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ASX 200 lunch time report: CYBG & NAB higher, Newcrest sinks

stock market numbers

At lunch on Monday the S&P/ASX 200 index is on course to start the week on a subdued note. The benchmark index is trading flat at 6,645.4 points at the time of writing.

Here’s what has been happening today:

Big four banks rise.  

The market is trading flat today despite Australia’s big four banks pushing higher. Whilst all four of the banks are trading higher at lunch, the National Australia Bank Ltd (ASX: NAB) share price is far and away the best performer in the group with a gain of 1%.

Suncorp names its new CEO.

The Suncorp Group Ltd (ASX: SUN) share price is trading slightly lower on Monday following the appointment of its new group CEO. According to the release, Suncorp has appointed Steve Johnston as its new group chief executive officer effective immediately. Mr Johnston had been serving as the company’s acting group chief executive officer since the departure of Michael Cameron in May after almost four years in the role.

Platinum slides lower.

The Platinum Asset Management Ltd (ASX: PTM) share price has dropped lower again on Monday after reporting another decline in its funds under management (FUM). According to the release, Platinum’s FUMs fell a further 3% in August to $24.4 billion. The fund manager experienced net outflows of $407 million during the month.

Gold miners sink lower.

Australian gold miners including Newcrest Mining Limited (ASX: NCM) and Regis Resources Limited (ASX: RRL) have come under pressure again today after comments out of U.S. Federal Reserve chairman Jerome Powell sent the gold price tumbling lower. Almost all the gold miners are trading lower today, leading to the S&P/ASX All Ords Gold falling 2.9%.

Best and worst performers.

The best performer on the S&P/ASX 200 index on Monday has been the CYBG PLC (ASX: CYB) share price with a gain of 3%. The UK-based bank’s shares were given a boost this morning when analysts at Citi reiterated their buy rating on them. The worst performer has been the Regis Resources share price with a decline of over 5.5%. Weakness in the gold price and the release of an investor update are to blame for this decline.

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Returns as of 6th October 2020

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of National Australia Bank 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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