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ASX 200 lunch time report: Aveo, Metcash, & Westpac shares lower

The S&P/ASX 200 index has followed the lead of international markets and dropped lower on Monday. At lunch the benchmark index is down 0.25% to 6,635 points.

Here’s what has been happening on the market today:

Bank shares lower.

Australia’s big four banks are all trading lower on Monday and weighing on the market’s performance. The worst performer in the group is the Westpac Banking Corp (ASX: WBC) share price which is down 0.6% at lunch. This morning the banking giant paid eligible shareholders its 94 cents per share interim dividend.

Metcash disappoints.

The Metcash Limited (ASX: MTS) share price has tumbled over 9% lower following the release of its full year results. Although its result was only a touch short of expectations, investors appear to have been spooked by a poor start to FY 2020 for its Hardware segment after the loss of a major customer.

Battery materials shares tumble.

One of the worst performing areas of the market on Monday has been the battery materials industry. The shares of Galaxy Resources Limited (ASX: GXY), Pilbara Minerals Ltd (ASX: PLS), and Syrah Resources Ltd (ASX: SYR) have continued their slide and dropped notably lower this morning.

Afterpay higher.

The Afterpay Touch Group Ltd (ASX: APT) share price has continued its recovery and is up 2.5% at lunch. This latest gain means that the payments company’s shares have raced approximately 20% higher since this time last week.

Best and worst performers.

The best performer on the ASX 200 on Monday is the Ausdrill Limited (ASX: ASL) share price which has zoomed 8% higher after announcing a five-year underground mining services contract at the Zone 5 Mine in Botswana worth approximately A$800 million. Going the other way is the Aveo Group (ASX: AOG) share price which has crashed 11.5% lower following the release of a disappointing update.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of AFTERPAY T FPO. 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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