At lunch on Friday the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is down 0.25% to 6,077 points due largely to declines in the energy and materials sectors.
Here’s what has been happening on the benchmark index so far today:
NAB shares in the red.
The National Australia Bank Ltd (ASX: NAB) share price is down 0.5% to $24.81 at lunch. The banking giant has certainly had an eventful 24 hours with the resignation of its CEO and chairman and the release of its first quarter update. The rest of the big four have pushed higher on Friday.
REA Group slide lower on results release.
The REA Group Limited (ASX: REA) share price is down 4% at the time of writing following the release of its half year results. Although the property listings company delivered an impressive 20% increase in first half profits, the company warned that its second half may be weaker due partly to the Federal election.
Telstra shares tipped as a buy.
The Telstra Corporation Ltd (ASX: TLS) share price has pushed higher on Friday following the release of a broker note out of Deutsche Bank. According to the note, the broker has initiated coverage on the telco giant’s shares with a buy rating and $3.70 price target. It believes Telstra can generate more than enough free cash flow to sustain its dividend.
Energy shares lower.
A decline in oil prices due to trade war concerns has led to many of Australia’s leading energy shares dropping lower today. At lunch the Beach Energy Ltd (ASX: BPT) share price and the Santos Ltd (ASX: STO) share price are down 7% and 4% respectively.
Best and worst performers.
The best performer on the ASX 200 at lunch is the Saracen Mineral Holdings Limited (ASX: SAR) share price with its 2.5% gain. Investors appear to be buying risk off assets due to concerns that the US-China trade war could reignite. Going the other way is the Beach share price with its 7% decline. Not far behind is the Webjet Limited (ASX: WEB) share price which has fallen 4.5% despite there being no news out of the online travel agent.
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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 Telstra Limited. The Motley Fool Australia owns shares of National Australia Bank Limited. The Motley Fool Australia has recommended REA Group Limited and Webjet Ltd. 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.
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