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3 things you missed on the ASX on Tuesday

Kenneth Hall

The S&P/ASX 200 Index (INDEXASX: XJO) had a correction on Tuesday as it fell 19.50 points (0.29%) to 6,753.

This follows a big day of trade on Monday where the benchmark index climbed higher to hit a 3-month high.

Here’s a quick daily wrap up for the rundown of everything that you missed on the ASX on Tuesday.

1. Nine Entertainment shares slump after update

The Nine Entertainment Co. Holdings Ltd (ASX: NEC) share price led the ASX 200 losers on Tuesday. Nine shares slipped 5.69% lower to $1.74 per share after a market update from the media group.

Nine predicted pro-forma earnings before interest, tax, depreciation and amortisation (EBITDA) growth to be in the mid-single digit range, down from 10% growth previously.

Lower free-to-air TV advertising revenue was the catalyst for the lower earnings with a particularly weak September quarter.

The potential for a weaker property market could also hurt the company’s 1H FY 2020 revenue from its business.

2. Commonwealth Bank update sees share price rise

The Commonwealth Bank of Australia (ASX: CBA) share price closed 0.97% higher at $80.83 per share on the ASX on Tuesday.

CBA shares gained after a solid Q1 2020 result from Australia’s largest bank in yesterday’s trade. CBA reported cash profit after tax up 5% to $2.3 billion while statutory quarterly profit came in at $3.8 billion for the September quarter.

3. Qantas shares hit an all-time high… again

The Qantas Airways Limited (ASX: QAN) share price continued to charge higher during yesterday’s trade.

On Monday, Qantas shares hit an all-time high following its zero net carbon emissions pledge to shareholders. It was the same story on the ASX on Tuesday as Qantas shares climbed 1.61% to hit a fresh record high of $6.95 per share in the process.

Qantas shares are now up 20.49% in 2019 and have strong momentum behind them as we head towards the end of the year.

The post 3 things you missed on the ASX on Tuesday appeared first on Motley Fool Australia.

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Motley Fool contributor Kenneth Hall has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Nine Entertainment Co. 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.

The Motley Fool's purpose is to help the world invest, better. Click here now for your free subscription to Take Stock, The Motley Fool's free investing newsletter. Packed with stock ideas and investing advice, it is essential reading for anyone looking to build and grow their wealth in the years ahead. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson. 2019