At lunch on Wednesday the S&P/ASX 200 index has rebounded from yesterday’s selloff. At the time of writing the benchmark index is up 0.4% to 7,020.5 points.
Here’s what has been happening on the market today:
Bank shares higher.
The big four banks have rebounded on Wednesday after yesterday’s selloff. All four banks are pushing higher at lunch. The best performer in the group is the Australia and New Zealand Banking Group (ASX: ANZ) share price with a gain of 1%.
Treasury Wine crashes lower.
The Treasury Wine Estates Ltd (ASX: TWE) share price has crashed lower today after the wine company downgraded its FY 2020 EBITS guidance after the market close yesterday. Treasury Wine has fallen short of its first half expectations and has been forced to downgrade its guidance accordingly. Treasury Wine expects EBITS growth of 5% to 10%, compared to its previous guidance of 15% to 20% growth. The downgrade has been caused by tough trading conditions in the United States market.
Virgin Money rockets higher.
The Virgin Money UK PLC (ASX: VUK) share price has rocketed higher on Wednesday. This follows the release of the UK-based bank’s first quarter update after the market close on Tuesday. Virgin Money revealed that trading during the quarter was in line with expectations. The bank reported customer deposit growth of 1.6% to £64.8 billion. Also growing was its business lending and its personal lending. They increased 2.5% and 3.7%, respectively, during the first quarter.
Best and worst performers.
The best performer on the S&P/ASX 200 index today has been the Virgin Money share price with a 10% gain. Investors have responded positively to the UK bank’s first quarter update. The worst performer on the index by some distance on Wednesday has been the Treasury Wine share price with a decline of 22%. Investors have been heading to the exits after the wine company’s guidance downgrade.
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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 Treasury Wine Estates 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.
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