The Motley Fool

ASX 200 lunch time report: NAB & Westpac lower, Pro Medicus higher

At lunch on Wednesday the S&P/ASX 200 index has given back its morning gains and is trading 0.1% lower at 6,687.8 points.

Here’s what has been happening on the market today:

Bank shares drop lower.     

The big four banks look to have run out of steam on Wednesday after a positive run in recent days. All four banks are trading lower at lunch, with both the National Australia Bank Ltd (ASX: NAB) share price and the Westpac Banking Corp (ASX: WBC) share price leading the way with declines of 0.6%.

Oil producers sink lower.

Oil producers including Oil Search Limited (ASX: OSH) and Woodside Petroleum Limited (ASX: WPL) have tumbled lower today after oil prices crashed lower overnight. Both Brent and WTI crude oil sank lower after Saudi Arabia revealed that its oil production would return to normal by the end of the month following drone attacks at the weekend.

Tech shares rise.

The market may be in the red, but the tech sector is booming on Wednesday after a positive night of trade on the technology-focused Nasdaq index. Solid gains by the likes of Appen Ltd (ASX: APX) and WiseTech Global Ltd (ASX: WTC) have helped drive the S&P/ASX 200 Info Tech index a sizeable 1.8% higher today. Investors appear optimistic that the U.S. Federal Reserve will slash interest rates at tonight’s meeting. This would potentially be supportive to their valuations.

Best and worst performers.

The best performer on the S&P/ASX 200 index on Wednesday has been the Pro Medicus Limited (ASX: PME) share price with a 6.5% gain. Positive investor sentiment in the tech sector has given the healthcare technology company’s shares a major boost today. The worst performer on the index has been the Woodside Petroleum share price after the sharp decline in oil prices. Its shares are down 3% at lunch.

NEW. The Motley Fool AU Releases Five Cheap and Good Stocks to Buy for 2020 and beyond!….

Our experts here at The Motley Fool Australia have just released a fantastic report, detailing 5 dirt cheap shares that you can buy in 2020.

One stock is an Australian internet darling with a rock solid reputation and an exciting new business line that promises years (or even decades) of growth… while trading at an ultra-low price…

Another is a diversified conglomerate trading over 40% off its high, all while offering a fully franked dividend yield over 3%...

Plus 3 more cheap bets that could position you to profit over the next 12 months!

See for yourself now. Simply click here or the link below to scoop up your FREE copy and discover all 5 shares. But you will want to hurry – this free report is available for a brief time only.


James Mickleboro owns shares of Westpac Banking. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of WiseTech Global. The Motley Fool Australia's parent company Motley Fool Holdings Inc. recommends Pro Medicus Ltd. The Motley Fool Australia owns shares of and has recommended Pro Medicus Ltd. 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.