At lunch on Thursday the S&P/ASX 200 Index (ASX: XJO) is on course to record a very strong gain.
This has been driven by improving investor sentiment thanks to positive data from Gilead Sciences' remdesivir coronavirus trial. The benchmark index is currently up 1.2% to 5,456.7 points.
Here's what is happening on the market today:
ANZ defers interim dividend.
The Australia and New Zealand Banking Group (ASX: ANZ) share price has dropped lower today after the release of its half year result. ANZ posted a 60% decline in half year cash earnings to $1.41 billion due largely to credit impairment charges of $1.674 billion. The bank has also decided to defer its interim dividend decision until a later date. In made the move due to the uncertainty caused by the coronavirus pandemic.
Woolworths third quarter update.
The Woolworths Group Ltd (ASX: WOW) share price is trading lower on Thursday following its third quarter update. Although the retail conglomerate reported a sizeable 11.3% increase in Australian food sales to $11.2 billion, this was a touch short of expectations. In addition to this, the company warned that its costs were increasing due to the hiring of 22,000 extra staff for its supermarkets.
Newcrest equity raising.
The Newcrest Mining Limited (ASX: NCM) share price is in a trading halt today while it undertakes a $1.1 billion equity raising. The gold miner is raising $1 billion via a fully underwritten institutional placement at a 7% discount of $27.54 per new share. It will then seek to raise up to $100 million via a share purchase plan. The proceeds will be used to fund its future growth.
Best and worst ASX 200 performers.
The best performer on the ASX 200 on Thursday has been the Credit Corp Group Limited (ASX: CCP) share price with an 18% gain. This follows the successful completion of its fully underwritten institutional placement to raise $120 million. These funds will be used to strengthen its balance sheet and pursue debt purchasing opportunities. The worst performer has been the Netwealth Group Ltd (ASX: NWL) share price with a 4.5% decline on no news.
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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Netwealth. The Motley Fool Australia owns shares of Woolworths 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.
