It has been a bitterly disappointing day of trade for the Australian share market after the trade war between the United States and China intensified.
At lunch the benchmark index is off its lows but down a sizeable 1.2% to 6,224 points.
Here’s what has been happening on the market today:
Tech shares sinking.
Many of Australia’s most popular tech shares have been hit hard by today’s market volatility. At the time of writing the Appen Ltd (ASX: APX) share price and the WiseTech Global Ltd (ASX: WTC) share price are down 2.5% and 3.5%, respectively, but were down significantly more in morning trade. This has led to the S&P/ASX 200 Info Tech index sliding 1.9% lower today.
NAB shares drop lower.
The National Australia Bank Ltd (ASX: NAB) share price has been amongst the worst performers today with a decline of 5%. The majority of the banking giant’s decline can be attributed to its shares trading ex-dividend this morning for its fully franked 83 cents per share interim dividend. That dividend will be paid to eligible shareholders on July 3.
Gold miners surge higher.
Australian gold miners have surged higher today after the market volatility led to increased demand for safe haven assets. A couple of standouts are the Evolution Mining Ltd (ASX: EVN) share price and the Saracen Mineral Holdings Limited (ASX: SAR) share price which are up 8.5% and 4.5% at the time of writing. This strong form has led to the S&P/ASX All Ords Gold index rising 3.5% today.
Mayne Pharma update.
The Mayne Pharma Group Ltd (ASX: MYX) share price is down a massive 15.5% at lunch after the pharmaceutical company released a disappointing market update this morning. That update revealed that revealed that its key Generics Products segment has been struggling. During the first four months of the second half the segment has posted a 32% decline in revenue compared to the prior corresponding period.
Best and worst performers.
The best performer on the ASX 200 on Tuesday has unsurprisingly been a gold miner. The Evolution share price is leading the way with its gain of 8.5%. Going the other way is the Mayne Pharma share price with its 15.5% decline, followed some distance behind by the Bingo Industries Ltd (ASX: BIN) share price which has dropped over 5% lower on the back of no news.
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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of WiseTech Global. The Motley Fool Australia owns shares of Appen Ltd and National Australia Bank 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.