The benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has followed the lead of U.S. markets and dropped lower on Tuesday. At lunch it is down 1.65% to 5,843.4 points.
The financial and information technology sectors have been the biggest drags on the market, with only the utilities sector in positive territory at the time of writing.
Here are a few highlights from trade on the ASX 200 on Tuesday:
Federal Court rejects Westpac's $35 million penalty.
The Westpac Banking Corp (ASX: WBC) share price is down 5.5% at lunch. While a good portion of this decline can be attributed to its shares going ex-dividend this morning, news that the Federal Court has rejected the $35 million settlement negotiated by the bank and ASIC has added to its woes. A penalty of $100 million has previously been suggested as being more appropriate.
Elders reverses its gains.
On Monday the Elders Ltd (ASX: ELD) share price was the best performer on the ASX 200, wheres today it is the worst performer and down 11.5% at lunch. News that Morgans has downgraded the agribusiness company's shares to a reduce rating with a $7.80 price target appears to be the catalyst for this decline. Morgans felt its shares were fully valued.
Incitec Pivot results disappoint.
Also sinking notably lower today is the Incitec Pivot Ltd (ASX: IPL) share price after its full year results disappointed the market. The industrial explosives company reported a full year profit of $207.9 million, down 34.8% on the prior corresponding period. This was largely down to the previously announced first-half impairment against its explosives services business. Management also warned that high gas prices could be a challenge in FY 2019.
Best and worst performers.
Not all shares have sunk lower today. The best performer on the ASX 200 so far today has been the AGL Energy Limited (ASX: AGL) share price. It is up 1.5% as investors rotate to risk off assets. The worst performer is the Elders share price with its 11.5% decline, closely followed by Incitec Pivot, Westpac, and the Afterpay Touch Group Ltd (ASX: APT) share price which has fallen a further 5.5%.
