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ASX 200 slides lower, A2 Milk surges, Gold Road sinks

The S&P/ASX 200 Index (ASX:XJO) fell 0.4% today. The share price of best performer A2 Milk Company Ltd (ASX:A2M) surged 7.5%.
The post ASX 200 slides lower, A2 Milk surges, Gold Road sinks appeared first on The Motley Fool Australia. –

ASX 200

The S&P/ASX 200 Index (ASX: XJO) went down 0.4% today to 6,762 points.

The ASX 200 started the day up around 1%, but steadily slid downwards to finish in the red.

Here are some of the highlights from the day:

Commonwealth Bank of Australia (ASX: CBA)

The CBA share price finished the day higher by 0.5% despite yesterday’s news that CBA’s subsidiaries would be facing legal proceedings by the Australian Securities and Investments Commission (ASIC).

Commonwealth Securities Limited (Commsec) and Australian Investment Exchange Limited (AUSIEX) are the two subsidiaries in question.

CBA said that the errors were reported to ASIC and that Commsec and AUSIEX have been working with ASIC.

ASIC has filed with the Federal Court and published on its website a statement of agreed facts and contraventions, recognising the co-operation of Commsec and AUSIEX and that they don’t intend to defend against the proceedings.

CBA stated that:

The proceedings relate to issues in respect of regulatory data requirements, trade confirmation requirements (primarily related to exchange traded options), best execution requirements and reconciliations of client monies. In addition, for CommSec only, the proceeding relate to issues in respect of brokerage payments, warrant agreement forms and automated order processing filters.

The issues arose from errors such as information technology system coding or systems issues, human error and/or data entry errors. The only issue where there was any direct financial loss to some customers was in relation to instances of brokerage overcharging.

Commsec disclosed that it has paid total remediation of $6.5 million, which is made up of refunds and other compensation payments to customers.

Big movements in the ASX 200

There were some large movers in the ASX 200.

The best performer in the ASX 200 was the A2 Milk Company Ltd (ASX: A2M) share price which went up around 7.5% today on no specific company news.

At the bottom of the ASX 200, the Gold Road Resources Ltd (ASX: GOR) share price dropped by around 8%. It wasn’t the only gold miner that suffered – the Northern Star Resources Ltd (ASX: NST) share price fell 4.3%, the Evolution Mining Ltd (ASX: EVN) share price dropped 3%, the Resolute Mining Limited (ASX: RSG) share price dropped 2.4% and the Silver Lake Resources Limited (ASX: SLR) share price fell 4.3%.

Another of the biggest declines in the ASX 200 today was buy now, pay later business Zip Co Ltd (ASX: Z1P) which fell around 6%.

Ansell Limited (ASX: ANN)

The Ansell share price initially reacted very positively to the announcement that it may start up its share buy back again.

The personal protection safety solutions business reminded investors that its share buyback was extended for 12 months commencing from 13 November 2020.

While Ansell hasn’t bought any shares recently, it told the market that it could restart buying back its shares under the buyback program from 5 March 2021, after the conclusion of dividend re-investment plan pricing period on 4 March 2021.

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Motley Fool contributor Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended A2 Milk. The Motley Fool Australia has recommended Ansell Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

The post ASX 200 slides lower, A2 Milk surges, Gold Road sinks appeared first on The Motley Fool Australia.

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