The S&P/ASX 200 index looks set to finish the week on a disappointing note. At lunch the benchmark index is down 0.2% to 6,703.3 points.
Here’s what has been happening:
Bank shares higher.
Modest gains by Australia’s big four banks haven’t been enough to offset weakness in the resources and healthcare sectors on Friday. At lunch all four banks are trading higher, with the Commonwealth Bank of Australia (ASX: CBA) share price leading the way with a 0.7% rise to $81.82.
Nearmap sinks lower.
The Nearmap Ltd (ASX: NEA) share price has dropped 6% lower following the release of the aerial imagery technology and location data company’s preliminary full year results. Although Nearmap posted record growth in annualised contract value, it appears as though some investors were counting on the company smashing expectations.
Telstra outage weighs on its shares.
The Telstra Corporation Ltd (ASX: TLS) share price has edged lower on Friday after the telco giant was blamed for an outage that led to EFTPOS and ATM failures on Thursday. Small businesses, the big four banks, and Woolworths Group Ltd (ASX: WOW) were just some of the companies impacted by the issue.
Afterpay shares lower again.
General weakness in the tech sector again appears to have put more pressure on the Afterpay Touch Group Ltd (ASX: APT) share price on Friday. The payments company’s shares are down over 4% at lunch despite there being no news out of it. This has led to the S&P/ASX 200 Info Tech index falling 0.7% today.
Best and worst performers.
The best performer on the ASX 200 index on Friday has been the Oil Search Limited (ASX: OSH) share price with a gain of 2.5%. A rise in the oil price during Asian trade appears to have been the catalyst for this. Going the other way is the Clinuvel Pharmaceuticals Limited (ASX: CUV) share price which is down 7%, possibly due to profit taking after a stellar run this year.
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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 and has recommended Nearmap Ltd. and Telstra Limited. 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.