The S&P/ASX 200 index has followed the lead of international markets and dropped lower today. At lunch the benchmark index is down 0.7% to 6,438 points.
Here’s what has been happening on the market today:
Bank shares lower.
Three of the big four banks have drifted lower today and are weighing heavily on the benchmark index. The Westpac Banking Corp (ASX: WBC) share price is the worst performer in the group with a decline of almost 0.8%.
Downer EDI shares downed by downgrade.
The Downer EDI Limited (ASX: DOW) share price has fallen heavily and is down by 8% at lunch after being downgraded to an underperform rating by analysts at Credit Suisse. The broker made the move after its Murra Warra partner, Senvion, went into administration in Germany.
Trade war concerns send Lynas shares higher.
The Lynas Corporation Ltd (ASX: LYC) share price has continued its stellar run and is up 9% at lunch. Investors have been fighting to get hold of its shares after China’s state planning agency suggested that it could block rare earths exports to the United States.
Domino’s continues its slide.
The Domino’s Pizza Enterprises Ltd (ASX: DMP) share price has continued its slide and is down a further 2.5% at lunch. The pizza chain operator’s shares came under pressure on Tuesday after being downgraded by analysts at Morgan Stanley. The broker downgraded Domino’s shares to an equal-weight rating and sliced its price target to $41.00 to reflect softer same store sales growth and store openings.
Best and worst performers.
The best performer on the ASX 200 today has been the Lynas share price with its 9% gain. Some distance behind, the next best performer is the Ausdrill Limited (ASX: ASL) share price with a gain of 3%. On Monday Deutsche Bank labelled its shares as a buy with a $2.04 price target. Going the other way is the Downer share price, followed by the Smartgroup Corporation Ltd (ASX: SIQ) share price which is 5% lower. Yesterday Ord Minnett retained its buy rating but trimmed the price target on its shares to $10.40.
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Motley Fool contributor James Mickleboro owns shares of Westpac Banking. The Motley Fool Australia has recommended Domino's Pizza Enterprises 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.
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