The S&P/ASX 200 index has been unable to build on yesterday’s strong gain and finds itself trading 0.2% at 6,463.5 points at lunch.
Here’s what has been happening on the market today:
Bank shares rise.
Improving investor sentiment and demand for fully franked dividends has sent Australia’s big four banks higher again on Tuesday. Commonwealth Bank of Australia (ASX: CBA) and Westpac Banking Corp (ASX: WBC) shares are leading the way this afternoon with gains of ~1.5% each.
Tech shares under pressure.
One of the worst performing areas of the market on Tuesday has been the tech sector. Google’s Huawei ban appears to have spooked investors and has left the S&P/ASX 200 Info Tech index trading 3% lower at lunch. Appen Ltd (ASX: APX) and WiseTech Global Ltd (ASX: WTC) shares have both dropped 2.5%.
Technology One guidance underwhelms.
Another big drag on the Australian tech sector has been the Technology One Limited (ASX: TNE) share price. It dropped as much as 11.5% after releasing its half year results this morning. Although the company’s result was strong, its full year guidance appears to have fallen well short of expectations.
James Hardie impresses.
The James Hardie Industries plc (ASX: JHX) share price has stormed 4.5% higher following the release of a strong full year result this morning. James Hardie posted a 22% increase in revenue to US$2.51 billion and a 57% increase in net operating profit to US$228.8 million.
Best and worst performers.
The best performer on the S&P/ASX 200 index at lunch is the Lynas Corporation Ltd (ASX: LYC) share price with a gain of 10.5%. The market has responded very positively to its “Lynas 2025” plan which was revealed at its investor day. Going the other way is the Technology One share price which is down 8.5% at lunch, closely followed by the Computershare Limited (ASX: CPU) share price which has fallen 8% despite reaffirming its management earnings per share growth guidance of 12.5% in FY 2019.
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James Mickleboro owns shares of Westpac Banking. 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. The Motley Fool Australia has recommended Computershare. 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.