At lunch on Monday the S&P/ASX 200 index is off its lows but still down 0.15% at 6,594.3 points.
Here’s what has been happening on the market today:
The Telstra Corporation Ltd (ASX: TLS) share price has dropped over 1% lower today after providing updated guidance for FY 2020 following the release of NBN 2020 Corporate Plan. In reponse to the lower than expected NBN activations, the telco giant has reduced its total income guidance by $0.4 billion but lifted its underlying EBITDA guidance by $0.1 billion.
Nickel producers surge higher.
Two of the best performers on the ASX 200 index on Monday have been the Independence Group NL (ASX: IGO) share price and the Western Areas Ltd (ASX: WSA) share price. Investors have been buying their shares after nickel prices surged by almost 9% higher on Friday to their highest levels in four years. The catalyst for this was Indonesia announcing that it would ban exports of raw ore in December.
Bank shares higher.
At lunch all of the big four banks are trading marginally higher. The best performer in the group is the Australia and New Zealand Banking Group (ASX: ANZ) share price with a 0.15% gain despite concerns over market share losses made in owner-occupier home loans.
Best and worst performers.
The best performer on the benchmark index on Monday has been the Speedcast International Ltd (ASX: SDA) share price with a 21% gain. Its shares were absolutely crushed last week after a disappointing half year result. Some investors appear to believe that they fell too far. The worst performer on the index today has been the Incitec Pivot Ltd (ASX: IPL) share price. Its shares are down over 5% at lunch but were down as much as 12% at one stage after it downgraded it full year earnings guidance materially due largely to tough trading conditions caused by the droughts.
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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 Telstra 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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