The S&P/ASX 200 index is on course to finish a positive week on a disappointing note. At lunch the benchmark index is trading 0.2% lower at 7,147.8 points.
Here’s what has been happening on the market today:
Bank shares higher.
Three of the big four banks are trading higher on Friday. The best performer in the group is the Australia and New Zealand Banking Group (ASX: ANZ) share price with a 0.6% gain. The only bank trading lower is National Australia Bank Ltd (ASX: NAB) with a 0.2% decline. This may be down to profit taking after strong gains in February.
Mayne Pharma disappoints.
The Mayne Pharma Group Ltd (ASX: MYX) share price is sinking lower on Friday after releasing a disappointing half year update. For the six months ended December 31, Mayne Pharma reported revenues of $227.2 million and underlying EBITDA of $47.4 million. This was a 17% and 42% decline, respectively, over the prior corresponding period. This was driven by tough conditions in the U.S. generic drugs market.
Sydney Airport upgraded.
The Sydney Airport Holdings Pty Ltd (ASX: SYD) share price is pushing higher on Friday after being upgraded by analysts at Morgans. The broker has lifted its recommendation to an add rating with a price target of $9.10. Morgans was pleased with its full year results and sees value in the airport operator’s shares at this level.
Best and worst performers.
The best performer on the benchmark index on Friday has been the NRW Holdings Limited (ASX: NWH) share price. It is up over 6% after rebounding from a heavy post-results decline on Thursday. The worst performer is coal miner New Hope Corporation Limited (ASX: NHC) with a disappointing 10% decline. This has been driven by speculation that Mitsubishi Materials Corporation has offloaded its 11.2% stake in the company.
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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. The Motley Fool Australia owns shares of National Australia Bank 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.