At lunch on Wednesday the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has given back its morning gains and sunk into the red. At the time of writing the index is down slightly at 5,873.2 points.
Here's what has been happening on the market today:
Banks edge lower again.
Australia and New Zealand Banking Group (ASX: ANZ), Commonwealth Bank of Australia (ASX: CBA), and the rest of the big four are down 0.5% at lunch. Investors appear to be nervous ahead of the Royal Commission final report release on Monday and are locking in their gains.
Iron ore surges higher.
The Fortescue Metals Group Limited (ASX: FMG) share price and the Rio Tinto Limited (ASX: RIO) share price have been strong performers on the ASX 200 today after iron ore prices surged higher again following the Vale disaster in Brazil.
GUD result disappoints.
The GUD Holdings Limited (ASX: GUD) share price has tumbled 14% lower after its half year results fell short of expectations. GUD reported half year net profit after tax of $29.3 million, up 3% from $28.4 million in the previous corresponding period. Although its Automotive business performed well, its Davey water products business was a drag on its result because of lower demand due to the droughts.
Airlines hit turbulence.
A disappointing trading update from Air New Zealand Limited (ASX: AIZ) has led to its share price and those of Qantas Airways Limited (ASX: QAN) and Virgin Australia Holdings Ltd (ASX: VAH) hitting a spot of turbulence today. Air New Zealand downgraded its earnings before tax guidance to $340 million to $400 million from the range of $425 million to $525 million. Air NZ shares are down 13%, Qantas is off 5%, and Virgin is down almost 3%.
Best and worst performers.
The Sandfire Resources NL (ASX: SFR) share price is the best performer on the ASX 200 at lunch with a 6% gain after its quarterly update impressed investors. Going the other way is the Syrah Resources Ltd (ASX: SYR) share price which is down 14.5% after the graphite miner's guidance disappointed the market.
