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S&P/ASX 200 down 0.5% at lunch, BOQ result disappoints

Bank of Queensland shares are down 4.3% at lunch following its half year results.

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S&P 500 Index was up 0.35% and the Nasdaq Composite was up 0.69% last night

S&P/ASX 200 (INDEXASX:XJO) has been under pressure since the open today, down 0.5% or 31 points lower to 6,193 early afternoon.

Both the S&P 500 Index (INDEXSP:.INX) and the Nasdaq Composite (INDEXNASDAQ:.IXIC) finished higher last night but Asian markets have not followed.

This morning’s biggest news includes Bank of Queensland Ltd (ASX:BOQ) releasing their half year results and a federal election announced for May 18, 2019.

 

Bank of Queensland disappoints

On face value, BOQ’s result today was in line with its recently given guidance around cash earnings and net interest margin.

Perhaps it was the first half dividend being cut that unnerved investors, the 34 cent fully franked dividend was 4 cents lower than the prior corresponding period.

Morgan Stanley had flagged this risk recently in a research note.

Federal election called

Prime Minister Scott Morrison visited the Governor-General Sir Peter Cosgrove this morning to trigger an election next month on May 18.

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