The Motley Fool

ASX 200 lunch time report: Appen, Mayne Pharma, & NAB shares lower

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.

Need a lift after today's declines? Check out these top stocks which are too cheap to say no to.

NEW. Five Cheap and Good Stocks to Buy in 2019…

Our Motley Fool experts have just released a brand new FREE report, detailing 5 dirt cheap shares that you can buy today.

Stock #1 is an Australian internet darling with a rock solid reputation and an exciting new business line that promises years (or even decades) of growth… while trading at an ultra-low price…

Stock #2 is another high-growth business trading near a 52-week low all while offering a 4.7% grossed-up yield...

Plus 3 more cheap bets that could position you to profit over the next 12 months!

See for yourself now. Simply click the link below to scoop up your FREE copy and discover all 5 shares. But you will want to hurry – this free report is available for a brief time only.


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.

One ASX Stock For An Estimated $US22 Billion Marijuana Market

A little-known ASX company just unlocked what some experts think could be the key to profiting off the coming marijuana boom.

And make no mistake – it is coming. To the tune of an estimated $US22 billion.

Cannabis legalisation is sweeping over North America, and full legalisation arrived in Canada in October 2018.

Here’s the best part: we think there’s one ASX stock that’s uniquely positioned to profit immensely from this explosive new industry… taking savvy investors along for what could be one heck of a ride.

AND, this is the first time The Motley Fool Australia has EVER put a BUY recommendation on a marijuana stock.

Simply click below to learn more on how you can profit from the coming cannabis boom.

Click here to find out more