At lunch the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is on course for a disappointing finish to the week.
With heavy declines being seen in the consumer staples and financial sectors, the ASX 200 is down 1.1% at noon.
Here's what has been happening on the ASX 200 on Friday:
Coca-Cola Amatil shares crash lower.
The Coca-Cola Amatil Ltd (ASX: CCL) share price has crashed lower and is down 12% at lunch. Investors have been hitting the sell button in a hurry after management warned that 2019 would be another "transitional year" for the beverage company. The company also announced the planned divestment of the SPC business.
Aristocrat Leisure shares continue lower.
Despite widespread support from brokers, the Aristocrat Leisure Limited (ASX: ALL) share price has continued to sink lower on Friday. Yesterday the gaming technology company reported its full year results. Although its growth was strong, it fell short of market expectations. A broker note reveals that Credit Suisse still classes its shares as a buy, but has reduced the price target on them to $30.00.
Orora shares climb on broker upgrade.
The Orora Ltd (ASX: ORA) share price has defied the market selloff today and climbed 3.5% higher. Its shares were upgraded by UBS today in response to yesterday's announcement relating to its acquisition of Pollock Packaging. UBS has a buy rating and $3.90 price target on Orora's shares.
Coles and Woolies lower on Amazon news.
Coles Group Ltd (ASX: COL) and Woolworths Group Ltd (ASX: WOW) shares have dropped lower today amid concerns that a price war with Amazon is brewing. According to the AFR, Amazon Australia is undercutting the supermarket giants by as much as 50% on household staples.
Best and worst performers.
The best performer on the ASX 200 at lunch is Emeco Holdings (ASX: EHL) share price which is up 3.5% to $2.72. On Thursday it completed its 10 to 1 share consolidation. Going the other way is the Coca-Cola Amatil share price which is 12% lower. The next worst performer is the GWA Group Ltd (ASX: GWA) share price which is down 4.5%. The building products supplier's shares are down on the back of no news.
