The S&P/ASX 200 index has followed the lead of U.S. markets and has dropped notably lower today amid concerns over U.S. economic data. At lunch the benchmark index is down a very disappointing 1.3% to 6,653.7 points.
Here's what has been happening on the market today:
NAB remediation charges.
All the big four banks are trading lower at lunch, but the National Australia Bank Ltd (ASX: NAB) share price is the worst performer in the group with a decline of 3%. Investors have been selling the bank's shares today after it announced an additional $1.2 billion in customer remediation charges.
Mayne Pharma rockets.
The Mayne Pharma Group Ltd (ASX: MYX) share price has rocketed higher on Wednesday after the pharmaceutical company revealed a major agreement with Mithra Pharmaceuticals. According to the release, it has signed a 20-year exclusive supply and license agreement with Mithra Pharmaceuticals to commercialise a novel oral contraceptive comprising Estetrol and drospirenone in the United States.
Gold miners charge higher.
One group of shares that are on form today are the gold miners. The likes of Northern Star Resources Ltd (ASX: NST) and Resolute Mining Limited (ASX: RSG) have charged higher after the gold price bounced around 1% off its two-month low overnight. At lunch the S&P/ASX All Ords Gold index is up 0.5%.
Best and worst performers.
The best performer on the benchmark index today by some distance is the Mayne Pharma share price with a gain of 21%. After which, the Clinuvel Pharmaceuticals Limited (ASX: CUV) share price is the next best performer with a 4% gain following an FDA review update. Going the other way is the Bega Cheese Ltd (ASX: BGA) share price which is the worst performer with a 4% decline. This morning a notice revealed that Vanguard Group has been selling down its shareholding.
