At lunch on Wednesday, the S&P/ASX 200 Index (ASX: XJO) is on form again and reaching new highs. The benchmark index is currently up 0.5% to 7,602.4 points.
Here's what has been happening on the ASX 200 on Wednesday:
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CBA delivers strong profit growth and $6 billion share buyback
The Commonwealth Bank of Australia (ASX: CBA) share price is pushing higher today after delivering a strong full year result. For the 12 months ended 30 June, the banking giant reported a 19.8% increase in cash earnings to $8,653 million. This compares to the analyst consensus estimate of $8,464 million. This strong form and its even stronger balance sheet allowed the bank to announce a $6 billion off-market share buyback.
IAG lower on FY 2021 results
The Insurance Australia Group Ltd (ASX: IAG) share price has given back its morning gains and is now trading lower. This follows the release of a mixed full year result by the insurance giant. IAG reported a 3.8% increase in gross written premium to $12,135 million but a net loss after tax of $427 million. The latter was driven by a range of one-offs. Excluding these one-offs, its cash earnings was up 170% to $747 million.
Computershare shares higher following full year results
The Computershare Ltd (ASX: CPU) share price is rising today after investors responded positively to its full year results. The stock transfer company reported an 0.8% decline in full year management revenue to US$2.3 billion and a 7.3% fall in management earnings per share to 52.03 US cents. The latter was just ahead of its guidance for an 8% decline. Looking ahead, management is guiding to a stronger year in FY 2022. It expects management earnings per share growth of 2%.
Best and worst ASX 200 performers
The best performer on the ASX 200 on Wednesday has been the IRESS Ltd (ASX: IRE) share price with a gain of over 5%. This follows the receipt of an improved takeover proposal. The worst performer on the ASX 200 has been the Megaport Ltd (ASX: MP1) share price with a 5% decline. This morning analysts at Ord Minnett downgraded the company's shares to a sell rating with a lower price target of $15.00. This follows the release of its FY 2021 results yesterday.
