At lunch on Wednesday the S&P/ASX 200 index has followed the lead of U.S. markets and dropped notably lower. The benchmark index is down 0.7% to 6,546.7 points at the time of writing.
Here’s what has been happening on the market today:
Bank shares tumble
It has been a disappointing day of trade for the big four banks. All four banks are trading lower today and are weighing heavily on the S&P/ASX 200 index. The worst performer in the group is the Australia and New Zealand Banking Group (ASX: ANZ) share price with a decline of 1.2%. This appears to be a delayed reaction to its customer remediation update on Tuesday.
Flight Centre disappoints.
The Flight Centre Travel Group Ltd (ASX: FLT) share price has come under pressure today after the travel company provided a trading update at the Morgans Queensland event. Whilst Flight Centre has seen its TTV grow across the business, it warned that its first half profits will be down on the prior corresponding period. Full year profit guidance will be provided at next month’s AGM.
Clinuvel rockets on FDA approval.
The Clinuvel Pharmaceuticals Limited (ASX: CUV) share price rocketed as much as 50% higher this morning after the U.S. FDA approved its SCENESSE product for the treatment of Erythropoietic protoporphyria (EPP). Until today, there had been no approved treatment for the rare metabolic disorder in the United States.
The Domino’s Pizza Enterprises Ltd (ASX: DMP) share price has tumbled lower in response to a weak quarterly update by its U.S. parent Domino’s Pizza Inc. According to the release, its international same-store sales grew 1.7% during the September quarter, compared to the consensus estimate of 2.86%. The U.S. parent also downgraded its international same store sales targets for the next 3-5 years.
Best and worst performers.
The best performer on the S&P/ASX 200 index on Wednesday by some distance has been the Clinuvel share price. Its shares are up 38% at lunch following the U.S. FDA’s approval of SCENESSE. Going the other way, the Flight Centre share price is the worst performer with a decline of 9%. Its trading update sent investors to the exits in their droves.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Flight Centre Travel Group Limited. The Motley Fool Australia has recommended Domino's Pizza Enterprises 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.