At lunch on Tuesday the S&P/ASX 200 index is on course to end its winning run with a disappointing decline. At the time of writing the benchmark index is down just over 0.5% to 6,611.9 points.
Here’s what has been happening on the index today:
Tech shares sink lower.
One of the biggest drags on the index on Tuesday has been the tech sector. The likes of Appen Ltd (ASX: APX) and WiseTech Global Ltd (ASX: WTC) have tumbled notably lower today after a soft night of trade on Wall Street’s technology-focused Nasdaq index. The S&P/ASX 200 Info Tech index is down 2.8% at the time of writing.
Oil shares charged higher.
It has been a positive day of trade for Australian energy producers such as Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) on Tuesday. They have charged higher thanks to a strong rise in oil prices overnight after the new Saudi minister committed to production cuts. The S&P/ASX 200 Energy index is up 2.2% at lunch.
Bank shares on the rise.
Australia’s big four banks are on the rise again on Tuesday. At lunch all four are outperforming the market, but the National Australia Bank Ltd (ASX: NAB) share price is stealing the show with a 1.35% gain. Investors may believe NAB’s shares are better value in comparison to the rest of the big four.
Gold miners slide.
It has been another disappointing day of trade for gold miners such as Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST). Their shares have come under pressure again after improving investor sentiment led to the gold price dropping to a two-week low. At lunch the S&P/ASX All Ords Gold index is down by a sizeable 3.3%.
Best and worst performers.
The best performer on the S&P/ASX 200 index on Tuesday has been the Galaxy Resources Limited (ASX: GXY) share price with a 5% gain. The lithium miner’s shares have charged higher despite there being no news out of it. Going the other way is the Clinuvel Pharmaceuticals Limited (ASX: CUV) share price with a 6% decline. This appears to have been driven by profit taking after a stellar gain in 2019.
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Motley Fool contributor James Mickleboro owns shares of Galaxy Resources Limited. The Motley Fool Australia owns shares of Appen Ltd and 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.