At lunch on Friday the S&P/ASX 200 index is on course to end a difficult week on a positive note. At the time of writing the benchmark index is up 0.5% to 6,707.5 points.
Here's what has been happening on the market today:
Bank shares tumble again.
It has been another disappointing day of trade for the big four banks. All four of the banks are trading lower at lunch and acting as a drag on proceedings. Once again it is the Westpac Banking Corp (ASX: WBC) share price which is the worst performer in the group. Its shares are down a further 1.3% at lunch.
Mayne Pharma disappoints.
The Mayne Pharma Group Ltd (ASX: MYX) share price has come crashing down on Friday following the release of its annual general meeting presentation. The pharmaceutical company warned that conditions in the key generics market remain very tough. This has led to a 16% decline in group revenue for the first four months of FY 2020 to $153 million.
Coles edges lower.
The Coles Group Ltd (ASX: COL) share price is trading lower at lunch. The catalyst for this decline appears to be a broker note out of Goldman Sachs. According to the note, the broker has downgraded the supermarket operator's shares to a neutral rating from buy on valuation grounds. It has held firm with its $15.90 price target.
Best and worst performers.
The best performer on the benchmark index on Friday has been the Pilbara Minerals Ltd (ASX: PLS) share price with a gain of 5%. A number of Australian lithium miners are pushing higher today on the day of the Orocobre Limited (ASX: ORE) annual general meeting. The worst performer on the index has been the Mayne Pharma share price with a decline of 10.5%. Its annual general meeting update sent many investors to the exits this morning.
