At lunch on Monday the S&P/ASX 200 index is on course to follow the lead of U.S. markets and drop notably lower. At the time of writing the benchmark index is down 0.75% to 6,349.6 points.
Here’s what has been happening on the market today:
Bank shares lower.
Australia’s big four banks have started the week on a disappointing note. All four are in the red at lunch, with the Australia and New Zealand Banking Group (ASX: ANZ) share price the worst performer in the group with a 1.1% decline.
Tech shares tumble lower.
Weakness on the technology-focused Nasdaq index on Friday has spread to the Australian tech sector on Monday. The likes of Afterpay Touch Group Ltd (ASX: APT) and Bravura Solutions Ltd (ASX: BVS) are amongst the worst performers in the sector with declines of 3.5% and 4%, respectively, at lunch.
Oil prices under pressure again.
Australia’s leading energy producers have come under pressure on Monday after oil prices crashed lower on Friday evening. According to Bloomberg, the WTI crude oil price fell a further 5.5% to US$53.50 a barrel and the Brent crude oil price dropped 3.6% to US$64.49 a barrel after global trade war concerns intensified. Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) shares are down 3% and 2% at lunch.
Gold miners higher.
Increased market volatility, trade war concerns, U.S. recession fears, and speculation that the U.S. Federal Reserve could soon cut rates has sent the gold price and gold miners such as Northern Star Resources Ltd (ASX: NST) and Resolute Mining Limited (ASX: RSG) hurtling higher today. This has lifted the S&P/ASX All Ords Gold index 3.7% higher at lunch.
Best and worst performers.
The best performer on the ASX 200 at lunch is the Eclipx Group Ltd (ASX: ECX) share price which has surged a further 19% higher. The fleet management company’s shares have been on fire after the release of its half year results and update on its simplification plan. A broker upgrade by Credit Suisse to outperform has boosted its shares today. The worst performer on the index is the Lynas Corporation Ltd (ASX: LYC) share price with a decline of 4.5%. This may be down to profit taking after a sensational share price gain over the last 30 days.
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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 Bravura Solutions Ltd. The Motley Fool Australia owns shares of AFTERPAY T FPO. The Motley Fool Australia has recommended Bravura Solutions 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.