At lunch on Friday the S&P/ASX 200 Index (ASX: XJO) is on course to end the week on a positive note. The benchmark index is currently up 0.5% to 5,393 points.
Here's what has been happening on the market today:
Big four banks trading mixed.
It has been a mixed day of trade for the big four banks on Friday. At lunch two are pushing higher and two are dropping lower and weighing on the market. The best performer in the group is the Westpac Banking Corp (ASX: WBC) share price with a gain of 0.5%. In other news, this morning analysts at Macquarie resumed coverage on National Australia Bank Ltd (ASX: NAB) with an outperform rating and $17.00 price target. That hasn't stopped its shares from dropping lower today.
REA Group third quarter update.
The REA Group Limited (ASX: REA) share price is pushing higher today after the release of its third quarter update. The property listings company delivered a 1% increase in quarterly revenue to $199.8 million and an 8% lift in quarterly EBITDA to $119.6 million. This was despite a 7% decline in listings during the quarter. Listing volumes have continued to decline in the fourth quarter because of the pandemic, but the company is aiming to offset some of this. It is targeting a 20% reduction in fourth quarter operating expenses.
Macquarie declares final dividend.
The Macquarie Group Ltd (ASX: MQG) share price is storming higher after the release of its full year results. The investment bank recorded a $2,731 million full year profit, down 8% on the prior corresponding period. This decline was driven largely by COVID-19 related impairments. This didn't stop the bank from declaring a final $1.80 per share dividend. This brings its full year dividend to a total of $4.30 per share, which is down 25% on FY 2019's dividend.
Best and worst ASX 200 performers.
The best performer on the ASX 200 on Friday has been the REA Group share price with a sizeable 8% gain. This follows the release of a solid quarterly update. The worst performer has been the Alumina Limited (ASX: AWC) share price. It is down 3.5% at lunch after analysts at Credit Suisse downgraded its shares to neutral from outperform. This follows a downward revision to its alumina price forecasts.
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Motley Fool contributor James Mickleboro owns shares of Westpac Banking. The Motley Fool Australia owns shares of and has recommended Macquarie Group Limited. The Motley Fool Australia has recommended REA Group 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.
