also boosting the TPG Telecom share price today was news that the ACCC will not appeal the Federal Court's decision to approve the merger between it and Vodafone Hutchison Telecommunications (Aus) Ltd (ASX: HTA). The competition watchdog concluded that it does not have grounds for appeal. ACCC Chair Rod Sims said: "The ACCC remains disappointed by this outcome, which has closed the door on what we consider was a once in a generation chance for increased competition in the highly concentrated mobile telecommunications market."

Bank shares higher.

The big four banks have rebounded from yesterday's selloff and are all pushing higher at lunch. However, the majority of the banks have failed to push anywhere near as strongly as the market as a whole. This could be an indication that investors are still a little uncertain over their prospects following the rate cut. The best performer in the group at the time of writing is the Westpac Banking Corp (ASX: WBC) share price with a 1% gain.

Best and worst performers.

The best performer on the ASX 200 at lunch is the TPG Telecom share price with its gain of 8%. This follows its half year update and the ACCC's decision not to appeal the Federal Court's merger decision. The worst performer on the index today has been the Jumbo Interactive Ltd (ASX: JIN) share price with a decline of 4%. Some of this decline is attributable to its shares trading ex-dividend this morning for its fully franked 18.5 cents per share interim dividend.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on Share Market News

a man sits back from his laptop computer with both hands behind his head feeling happy to see the Brambles share price moving significantly higher today
Industrials Shares

Up 39% in a year, is there more growth to come for this ASX 200 share?

IML Equity Analyst Josh Freiman shares his views on a major ASX 200 industrial stock.

Read more »

Man looking at his grocery receipt, symbolising inflation.
Share Market News

What the latest US inflation print means for ASX 200 investors

The ASX 200 is likely to benefit if the US Fed cuts interest rates again in December. But will it?

Read more »

guy helping girl invest in shares and dividends
Opinions

5 ways for investors buying ASX shares to stay focused during economic uncertainty

AMP Chief Economist, Dr Shane Oliver, offers advice on how to handle the Trump factor.

Read more »

A worried man holds his head and look at his computer.
Share Fallers

Why Graincorp, Light & Wonder, Orica, and Wildcat shares are falling today

These shares are having a tough time on Thursday. But why?

Read more »

A young women pumps her fists in excitement after seeing some good news on her laptop.
Share Gainers

Why Catapult, Flight Centre, Nufarm, and Xero shares are storming higher today

These shares are having a strong session on Thursday. But why? Let's find out.

Read more »

A male investor sits at his desk looking at his laptop screen holding his hand to his chin pondering whether to buy Macquarie shares
Opinions

1 ASX growth stock down 30% I'd buy right now

This international business is growing core earnings at a strong rate.

Read more »

Concept image of a man in a suit with his chest on fire.
Record Highs

How long can the CBA share price keep this up?

Australia's biggest bank is running hot. Does it make any sense?

Read more »

Four people on the beach leap high into the air.
Broker Notes

4 ASX All Ords shares offering 10% to 30% annual growth: brokers

These ASX All Ords stocks have caught the eye of brokers this week.

Read more »