Australia’s share market, or the All Ordinaries Index (INDEXASX: XAO)(ASX: XAO), is currently down 1.26% at lunch.
One of the biggest reasons for the index’s poor performance this morning is Wesfarmers Ltd (ASX: WES), the retail conglomerate is down 1.26% after giving the market an update about the Coles demerger.
The demerger is expected to be completed in November 2018, with Wesfarmers retaining 15% of Coles and 50% of flybuys. Management said Coles will have net debt of about $2 billion to support a favourable credit rating. Coles will aim to have a dividend payout ratio of 80% to 90%.
The Australian Foundation Investment Co. Ltd. (ASX: AFI) share price is up 0.32% after announcing its FY18 result and it maintained its dividend.
However, investors weren’t so pleased with the news from aged care business Estia Health Ltd (ASX: EHE) which is down by 0.8% after appointing a new CEO.
The top performing ASX 200 share so far is Afterpay Touch Group Ltd (ASX: APT), it’s up a further 6% on last’s weeks large gains after its June 2018 update.