Despite Wall Street pushing higher overnight, the S&P/ASX 200 Index has tumbled lower on Thursday. At lunch the benchmark index is down 0.4% to 6,196.9 points.
Here's what has been happening on the market today:
Bank of Queensland share price drops lower.
A disappointing half year result from Bank of Queensland Limited (ASX: BOQ) has led to its shares sinking lower on Thursday. At lunch the Bank of Queensland share price is down 5% after it reported an 8% decline in half year cash earnings and cut its interim dividend by 10% to 34 cents per share.
Bank shares lower.
The weak Bank of Queensland result appears to have spooked investors and led to the big four banks being sold off as well. All four big banks are in the red, with Westpac Banking Corp (ASX: WBC) the worst performer in the group with a decline of 1.3%.
IAG hit with proceedings.
The Insurance Australia Group Ltd (ASX: IAG) share price is down 0.5% at lunch after it advised that proceedings have been filed against it. The insurance giant revealed that it has been made aware of a representative proceeding filed by Johnson Winter & Slattery in the Federal Court of Australia against it and its subsidiary, Swann Insurance, on behalf of Jones Asirifi-Otchere.
Whitehaven Coal share price higher.
After a weak start to the day, the Whitehaven Coal Ltd (ASX: WHC) share price has bounced back and is 2.5% higher at lunch following the release of its quarterly update. Although the company delivered a reasonably weak quarter, it doesn't appear to have been as bad as some had expected.
Best and worst performers.
The best performer on the index on Thursday is the Speedcast International Ltd (ASX: SDA) share price with a gain of 3% on the back of no news. The worst performer on the ASX 200 at lunch is the Bank of Queensland share price which has fallen 5% after its disappointing half year result. Not far behind is the Sims Metal Management Ltd (ASX: SGM) share price which has dropped a further 4%. Investors don't appear convinced with the scrap metal company's growth plans.
