At lunch on Friday the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is on course to finish the week on a positive note.
Thanks to strong gains in the energy and healthcare sectors, the ASX 200 is up 0.8% at the time of writing.
Here's what has been happening on the benchmark index today:
APRA goes after IOOF Holdings.
The IOOF Holdings Limited (ASX: IFL) share price is down 34% at lunch after APRA advised that it is seeking Federal Court approval to disqualify three executives and two directors from the industry, including its chairman and managing director, for failing to act in the best interests of superannuation members. APRA is also aiming to have additional licence restrictions placed on IOOF. This development could have implications for IOOF's acquisition of the Australia and New Zealand Banking Group (ASX: ANZ) wealth business.
Adelaide Brighton downgrades full year guidance.
The Adelaide Brighton Ltd (ASX: ABC) share price is also on course to finish the week deep in the red. The integrated construction material and lime producing company's shares are down 9% at lunch after a slower than expected ramp up of a major South Australian infrastructure project led to management downgrading its full year earnings guidance.
Coles shares storm higher.
Investors have been driving the Coles Group Ltd (ASX: COL) share price higher again on Friday. The supermarket giant's shares are up 4% at lunch on the back of no news. However, its shares have been on a strong run this week after analysts at Macquarie upgraded them to an outperform rating with a $13.48 price target.
Best and worst performers on the ASX 200.
The best performer on the ASX 200 today has been the Origin Energy Ltd (ASX: ORG) share price with a gain of 4.5%. Investors have responded well to the energy company's investor day briefing. Going the other way, IOOF Holdings and Adelaide Brighton are the two worst performers. The next worst is the Janus Henderson Group PLC (ASX: JHG) share price which is off 5% on no news.
