At lunch on Friday the S&P/ASX 200 index is on course to finish the week on a positive note. At the time of writing the benchmark index is up 0.3% to 6,704.8 points.
Here's what has been happening on the market today:
Bank shares drag.
After some stellar performances on Thursday, the banking sector is acting as a drag on the market today. Three of the big four banks are trading lower at lunch, with only the Commonwealth Bank of Australia (ASX: CBA) share price recording a gain. It is up 0.5% at the time of writing.
Boral sinks.
The Boral Limited (ASX: BLD) share price is sinking lower on Friday. Investors have been selling the building supplies company's shares after it identified financial irregularities in its North American Windows business. This includes the misreporting of inventory levels and raw material and labour costs. Management expects this to impact its EBITDA by US$20 million to US$30 million in FY 2020.
Altium update.
The Altium Limited (ASX: ALU) share price is trading lower at lunch following an update at its annual general meeting. At the event the design software provider released its guidance for FY 2020. Altium confirmed that it expects revenue between US$205 million to US$210 million with an EBITDA margin between 37% to 38%. This is up from revenue of US172 million in FY 2019. I suspect some investors were expecting even stronger growth.
Best and worst performers.
The best performer on the S&P/ASX 200 index on Friday is the Western Areas Ltd (ASX: WSA) share price. It is up 5% to $2.83 at lunch after analysts at UBS took their sell rating off the nickel miner's shares. They have upgraded Western Areas to a neutral rating with a $2.90 price target. The worst performer by some distance on Friday is the Boral share price with a 7% decline. This follows the revelation of financial irregularities found in its North American Windows business.
