The S&P/ASX 200 index has given back the majority of its morning gains and is just a fraction higher to 6,323.1 points at lunch.
Here’s what has been happening on the market on Tuesday:
Bank shares mixed ahead of RBA meeting.
Australia’s big four banks are mixed on Tuesday ahead of the Reserve Bank of Australia’s meeting. The Australia and New Zealand Banking Group (ASX: ANZ) share price is the best-performer in the group with a 0.4% gain, whereas the National Australia Bank Ltd (ASX: NAB) share price is heading the other way with a 0.3% decline. Cash rate futures are pointing to a 100% probability of a rate cut today.
Tech shares under the pump.
The likes of Altium Limited (ASX: ALU), Xero Limited (ASX: XRO), and the rest of the tech sector have followed the lead of their U.S. counterparts and tumbled lower today. Overnight the technology-focused Nasdaq index sank 1.6% lower and into correction territory. This has dragged the S&P/ASX 200 Info Tech index down by 2.2% today.
NRW Holdings crashes lower.
The NRW Holdings Limited (ASX: NWH) share price has crashed lower after being caught up in the collapse of gold miner Gascoyne Resources Ltd (ASX: GCY). Administrators have been called in and will continue operating Gascoyne Resources on a business as usual basis while recapitalisation options are explored. But should this be unsuccessful, then NRW will cease providing mining services to Gascoyne Resources. NRW’s shares are down 10.5% at lunch.
Coca-Cola Amatil offloads SPC business.
The Coca-Cola Amatil Ltd (ASX: CCL) share price is up 1% at lunch after announcing the sale of its fruit and vegetable processing business to Shepparton Partners Collective for a consideration of $40 million. The sale agreement also includes a four-year deferred payment which could result in an additional $15 million of sale proceeds. This is subject to SPC’s performance over the period.
Best and worst performers.
The best performer on the ASX 200 on Tuesday has been the Abacus Property Group (ASX: ABP) share price with a gain of over 5%. This morning the property group announced the purchase of a 19.9% strategic interest in Australian Unity Office Fund (ASX: AOF) for a total consideration of $95.6 million with Charter Hall Group (ASX: CHC). Going the other way is the NRW share price which has crashed 10.5% lower after the release of its market update.
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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 Altium and Xero. The Motley Fool Australia owns shares of National Australia Bank Limited. The Motley Fool Australia has recommended Coca-Cola Amatil 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.