ASX 200 up 1.3%: CBA Q1 update, tech shares rebound, JB Hi-Fi sinks

Commonwealth Bank of Australia (ASX:CBA) and Xero Limited (ASX:XRO) shares are making waves on the ASX 200 on Wednesday…
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At lunch on Wednesday the S&P/ASX 200 Index (ASX: XJO) is on course to extend its winning run. The benchmark index is currently up 1.3% to 6,422.8 points.

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

Commonwealth Bank Q1 update.

The Commonwealth Bank of Australia (ASX: CBA) share price is pushing higher today after the release of its first quarter update. For the three months ended 30 September, the bank posted an unaudited net profit after tax of $1.8 billion. This was a 16% decline over the prior corresponding period. In addition to this, Commonwealth Bank revealed a sharp reduction in its COVID-19 temporary loan deferrals during October. The bank recorded a net reduction in total loan deferred facilities of 59% during the month, representing a monthly net reduction in deferred balances of ~$21 billion.

Tech shares rebound.

The Australian tech sector has rebounded on Wednesday after a horror showing on Tuesday. The likes of Altium Limited (ASX: ALU) and Xero Limited (ASX: XRO) are recording solid gains and helping to drive the S&P/ASX All Technology Index (ASX: XTX) 2% higher. One tech share that is still struggling today is Afterpay Limited (ASX: APT). Its shares are down slightly at lunch. Though, it is worth remembering that they have more than tripled year to date.

Gold miners sink lower again.

It has been another red day for gold miners such as Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST). Although the gold price has recovered from its Monday night selloff, it appears that investors are not in a rush to invest. With risk sentiment improving, funds have been piling into areas of the market that have underperformed in 2020.

Best and worst ASX 200 performers.

The best performer on the ASX 200 on Wednesday has been the Virgin Money UK CDI (ASX: VUK) share price with a 13% gain. The prospect of a working COVID-19 vaccine has given the UK-based bank a big boost. The worst performer is the JB Hi-Fi Limited (ASX: JBH) share price with a 5% decline. This morning the retailer’s shares were downgraded by analysts at Macquarie.

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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and recommends Altium. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Xero. The Motley Fool Australia owns shares of AFTERPAY T FPO. 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.

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