The S&P/ASX 200 index has fought back from a heavy decline and is down a fraction to 6,389.8 points at lunch.
Here’s what has been happening on the market today:
Bank shares lower.
Three of the big four banks look set to finish the week with a day in the red. At lunch only the Commonwealth Bank of Australia (ASX: CBA) share price is pushing higher in the group. CBA’s shares are up 0.3% to $78.43.
Costa slides again.
The Costa Group Holdings Ltd (ASX: CGC) share price has dropped lower again and is down 5% at lunch. The horticulture company’s shares have now lost 33% of their value over the last two trading days. Its shares have come under significant selling pressure after making a material downgrade to its calendar year 2019 earnings guidance.
Appen profit guidance falls short of expectations.
After initially charging to an all-time high, the Appen Ltd (ASX: APX) share price has given back its gains and more. At lunch the market darling is down almost 5% after its update guidance for FY 2019 fell a touch short of the market’s lofty expectations.
St Barbara downgrades guidance.
Australia’s gold miners such as Evolution Mining Ltd (ASX: EVN) and Saracen Mineral Holdings Limited (ASX: SAR) are charging higher on Friday after the gold price hit a two-week high. But the same cannot be said for the St Barbara Ltd (ASX: SBM) share price which has sunk 5.5% lower after downgrading its gold production guidance this morning due to issues at its Gwalia mine.
Best and worst performers.
The best performer on the ASX 200 today has been the Eclipx Group Ltd (ASX: ECX) share price which is up 33% at lunch. The fleet management company released its half year results this morning and provided an update on its Simplification Plan. The worst performer on the benchmark index today has been the Link Administration Holdings Ltd (ASX: LNK) share price which has fallen 20% following the release of a disappointing trading update. The company’s underperformance has been caused partly by Brexit.
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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 Link Administration Holdings Ltd. The Motley Fool Australia owns shares of Appen Ltd. The Motley Fool Australia has recommended Link Administration Holdings Ltd. 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.