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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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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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