The S&P/ASX 200 index has fought back from a weak start and is pushing 0.4% higher to 6,667.2 points at lunch.
Here’s what is happening on the market today:
Bank shares higher.
Australia’s big four banks have returned to form on Wednesday. All four banks are pushing higher at lunch, with the Commonwealth Bank of Australia (ASX: CBA) share price the best performer in the group with a gain of almost 0.5%.
The BHP Group Ltd (ASX: BHP) share price is up almost 1.5% at lunch after releasing a solid fourth quarter update. According to the update, a strong fourth quarter meant that BHP exceeded its full year production guidance for petroleum and achieved the revised guidance for both copper and iron ore.
Elders charges higher.
The Elders Ltd (ASX: ELD) share price has charged 13.5% higher after returning from its trading halt. This morning the agribusiness company’s shares returned after successfully raising $100 million from institutional investors to fund the acquisition of Australian Independent Rural Retailers (AIRR). AIRR is a member-based buying and marketing company for independent rural merchandise and pet and produce stores. Management expects the acquisition to be high accretive to earnings post synergies.
Domino’s shares are getting burnt.
The Domino’s Pizza Enterprises Ltd (ASX: DMP) share price has fallen 3.5% on Wednesday after its U.S. parent released a disappointing quarterly update overnight. Domino’s Pizza Inc. missed on both U.S. same store sales and international same store sales. Investors may believe this is an indication that the locally listed Domino’s has had a soft finish to the financial year.
Best and worst performers.
The best performer on the benchmark index today is the Elders share price thanks to its equity raising and acquisition plans. Not far behind was the Austal Limited (ASX: ASB) share price with an 10% gain after the shipbuilder released its guidance for FY 2020. Going the other way is the Mineral Resources Limited (ASX: MIN) share price with a 7% decline. This appears to have been sparked by general weakness in the battery materials industry.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Domino's Pizza Enterprises Limited and Elders 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