At lunch on Thursday the S&P/ASX 200 index has crashed lower amid U.S. recession fears. At the time of writing the index is down 2% to 6,460.5 points.
Here’s what is happening on the market today:
ASX 200 hit by global selloff.
Australian shares are sinking lower on Thursday following a very disappointing night of trade on global markets. Investors have been selling shares and buying risk off assets amid concerns that the United States could be about to fall into a recession. The big four banks are all down over 2% at lunch, with Westpac Banking Corp (ASX: WBC) the worst performer in the group with a decline of almost 2.7%.
Telstra result in line.
The Telstra Corporation Ltd (ASX: TLS) share price has dropped lower today following the release of its full year results. The telco giant delivered a result which was in line with expectations. Also, as was widely expected by the market, the company cut its final dividend to 8 cents per share.
Blackmores tumbles lower.
The Blackmores Limited (ASX: BKL) share price tumbled to a multi-year low this morning following the release of its full year results. The health supplements company reported a 1% increase in full year revenue to $610 million and a 24% decline in full year net profit after tax to $53 million. Looking ahead, the company warned that trading conditions remain tough and the first half will be weaker than the prior corresponding period.
Gold miners on fire.
The global share market selloff has put a rocket under gold miner shares such as Evolution Mining Ltd (ASX: EVN) and St Barbara Ltd (ASX: SBM) on Thursday. So much so, at lunch the S&P/ASX All Ords Gold index is up a sizeable 1.8%.
Best and worst performers.
The Treasury Wine Estates Ltd (ASX: TWE) share price is the best performer on the ASX 200 index at lunch following the release of an impressive full year result. The wine company’s shares are up 3.5% after it posted a 17% increase in net sales revenue to $2,831.6 million and 25% increase in EBITS to $662.7 million. Going the other way is the Orora Ltd (ASX: ORA) share price which has crashed 15% lower after the packaging company released a weaker than expected result for FY 2019.
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Motley Fool contributor James Mickleboro owns shares of Westpac Banking. The Motley Fool Australia owns shares of and has recommended Blackmores Limited, Telstra Limited, and Treasury Wine Estates Limited. 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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