At lunch on Monday the S&P/ASX 200 index is on course to start the week on a disappointing note. The benchmark index is down 0.6% to 6,752 points.
Here's what has been happening on the market today:
Bank shares sink.
The big four banks are acting as a major drag on the market on Monday. All four are trading notably lower at lunch, but the worst in the group is the Westpac Banking Corp (ASX: WBC) share price. Its shares are down 1% at the time of writing.
Appen guidance upgrade.
The Appen Ltd (ASX: APX) share price has rocketed higher on Monday after upgrading its guidance for FY 2019. Previously it guided to underlying EBITDA in the range of $85 million to $90 million. However, it now expects full year underlying EBITDA to be in the range of $96 million to $99 million. This implies year on year growth of 34.6% to 38.8%.
Nanosonics AGM.
The Nanosonics Ltd (ASX: NAN) share price is trading lower today following the release of its AGM presentation. Management held firm with its guidance for FY 2020 and warned that the majority of its profit growth would come in the second half. It also appears to have pushed back the targeted launch date of its new secretive product. Previously it was aiming for the end of FY 2020, whereas now it expects a launch in the first half of FY 2021.
Best and worst performers.
The best performer on the ASX 200 index on Monday has been the Appen share price. Its shares are up a sizeable 9% following its profit guidance upgrade this morning. Going the other way is the Smartgroup Corporation Ltd (ASX: SIQ) share price which is down over 14%. This morning the salary packaging company announced the impending retirement of its long-serving CEO, Deven Billimoria. It also provided guidance for FY 2019, revealing that it expects NPATA growth of 3.8%.
