Earlier today I chatted to Australian Foundation Investment Company managing director Mark Freeman, who is hosting shareholder meetings today, with franking credit refunds high on the agenda.

He also says he hopes that ANZ and NAB will follow Westpac's lead in bringing forward dividend payments to the current financial year. While Westpac told me they were just being nice and giving shareholders their money more quickly, Mr Freeman believes the decision was directly related to the possibility of a change in franking credit policy.

"What [Westpac] are saying, is that if there is a change in government and a change in franking rules you can still get a refund on the franking for dividends received up to the 30th of June this year," he said.

"I presume the other [banks] are looking at it. You would hope. I guess [Westpac] have just looked it and said 'yep that's the right thing to do' and I would hope that the others are looking at it as well. Maybe it's just a matter of time".

Materials, information technology and energy stocks are out-performing the S&P/ASX 200 index today. Materials are up 0.9 per cent thanks to gains in BHP, Rio Tinto, Fortescue and South32. CSR is up 3 per cent, Mineral Resources is up 2 per cent.

The stocks doing badly in the materials sector today include Amcor, James Hardie, Evolution Mining, and Syrah Resources.

Within the information technology sector WiseTech is up 2.3 per cent to a four-week high of $23, Appen is up nearly 2 per cent to $23.59, and Technology One is up at a historical high ot $7.95.

Shares in Commonwealth Bank have dropped from $72.61 at 11.22am to $71.55 around 12.45pm. This is dragging on the rest of the market with CBA taking 4.2 points off the index.

Banking reporter Clancy Yeates says the bank this morning settled a long-running dispute with the Australian Tax Office over about $100 million in claims it had made for public support for research development, as part of an overhaul of the bank's technology

The settlement, the details of which were not disclosed, was hailed by the ATO as a "strong signal" to businesses that they cannot automatically claim the R&D tax incentive for digital transformation and software development costs. The matter was being viewed as a key test case, and it reportedly helped to spark an ATO crackdown on questionable claims, including some from technology start-ups.

CBA on Monday said it had reached a deal with the ATO and Innovation and Science Australia, a government advisory body, to withdraw from an appeal over claims for the 2012 and 2013 financial years. It did not reveal the size of the settlement, but said it would not have a "material" impact on the banking giant. The story will be online soon.

The S&P/ASX 200 is currently at 6171, or 4 points lower than its opening value. The index reached 6201 just before 12pm.

Suncorp is also dragging with a 2 per cent drop to $13.24 and Insurance Australia is down 1.6 per cent to $7.70. REA Group is being sold off and is down 4.4 per cent to $75.96.

Corporate Travel Management has just released a notice explaining why its chairman appears to have traded $4 million worth of shares within the blackout period before its half-year results. Last Monday, 11 March, its chairman, Tony Bellas, discovered that a parcel of 180,836 Corporate Travel shares worth $4.5 million were transferred from his joint superannuation account to one held by his former wife, Maria Bellas.

Last year the family court ordered the transfer of some assets to Maria Bellas, but the court order contained errors, according to a statement released to the market today in response to an ASX query. Mr Bellas signed documents facilitating the transfer of assets, expecting that to be held in escrow until the court order was corrected.

He subsequently found out the shares transferred on 14 February when the stock was worth $23.93. The problem is, the 14 February lies within Corporate Travel's black-out period leading up to its half-year results. On February 20 it reported strong growth and shares jumped 15 per cent to $28.81.

"CTM understands from Mr Bellas that the transfer of the shares occurred on 14 February 2019 without Mr Bellas' knowledge and contrary to his understanding that no transaction could occur before the error in the court order was corrected," Corporate Travel told the ASX. It is not taking any disciplinary or remedial action.

Blackmores appointed Christine Holman as a non-executive director this morning, taking the board to eight people. (Not to be confused with former chief executive Christine Holgate, who now heads up Australia Post). Blackmores shares are up 2.3 per cent today at $97.33. The stock is making its way back up to $100 after falling to a two-year low of $88.30 in February after releasing disappointing half-year results.

Ms Holman currently serves on the boards of WiseTech Global (currently up 2.8 per cent at a four-week high of $23.13)and CSR Limited (up 2.7 per cent at $3.40). She formerly worked at Telstra Broadcast Services.

Residential and business glass supplier, Metro Performance Glass, has reduced its guidance due to a period of bad customer service in 2018. It has reduced group earnings for the full year from $28 million $25 million and will likely make an non-cash impairment of between $7 million and $10 million on the intangible carrying value of its Australian assets. Full year results for the financial year ending 31 March will be out on 23 May. Shares last traded at 55 cents.

Metro's financial performance in New Zealand is in line with expectations and profit margins improved. But "Australian Glass Group has had a transformative but very disappointing year overall," chief executive Simon Mander told the market this morning. He said metro is improving customer service to win back trust of people "who were impacted by variable service levels in 2018".

"AGG primarily services the new detached housing and alterations and additions market segments in South East Australia, and accordingly are less exposed to the significant declines being seen in multi-residential approvals across Australia."

"While activity levels are anticipated to soften in AGG's target markets in 2019-20, AGG is well placed to benefit from a roadmap of legislative changes supporting increased penetration of double glazing in Australia over the medium to long term."

Read the full story from Simon Evans at the Financial Review here

Large block trades of Viva Energy are going through the broking desks of Macquarie and UBS this morning. So far 4.3 million shares have changed hands in three trades, all priced at $2.555.

And two blocks of 1.5 million of shares in Star Entertainment went through for $4.32 at 10:14am and for $4.33 at 11am.

The S&P/ASX 200 is up 15 points at 6190 currently with the materials sector outperforming.

Mystery this morning after Eclipx Group requested a trading halt until Wednesday morning pending the release of an announcement. Eclipx is currently the subject of a merger with McMillanShakespeare, which was first announced in November last year.

Following Eclipx request, McMillanShakeaspeare Group released a statement saying it "will consider it position in respect of the proposal to acquire Eclipx after reviewing that trading update. McMillanShakespeare continues to reserve all rights and will provide a further update when appropriate."

Australia's cashed-up iron ore producers are tipped to share the revenue boost from a hefty iron ore price with their shareholders, rather than going on a mergers and acquisitions spending spree. The global iron ore price, which now sits more than 35 per cent above some forecasts from just two months ago, at about $US84, is tipped to swell the dividends paid to shareholders when they next distribute profits.

"I don't think they [the miners] should look at that cash flow as being a permanent fixture. The balance sheets are good, paying it out makes sense," said Mathew Hodge, senior resources analyst with Morningstar.

"Using special dividends rather than buybacks is probably the way to go too, given where the share prices are, the kind of multiples these things are on and given what's underpinning those earnings. There's definitely some temporary factors," he said.

Read the full story from Darren Gray here

Morgans' agriculture analyst Belinda Moore has downgraded Elders from a 'hold' recommendation to 'reduce', and lowered her price target from $7.80 to $6.30. Shares in Elders have fallen for the past five sessions, from $6.49 on 7 March to $5.97 this morning.

"The impact of the prolonged East Coast drought, lower wool volumes and increased costs have caused Elders to flag a weak first-half of 2018-19 result and downgrade 2018-19 guidance," she wrote in a note to clients.

"We have made material downgrades to our forecasts. We now sit slightly below guidance noting that guidance includes a material improvement in the second half of 2018-19 which is not without risk given the weather outlook and steep fall in the cattle price. After severe share price weakness, we move to a HOLD recommendation (prev. REDUCE) and A$6.30 price target (prev. $7.80).