At lunch on Monday the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is off its lows but still down a sizeable 1.75% to 5,581.5 points.
Although all sectors are in the red at the time of writing, the biggest drags have arguably been the tech and financial sectors.
Here’s what’s been happening on the ASX 200 on Monday:
IOOF Holdings continues its slide.
The IOOF Holdings Limited (ASX: IFL) share price is down a further 7% at lunch. This means its shares have now lost 40% of their value since APRA advised that it is seeking Federal Court approval to disqualify three executives and two directors from the industry and have additional licence restrictions placed on it.
Telstra and TPG Telecom buy 5G spectrum.
Both Telstra Corporation Ltd (ASX: TLS) and TPG Telecom Ltd (ASX: TPM) have been busy buying 5G spectrum. Telstra demonstrated its 5G commitment by investing $386 million to secure 30-80 MHz nationwide in the 5G spectrum auction, whereas TPG Telecom and Vodafone’s joint venture paid $263.3 million for its spectrum.
Bank shares under pressure.
The Westpac Banking Corp (ASX: WBC) share price sank to a 52-week low on Monday after another selloff in the banking sector. The rest of the big four, Australia and New Zealand Banking Group (ASX: ANZ), Commonwealth Bank of Australia (ASX: CBA), and National Australia Bank Ltd (ASX: NAB), have also fallen heavily today after their U.S. counterparts were sold off on Wall Street on Friday.
Tech sector selloff.
Some of the worst performers on the market on Monday can be found in the tech sector. At lunch the Afterpay Touch Group Ltd (ASX: APT) share price is down 5%, the Altium Limited (ASX: ALU) share price has fallen 4.5%, and the WiseTech Global Ltd (ASX: WTC) share price is off 6%. Australian tech shares have followed the lead of the FAANG stocks which were sold off on Friday.
Best and worst performers.
The best performer on the ASX 200 at lunch is the Regis Resources Limited (ASX: RRL) share price which is up over 3%. Investors have been buying the gold miners and other safe haven assets to escape the selloff. Going the other way is the Inghams Group Ltd (ASX: ING) share price which is down 8%. Its shares are trading ex-capital return today.
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Motley Fool contributor James Mickleboro owns shares of Westpac Banking. The Motley Fool Australia owns shares of and has recommended Telstra Limited. The Motley Fool Australia owns shares of Altium, Appen Ltd, National Australia Bank Limited, and WiseTech Global. The Motley Fool Australia has recommended TPG Telecom 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.