At lunch on Wednesday the S&P/ASX 200 index is on course to follow the lead of U.S. markets and record a decline. It is down 0.3% at 6,650 points at the time of writing.
Here’s what has been happening on the market today:
Bank shares lower.
The main drag on the market today has been the banking sector. All of the big four banks are trading lower at lunch. The worst performer in the group is the National Australia Bank Ltd (ASX: NAB) share price with a decline of 0.7%.
WiseTech Global returns.
The WiseTech Global Ltd (ASX: WTC) share price has returned from its trading halt and pushed higher. It appears as though investors were pleased with the way the logistics solutions company refuted the latest short seller report. It also reiterated its guidance for FY 2020.
Tech shares sinking.
Not all tech shares have been able to follow WiseTech Global higher today. A number of popular tech shares have come under pressure and are sinking lower. This includes healthcare technology company Pro Medicus Limited (ASX: PME) and accounting and business software provider Xero Limited (ASX: XRO). They are down 6% and 4%, respectively, at lunch.
Costa remains suspended.
The Costa Group Holdings Ltd (ASX: CGC) share price will remain suspended for a further five trading days following a request by the horticulture company this morning. It needs this time to prepare a trading update. The general view is that this is yet another guidance downgrade from the embattled company.
Best and worst performers.
The Gold Road Resources Ltd (ASX: GOR) share price is the best performer on the benchmark index today with a gain of 12.5%. This morning analysts at Macquarie slapped an outperform rating and $1.60 price target on the gold miner’s shares. The worst performer has been the Pro Medicus share price with a 6% decline on no news. I suspect profit-taking could be behind this share price weakness.
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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 and recommends Pro Medicus Ltd. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of WiseTech Global and Xero. The Motley Fool Australia owns shares of and has recommended COSTA GRP FPO. The Motley Fool Australia owns shares of National Australia Bank Limited. The Motley Fool Australia has recommended Pro Medicus Ltd. 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.