At lunch on Tuesday the S&P/ASX 200 index is on course to finish the year on a very disappointing note. The benchmark index is down 1.4% to 6,711.6 points at the time of writing.
Here's what is happening on the market today:
Bank shares tumble.
The big four banks are weighing heavily on the S&P/ASX 200 index on Tuesday. All four have dropped deep into the red at lunch. The worst performer in the group is the National Australia Bank Ltd (ASX: NAB) share price with a decline of 1.45%.
Tech shares sink lower.
Australian tech shares are ending the year deep in the red. The likes of Altium Limited (ASX: ALU) and WiseTech Global Ltd (ASX: WTC) are all trading notably lower. This follows a disappointing night of trade on the technology-focused Nasdaq index. It tumbled lower amid end of year profit taking from U.S. investors. The S&P/ASX 200 Info Tech index is down a sizeable 2.4% at the time of writing.
Gold miners race higher.
The mini market meltdown has sent many investors to safe haven assets like gold and the gold miners on Tuesday. This has led gold miners such as Evolution Mining Ltd (ASX: EVN) and Saracen Mineral Holdings Limited (ASX: SAR) storming higher. As a result, the S&P/ASX All Ords Gold index is up 1.2%
Best and worst performers.
The best performer on the ASX 200 index on Tuesday has been the Saracen Mineral share price with a gain of 3%. A rise in the gold price and increasing demand for safe haven assets have been the catalysts for this strong share price gain. Going the other way, the Technology One Limited (ASX: TNE) share price is the worst performer with a 4.75% decline. A sell off of tech shares on Tuesday is behind this sizeable decline.
