ASX 200 lunch time report: CBA, G8 Education, & Westpac lower

The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has given back its morning gains and is down 4 points to 6,157.1 points at lunch.

Here’s what has been happening on the ASX 200 on Thursday:

CBA shares drop lower.

The Commonwealth Bank of Australia (ASX: CBA) share price has dropped lower and is down 0.5% at lunch following the release of an update on its wealth management and mortgage broker businesses. According to the release, the bank has put its asset divestments on hold whilst it focuses on implementing the recommendations of the Royal Commission. Australia and New Zealand Banking Group (ASX: ANZ) and Westpac Banking Corp (ASX: WBC) shares have also dropped lower today.

Energy shares push higher.

Thanks to a rise in oil prices overnight after a surprise drawdown of U.S. inventories, Australian energy shares have pushed higher today. The Beach Energy Ltd (ASX: BPT) share price is leading the way with a solid 4.5% gain at lunch.

Corporate Travel slides.

The Corporate Travel Management Ltd (ASX: CTD) share price has dropped 1.5% lower after a late announcement on Wednesday revealed that its chairman Tony Bellas has disposed of 180,836 shares under a Family Court order. Whilst the reason appears understandable, the market may be disappointed by the late notice. The change was made a month ago and not revealed until yesterday, whereas the rules are for the notice to be filed within five business days.

Best and worst performers.

The best performer on the ASX 200 at lunch is the Lynas Corporation Ltd (ASX: LYC) share price with a gain of almost 5%. The rare earths producer’s shares have come under significant selling pressure over the last 12 months, possibly leading to bargain hunters swooping in today. In addition to this, there has been speculation in the Malaysian media that an operating licence might soon be granted to Lynas. Going the other way is the G8 Education Ltd (ASX: GEM) share price which has fallen 3%. A good portion of today’s decline is attributable to its shares trading ex-dividend this morning.

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Motley Fool contributor James Mickleboro owns shares of Westpac Banking. The Motley Fool Australia owns shares of and has recommended Corporate Travel Management 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.

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