At lunch on Tuesday the S&P/ASX 200 index has given back its morning gains and is down slightly to 6,765.1 points.
Here’s what is happening on the market today:
Bank shares lower.
The Australian banking sector is weighing on the index on Tuesday. All the big four banks are in the red at lunch. The worst performer in the group is the National Australia Bank Ltd (ASX: NAB) share price with a decline of 0.9%.
A2 Milk impresses.
The A2 Milk Company Ltd (ASX: A2M) share price has rocketed higher following the release of its annual general meeting presentation. According to the release, a2 Milk Company expects first half revenue in the range of NZ$780 million to NZ$800 million. This represents growth of 27.2% to 30.5%. But perhaps most pleasing was that its margins will not be as weaker as previously forecast.
WiseTech Global sinks.
The WiseTech Global Ltd (ASX: WTC) share price is sinking lower on the day of its annual general meeting. Although the logistics solutions company reiterated its guidance, a tweetstorm by short seller J Capital has weighed on its shares.
Technology One tumbles.
After a solid start to the day the Technology One Limited (ASX: TNE) share price has come under pressure and dropped notably lower. This follows the release of its full year result this morning. For the 12 months ended September 30, Technology One delivered revenue of 13% to $286 million. On the bottom line, net profit before tax jumped 50% to $76.4 million. This was at the top end of its guidance range.
Best and worst performers.
The best performer on the index on Tuesday by some distance is the a2 Milk Company share price with its 14% gain. Investors responded very positively to its guidance and particularly its better than expected EBITDA margins. Going the other way is the WiseTech Global share price with its disappointing 8% decline. J Capital’s tweets served as a reminder that its short seller attack is far from over.
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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 A2 Milk, National Australia Bank Limited, and WiseTech Global. 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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