The ASX200 is facing a slight downturn today, dropping around a quarter of a per cent.
Energy stocks are feeling the pinch, down just over one and a quarter per cent, while communications bucks the trend with a gain of about 1.4 per cent.
As reporting season continues to roll on – we’ll have full coverage of some of the biggest companies’ earnings.
Plus, breaking news: the Australian Competition Tribunal has authorised ANZ Group’s acquisition of Suncorp Group’s banking business. We’ll have more details on that coming up.
In this bulletin, we’ll also look at news from BHP Group, Judo Capital, and Megaport.
Big four bank ANZ (ASX:ANZ) is down more than three per cent despite news the Australian Competition Tribunal has given the go-ahead for its proposed $4.9 billion acquisition of Suncorp Group’s banking business.
The takeover bid, however, still requires a sign-off from the Queensland Parliament and Federal Treasurer Jim Chalmers.
While ANZ was down on the news, Suncorp Group was trading up nearly six per cent.
ANZ has been trading at $27.44; SUN has been trading at $15.30.
Australia’s biggest stock BHP Group (ASX:BHP) is down just over half a per cent on its half-yearly results.
BHP’s profits tumbled 86 per cent to A$1.42 billion – despite revenue climbing six per cent to A$41.82 billion.
The company has also cut its dividend for 1H FY24 to A$1.1 vs A$1.38 in the previous corresponding period.
BHP has been trading at $45.77.
Australian bank Judo Capital (ASX:JDO) is down half a per cent on announcing its CEO of seven years, Joseph Healy, is resigning.
He will be succeeded by Chris Bayliss, Judo’s current Deputy CEO and Chief Relationship Officer, who will assume the role from next month.
The bank also posted strong results for the first six months of FY24 – reporting a 24 per cent increase in profit before tax (PBT) to $67 million.
Judo Capital also showed net lending growth of $800 million, three times the system business credit growth.
However, despite the strong results for H1FY24, investors must have been more concerned about the CEO’s resignation.
JDO has been trading at $1.19.
And internet connection provider Megaport (ASX:MP1) is down despite posting strong half-year results.
The company reported half-year revenue of $95 million, which is up 35 per cent from 1H FY23.
Its EBITDA was also up 785 per cent from H1 FY23 to $30.1 million.
MP1 has been trading at $13.70.
