The S&P/ASX 200 index is on course to sink lower for a second day in a row. At lunch the index is down 0.2% to 6,657 points.
Here's what has been happening on the market on Tuesday:
Afterpay downgraded.
The Afterpay Touch Group Ltd (ASX: APT) share price has tumbled over 4% lower today after being downgraded by analysts at Goldman Sachs. According to the note, Goldman has taken the payments company off its conviction buy list and downgraded them to a neutral rating on valuation grounds following a strong run. Goldman has a $27.15 price target on its shares.
Bank shares lower.
It looks set to be another disappointing day of trade for Australia's big four banks. All four big banks are deep in the red at lunch despite APRA lowering its capital targets for the banks. The worst performer in the group is the National Australia Bank Ltd (ASX: NAB) share price which is down almost 1% at the time of writing.
Xero reveals insider buying.
The Australian information technology sector may have tumbled lower today, but the same cannot be said for the Xero Limited (ASX: XRO) share price. The business and accounting software provider's shares have charged higher today after revealing that one of its non-executive directors has bought a large number of shares on-market.
Best and worst performers.
The best performer on the ASX 200 index at lunch is the Speedcast International Ltd (ASX: SDA) share price for the second day in a row. The remote communications and IT services provider's shares have rebounded strongly this week after being sold off last week. They are up 5% at lunch. Going the other way is the Reliance Worldwide Corporation Ltd (ASX: RWC) share price which has tumbled almost 5% lower despite there being no news out of the plumbing parts company.
