S&P/ASX 200 Pre Market News

Companies and indices mentioned:
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Here are the headlines from the S&P/ASX 200 (INDEXASX: XJO)(ASX: XJO) and Australian finance circles on Wednesday morning.

But first, here are the data points:

Australian Dollar ($A) (AUDUSD): 74.17 US cents

Dow Jones (DJI): up 0.5%

Oil (WTI): $US69.13 per barrel

Gold: $US1,218 per ounce

Australian Investing News

Making finance news today, Commonwealth Bank of Australia (ASX: CBA) reported its full-year financial results this morning. In its ASX announcement, CBA revealed a profit of $10 billion and a 2 cents per share increase over its 2017 dividend.

Read our complete coverage of CBA’s announcement here.

Also making headlines, financial advisory business AMP Limited (ASX: AMP) published its half-year results to the market showing a 6% fall in revenue and a profit of $115 million — down 74% year over year. A half-year dividend of 10 cents per share will be paid.

Like CBA, AMP has been plagued by media scrutiny and pressure from consumers who want to end poor advice practices, including conflicted financial advice incentives. This culminated in an intense round of public hearings during the Royal Commission.

“Our first half results have demonstrated AMP’s resilience through a difficult period,” AMP’s acting CEO Mike Wilkins said.

“Headwinds remain for the second half of the year, but our focus is clear. We’ll continue to prioritise our customers, putting their interests first.”

Read more about AMP’s result here.

Also reporting today, gaming business Tabcorp Holdings Ltd (ASX: TAH) released its full-year results showing a 71% increase in revenue and a profit of $28.7 million. Tabcorp will pay a final dividend of 10 cents per share fully franked. During the year, Tabcorp combined with Tatts Group.

“FY18 was a company-defining year for Tabcorp,” Tabcorp CEO David Attenborough said. “The combination with Tatts has created a world-class, diversified gambling entertainment group with an attractive portfolio of market-leading brands across wagering, media, lotteries, Keno and gaming services.”

Read: Tabcorp’s Revenue Rockets 71%

Looking into its 2019 financial year, Mr Attenborough said integrating Tatts Group will be a key focus for his team, as well as new product initiatives. “We remain very focused on unlocking the benefits from the Tabcorp and Tatts combination for our many stakeholders,” he added.

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