ASX 200 up 0.35%: Aristocrat FY 2020 results, big four banks higher, a2 Milk update

A2 Milk Company Ltd (ASX:A2M) and Aristocrat Leisure Limited (ASX:ALL) shares are making a splash on the ASX 200 on Wednesday…
The post ASX 200 up 0.35%: Aristocrat FY 2020 results, big four banks higher, a2 Milk update appeared first on Motley Fool Australia. –

ASX 200 shares

At lunch on Wednesday the S&P/ASX 200 Index (ASX: XJO) has continued its positive run and pushed higher again. The benchmark index is currently up 0.35% to 6,522.5 points.

Here’s what has been happening on the market today:

Aristocrat Leisure full year result.

The Aristocrat Leisure Limited (ASX: ALL) share price is pushing higher on Wednesday after the release of its FY 2020 results. The gaming technology company reported a 5.9% decline in operating revenue to $4,139.1 million and a 31.8% reduction in earnings before interest, tax, depreciation and amortisation (EBITDA) to $1,089.4 million. This was driven by headwinds from the COVID-19 pandemic. While no guidance has been given for the year ahead, management appears cautiously optimistic on its prospects.

A2 Milk Company AGM update.

The A2 Milk Company Ltd (ASX: A2M) share price has dropped lower today after the release of its annual general meeting update. The infant formula and fresh milk company has reaffirmed the guidance it provided in September. It continues to expect first half revenue of NZ$725 million to NZ$775 million and full year revenue of NZ$1.80 billion to NZ$1.90 billion. An EBITDA margin of ~31% is also expected. However, it has warned that its full year guidance is dependent on an improvement in the daigou channel and continued growth in its China label business.

Bank shares push higher.

The big four banks are all pushing higher today and are playing a key role in driving the ASX 200 higher. The best performer in the group has been the Commonwealth Bank of Australia (ASX: CBA) share price with a gain of almost 2%. Positive commentary on the housing market at the Australian Financial Review Banking & Wealth Summit appears to have given bank shares a lift.

Best and worst ASX 200 performers.

The best performer on the ASX 200 on Wednesday has been the Whitehaven Coal Ltd (ASX: WHC) share price with a 5.5% gain. This morning Goldman Sachs suggested that China will be buying Australian coal again in January/February. The worst performer has been the a2 Milk Company share price with a 3.5% decline following its AGM update.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended A2 Milk. 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 post ASX 200 up 0.35%: Aristocrat FY 2020 results, big four banks higher, a2 Milk update appeared first on Motley Fool Australia.

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