At lunch on Monday the S&P/ASX 200 Index (ASX: XJO) is on course to start the week on a disappointing note. At the time of writing the benchmark index is down 1.45% to 5,408 points.
Here's what has been happening on the market today:
NAB takes $1.14 billion earnings hit.
The National Australia Bank Ltd (ASX: NAB) share price is down 1.5% at lunch after revealing that its half year earnings would be impacted by several charges totalling $1.14 billion after tax. These charges related to an increase in provisions for customer remediation, its software capitalisation policy, and an impairment to its investment in MLC Life.
Metcash announces equity raising.
The Metcash Limited (ASX: MTS) share price isn't going anywhere today after being placed in a trading halt this morning. The wholesale distributor requested the halt whilst it undertakes an equity raising of up to $330 million. This comprises a $300 million fully underwritten institutional placement and a non-underwritten share purchase plan of up to $30 million. These funds will be used for working capital, its MFuture growth program, and three bolt-on acquisitions.
Sydney Airport traffic collapses and distribution scrapped.
The Sydney Airport Holdings Pty Ltd (ASX: SYD) share price has dropped lower on Monday after releasing an update on its latest traffic numbers. The airport operator reported a 45.1% decline in passenger numbers in March. Passenger numbers have continued to deteriorate in April. For the first 16 days of April, provisional data indicates a 96.1% decrease in International passenger traffic and a 97.4% decrease in Domestic passenger traffic. In light of this, the company has decided to conserve cash and not declare an interim distribution for FY 2020.
Best and worst ASX 200 performers.
The best performer on the ASX 200 on Monday has been the Domain Holdings Australia Ltd (ASX: DHG) share price with a 3.5% gain. This is despite there being no news out of the property listings company. The worst performer is the Caltex Australia Limited (ASX: CTX) share price with an 8.5% decline. This follows news that Alimentation Couche-Tard has withdrawn its takeover offer.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Sydney Airport Holdings Limited. 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.
