It has been another disappointing day of trade for the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO).
Heavy declines in the energy and materials sectors means that the benchmark index is down 0.6% to 5,798 points at lunch.
Here’s what has been happening on the ASX 200 on Wednesday:
Oil price declines weigh on the market.
The shares of BHP Billiton Limited (ASX: BHP) and Woodside Petroleum Limited (ASX: WPL) have weighed heavily on the ASX 200 today following sharp declines in oil prices overnight. Prices fell after OPEC downgraded its 2019 demand forecasts for the fourth time in as many months, leading to fears of a 2014-style supply glut.
Ramsay Health Care holds it AGM.
The Ramsay Health Care Limited (ASX: RHC) share price has pushed 2% higher on the day of its annual general meeting. This could be a bit of a relief rally after the private hospital operator reiterated its core EPS growth guidance of up to 2% in FY 2019.
DuluxGroup delivers $150.7 million full year profit.
The DuluxGroup Limited (ASX: DLX) share price has edged higher today after the paints and homewares company released its full year results. Dulux posted a 5.4% increase in net profit after tax to $150.7 million, allowing its board to declare a 28 cents per share full year dividend. Management expects further growth in FY 2019 despite the cooling housing market.
Corporate Travel Management shares continue their rebound.
Much to the relief of its shareholders, the Corporate Travel Management Ltd (ASX: CTD) share price has continued its rebound on Wednesday. The embattled corporate travel specialist’s shares are up 3.5% at lunch. Heavy insider buying at the end of last week appears to have led to improvements in investor sentiment.
ASX 200 best and worst performers.
The worst performer on the ASX 200 on Wednesday has been the Pact Group Holdings Ltd (ASX: PGH) share price. The packaging company’s shares are down 11.5% after it warned that first-half EBITDA is expected to be weaker than the prior corresponding period. The best performer on the index today has been the Washington H. Soul Pattinson and Co. Ltd (ASX: SOL). Its share price has risen 6% despite there being no news out of the investment house.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Corporate Travel Management Limited and Washington H. Soul Pattinson and Company Limited. The Motley Fool Australia has recommended Ramsay Health Care Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.