At lunch on Thursday the S&P/ASX 200 Index (ASX: XJO) is on course to record its second consecutive daily decline. The benchmark index is currently down 0.55% to 5,355.4 points.
Here's what has been happening today:
Big four banks weigh on the ASX 200.
Once again the big four banks are weighing heavily on the ASX 200. At lunch all four banks are trading notably lower. Investors may be nervous ahead of next week's third quarter update by Commonwealth Bank of Australia (ASX: CBA). The worst performer in the group is the Australia and New Zealand Banking Grp Ltd (ASX: ANZ) share price with a 1.7% decline.
Virgin Money charges higher.
Not all banks are dropping lower, though. The Virgin Money UK PLC (ASX: VUK) share price is charging higher today after the market responded positively to its interim results. Although the UK-based bank posted a 58% decline in underlying profit on ordinary activities before tax to £120 million, this was driven largely by a COVID-19 impairment charge of £164 million. Excluding impairment charges, the bank would have posted a 3% decline in operating earnings. No interim dividend was declared.
Corporate Travel Management update.
The Corporate Travel Management Ltd (ASX: CTD) share price is dropping lower today after the release of a market update. The corporate travel specialist revealed that its existing lender has waived all financial covenants for calendar year 2020. As of today, the company is in a net cash position of approximately $30 million (net of client cash). It believes this and its debt facility leave it in a strong liquidity position and well placed to rebound once travel resumes.
Best and worst ASX 200 performers.
The best performer on the ASX 200 on Thursday has been the Virgin Money UK share price with a gain of almost 7%. Investors appear to have been expecting a far worse interim result from the British bank. The worst performer has been the ALS Ltd (ASX: ALQ) share price with a 6.5% decline. This morning analysts at Ord Minnett retained their hold rating but slashed their price target down to $7.00 following its trading update on Wednesday.
One "All In" ASX Buy Alert, that could be one of our greatest discoveries
Investing expert Scott Phillips has just named what he believes is the #1 Top "Buy Alert" after stumbling upon a little-owned opportunity he believes could be one of the greatest discoveries of his 25 years as a professional investor. This under-the-radar ASX recommendation is virtually unknown among individual investors, and no wonder. What it offers is an utterly unique strategy to position yourself to potentially profit alongside some of the world's biggest and most powerful tech companies. Potential returns of 1X, 2X and even 3X are all in play. Best of all, you could hold onto this little-known equity for DECADES to come
Simply click here to see how you can find out the name of this 'all in' buy alert… before the next stock market rally.
Returns as of 6/5/2020
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Corporate Travel Management 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.
