The S&P/ASX 200 index has followed the lead of U.S. markets and pushed higher again on Wednesday. At lunch the benchmark index is up 0.8% to 6,778.6 points.
Here's what has been happening on the market today:
Bank shares climb again.
Australia's big four banks are trading higher again at lunch on Wednesday. All four banks have posted solid gains, but National Australia Bank Ltd (ASX: NAB) and Westpac Banking Corp (ASX: WBC) shares are leading the way. The NAB share price is 1.2% higher at lunch and the Westpac share price is 1.6% higher .
St Barbara disappoints.
The St Barbara Ltd (ASX: SBM) share price has sunk 3.5% lower following the release of its fourth quarter update. For the quarter ended June 30, production came in at 86,197 ounces of gold, bringing full year production to 362,346 ounces. This compares to 88,358 ounces in the third quarter and 403,089 ounces in FY 2018. Guidance for FY 2020 (excluding Atlantic Gold) is 310,000 to 335,000 ounces. I suspect this guidance may have disappointed investors.
Orocobre update.
The Orocobre Limited (ASX: ORE) share price has edged higher despite the release of another soft update. The lithium miner revealed a 4% decline in quarterly production and further weakness in lithium prices. During the period Orocobre recorded a realised average price achieved of US$8,220/tonne on a free on board basis (FOB). Management advised that this was lower than "that of the March quarter due to current market softness."
Best and worst performers.
The Eclipx Group Ltd (ASX: ECX) share price is the best performer on the ASX 200 at lunch on Wednesday with a 3.5% gain. The embattled fleet management company's shares are flying despite there being no news out of it. The worst performer on the benchmark index at lunch is the Regis Resources Limited (ASX: RRL) share price by some distance with a 9.5% decline. The gold miner's shares have come under significant pressure after they were downgraded to a sell rating by a leading broker.
