After a strong start to the week the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has given back its morning gains and is down 0.4% to 6,047.2 points at lunch.
Here’s what has been happening on the market on Monday:
Bank shares dragged lower.
Australia and New Zealand Banking Group (ASX: ANZ), Commonwealth Bank of Australia (ASX: CBA), and the rest of the big four banks are all down over 1% at lunch. A weak half year result by Bendigo and Adelaide Bank Ltd (ASX: BEN) could be to blame for these declines. Its shares are 4.5% lower at the time of writing.
JB Hi-Fi delivers solid half year result.
Although it has given back the majority of its early gains, the JB Hi-Fi Limited (ASX: JBH) share price is up 3% currently following the release of a solid half year result. The retailer saw half year sales rise 4.2% to $3,843.7 million and net profit after tax increase 5.5% to $160.1 million.
Estia Health boosted by aged care funding news.
The Estia Health Ltd (ASX: EHE) share price is up almost 6% at lunch. The aged care provider and its peers were given a boost at the weekend when the Federal Government announced that it would provide an additional $662 million in funding for aged care and senior Australians. Approximately $280 million is to be committed for 10,000 additional home care packages and $320 million will be allocated to aged care providers to help increase support.
Sigma higher on market update.
The Sigma Healthcare Ltd (ASX: SIG) share price has been a strong performer following the release of a market update. Following the conclusion of a business review, management revealed that it has identified a strong future underpinned by over $100 million in cost savings.
Best and worst performers.
Estia Health is the best performer on the ASX 200 at lunch with its 6% gain. Not far behind is Sigma Healthcare, closely followed by the Alumina Limited (ASX: AWC) share price with a 4% gain. Going the other way is the Spark Infrastructure Group (ASX: SKI) share price which has tumbled 7.5% lower. Investors have hit the sell button after Spark was forced to cut its dividend forecast and write down its South Australian electricity distribution business by $270 million after the Federal Court made an adverse decision on a dispute over tax payable from 2008 to 2011 by Victoria Power Networks.
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