The S&P/ASX 200 index is on course to record another sizeable decline on Tuesday. At lunch the benchmark index is down 2.5% to 6,477 points.
Here's what has happened today:
Tech share sell off continues.
Australian tech shares such as Afterpay Touch Group Ltd (ASX: APT) and Nearmap Ltd (ASX: NEA) have sunk notably lower again on Tuesday. Investors have been hitting the sell button after their U.S. counterparts dropped lower overnight amid concerns over the escalating trade war. The S&P/ASX 200 Info Tech index is down almost 5% at lunch.
Gold miners storm higher.
Gold miners including Newcrest Mining Limited (ASX: NCM) and St Barbara Limited (ASX: SBM) have stormed higher on Tuesday after trade war concerns sent the gold price to a six-year high. According to CNBC, the spot gold price is up to US$1,478.10 an ounce at the time of writing. The S&P/ASX All Ords Gold index is up 1% at lunch.
Big four sinking lower.
All of Australia's big four banks are sinking lower on Tuesday following the broad market sell off. The worst performer in the big four at lunch is the Westpac Banking Corp (ASX: WBC) share price with a decline of over 2.6%.
Pinnacle Investment Management result.
The Pinnacle Investment Management Group Ltd (ASX: PNI) share price has pushed almost 6% higher following the release of the investment company's full year results. Pinnacle reported net profit after tax from continuing operations of $30.5 million, up 32% from $23.1 million in FY 2018.
Best and worst performers.
Pinnacle is the best performer on the ASX 200 index on Tuesday with its gain of 6% following the release of a stronger than expected full year result. Going the other way is the Xero Limited (ASX: XRO) share price with a decline of almost 8% after tech shares continued to be sold off by investors.
