The S&P/ASX 200 index looks set to end its winning run on Tuesday. At lunch the benchmark index is down 0.3% to 7,059.7 points.
Here’s what has been happening on the market today:
Bank shares lower.
The big four banks have come under a spot of pressure today. Three of the big four are trading lower at lunch. The Commonwealth Bank of Australia (ASX: CBA) share price is the worst performer in the group with a 0.5% decline. On Monday Morgan Stanley reiterated its underweight (sell) rating on the banking giant’s shares. It appears concerned that the market might be expecting too much from CBA this results season.
Sydney Airport downgraded.
The Sydney Airport Holdings Pty Ltd (ASX: SYD) share price is lower on Tuesday after being downgraded by a leading broker. A note out of the Macquarie equities desk reveals that its analysts have downgraded the airport operator to a neutral rating with an $8.68 price target following its December update. It feels that its shares look fully valued at current levels.
Resolute equity raising.
Resolute Mining Limited (ASX: RSG) shares are in a trading halt on Tuesday. This morning the gold miner requested a halt whilst it undertakes an equity raising which is aiming to raise up to $196 million at $1.10 per share. This represents a 6.4% discount to its last close price. Resolute is raising the funds in order to pay off its finance facility.
The BHP Group Ltd (ASX: BHP) share price is trading slightly lower following its first half production update. The mining giant delivered a result largely in line with expectations. It also confirmed that it is on track to achieve its production and costs guidance for FY 2020.
Best and worst performers.
The best performer on the ASX 200 at lunch is the Silver Lake Resources Limited (ASX: SLR) share price with a 2.5% gain. Investors have been buying the gold miner’s shares after it upgraded its full year guidance on Monday. Going the other way is the Orocobre Limited (ASX: ORE) share price with a 4% decline. This appears to be down to profit taking after a strong run in 2020.
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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 and has recommended Sydney Airport Holdings Limited. 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.