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ASX 200 lunch time report: Bellamy’s, Flight Centre, & NAB lower

The S&P/ASX 200 index has returned from the public holiday and is trading lower at lunch. At the time of writing the benchmark index is down 0.1% to 6,377.9 points.

Here’s what has been happening on the market today:

Bank shares higher.

The majority of the big four banks look set to end the week on a positive note. Three of the big four banks are trading higher at lunch, with Westpac Banking Corp (ASX: WBC) shares leading the way with a gain of 0.3%. The only one heading lower is the National Australia Bank Ltd (ASX: NAB) share price with a 0.25% decline.

Flight Centre shares crash lower.

The Flight Centre Travel Group Ltd (ASX: FLT) share price has crashed 12.5% lower on Friday after the travel agent giant downgraded its full year guidance due largely to weakness in its Australian leisure business. Flight Centre now expects to post a disappointing 10% drop in earnings in FY 2019.

Bellamy’s sinks lower.

After a positive start to the day, the Bellamy’s Australia Ltd (ASX: BAL) share price has given back its gains and more. At lunch the infant formula company’s shares are down 3%. Investors may be taking profit after a stellar share price rally this week and a lukewarm response to its latest development by brokers.

Gold miners charge higher.

An increase in the gold price and a decreasing appetite for risk has led to Australia’s leading gold miners pushing higher on Friday. At lunch the Newcrest Mining Limited (ASX: NCM) share price is up 2.5% and the Saracen Mineral Holdings Limited (ASX: SAR) share price is 4.5% higher. This has helped take the S&P/ASX All Ords Gold index 2% higher on Friday.

Best and worst performers.

The best performer on the benchmark index on Friday has been the Saracen share price with a gain of 4.5%. Going the other way is of course the Flight Centre share price with its sizeable decline, followed by the Fortescue Metals Group Limited (ASX: FMG) share price with a decline of 4.5% following a pullback in iron ore prices.

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Motley Fool contributor James Mickleboro owns shares of Westpac Banking. The Motley Fool Australia owns shares of and has recommended Flight Centre Travel Group Limited. The Motley Fool Australia owns shares of National Australia Bank Limited. The Motley Fool Australia has recommended Bellamy's Australia. 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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