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ASX 200 lunch time report: ANZ & Mayne Pharma higher, Afterpay lower

At lunch on Tuesday the S&P/ASX 200 index is on course to continue its positive run. The benchmark index is up 0.55% to 6,599.6 points at the time of writing.

Here’s what has been happening today:

ANZ announces customer remediation charges.  

Hot on the heels of a customer remediation announcement by National Australia Bank Ltd (ASX: NAB) last week, fellow big four bank Australia and New Zealand Banking Group (ASX: ANZ) has announced its own customer remediation this morning. According to the release, ANZ announced that its second half FY 2019 cash profit will be impacted by a charge of $559 million after tax.

Afterpay slides lower.

The Afterpay Touch Group Ltd (ASX: APT) share price has come under pressure today after NYU Stern School of Business professor Scott Galloway warned on YouTube that its shares could halve in value due to Visa’s entry into the buy now pay later market. Though, it is worth noting that the video does not take into account Afterpay’s partnership with the payments giant.

Gold miners drop lower.

Gold miners including Newcrest Mining Limited (ASX: NCM) and St Barbara Ltd (ASX: SBM) have dropped lower today after the gold price sank almost 1% lower and below the symbolic US$1,500 per ounce level. This has led to the S&P/ASX All Ords Gold index falling 1.6% this afternoon.

Best and worst performers.

The best performer on the ASX 200 index on Tuesday has been the Mayne Pharma Group Ltd (ASX: MYX) share price with a gain of almost 5.5%. Last week it announced 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. The worst performer on the benchmark index on Tuesday has been the Silver Lake Resources Limited (ASX: SLR) share price with a decline of almost 4.5%. This has been driven by weakness in the spot gold price overnight.

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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of AFTERPAY T FPO. 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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