At lunch on Friday the S&P/ASX 200 index is on course to end the week on a disappointing note. At the time of writing the benchmark index is down 0.65% to 6,449.8 points.
Here’s what has been happening on the market today:
Bank shares lower.
Australia’s big four banks have all come under pressure on Friday and are trading lower at lunch. The worst performer in the group is the Australia and New Zealand Banking Group (ASX: ANZ) share price which has fallen by approximately 0.8%. Its shares are still notably higher over the week, though.
Tech shares under pressure.
Australia’s leading tech shares have followed the lead of their U.S. counterparts and dropped notably lower today. Altium Limited (ASX: ALU) and WiseTech Global Ltd (ASX: WTC) shares have been amongst the worst performers in the sector, falling almost 3% at lunch. This has led to the S&P/ASX 200 Info Tech index tumbling 1.5% lower today.
Oil prices tumble.
Concerns that the trade war between the United States and China might drag on for some time has weighed heavily on oil prices. According to Bloomberg, overnight the WTI crude oil price sank 5.2% to US$58.20 a barrel and the Brent crude oil price tumbled 4.3% lower to US$70.83 a barrel. Prices have rebounded slightly in Asian trade, but that hasn’t been enough to stop Santos Ltd (ASX: STO) and Woodside Petroleum Limited (ASX: WPL) from sinking lower.
Estia Health sinks lower.
The Estia Health Ltd (ASX: EHE) share price is down 3.5% at lunch after the aged care provider downgraded its full year profit guidance. Negative media coverage of the aged care sector and a severe influenza outbreak have weighed on occupancy rates in the second half.
Best and worst performers.
With the market going in reverse today, it will come as no surprise to learn that the best performer on the ASX 200 at lunch is a gold miner. The St Barbara Ltd (ASX: SBM) share price is leading the way with a 3% gain. Going the other way is the Galaxy Resources Limited (ASX: GXY) share price which has fallen 5%. Weak lithium prices appear to be weighing on the lithium miners.
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James Mickleboro owns shares of Galaxy Resources Limited. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Altium and WiseTech Global. The Motley Fool Australia has no position in any of the stocks mentioned. 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.