At lunch on Friday the S&P/ASX 200 Index (ASX: XJO) has returned to form and is pushing higher. The benchmark index is up 2.9% to 4,919.7 points at the time of writing.
Here's what has been happening on the market today:
Banks rebound.
The big four banks are all pushing notably higher on Friday and doing a lot of the heavy lifting on the S&P/ASX 200 Index. This follows a positive broker note out of Credit Suisse this morning which revealed buy ratings on three of the big four. The only share missing out was Commonwealth Bank of Australia (ASX: CBA), which the broker rates as neutral. The best performer in the group today is the National Australia Bank Ltd (ASX: NAB) share price with an 8% gain.
Telstra COVID-19 update.
The Telstra Corporation Ltd (ASX: TLS) share price has edged lower today after announcing a number of important measures as part of its contribution to the national economic stimulus response to the COVID-19 outbreak. These include putting on hold further job reductions, recruiting 1,000 temporary workers, bringing forward $500 million of capex, and suspending late payment fees and disconnections.
Premier Investments half year result.
The Premier Investments Limited (ASX: PMV) share price is storming higher after the release of the retail conglomerate's half year results. For the six months ended January 25, the company posted record sales of $732.1 million and a net profit after tax of $99.6 million. This was an increase of 7.6% and 12.2%, respectively on the prior corresponding period. This allowed the Premier Investments board to declare a record fully franked interim dividend of 34 cents per share.
Best and worst performers.
The best performer on the S&P/ASX 200 Index on Friday has been the CIMIC Group Ltd (ASX: CIM) share price with a 44% gain. This morning HOCHTIEF Australia revealed that it has increased its holding in the company to 74.13%. Going the other way is the Sonic Healthcare Limited (ASX: SHL) share price with a 9% decline. This follows the withdrawing of its guidance this morning due to potential coronavirus impacts.
