At lunch on Monday the S&P/ASX 200 index has followed the lead of Wall Street and is a sea of red. The benchmark index is down 2.1% to 6,988.7 points at the time of writing.
Here's what has been happening on the market today:
Bank shares tumble.
Unsurprisingly, all of the big four banks are trading notably lower on Monday after investors were spooked by concerns over the escalation of the coronavirus outbreak. The worst performer in the group at lunch time is the Westpac Banking Corp (ASX: WBC) share price. The shares of Australia's oldest bank are down 1.8% at the time of writing.
Jumbo half year results.
The Jumbo Interactive Ltd (ASX: JIN) share price has managed to avoid the selloff and is pushing notably higher. This follows the release of the online lottery ticket seller's half year results this morning. Jumbo reported total transaction value (TTV) of $185.3 million and revenue of $37.6 million. This represents a 25% and 23% increase on the prior corresponding period. On the bottom line, net profit after tax came in 14% higher at $14.4 million. This was in line with its guidance.
Reliance Worldwide crashes.
The Reliance Worldwide Corporation Ltd (ASX: RWC) share price has crashed lower on Monday following the plumbing parts company's half year results release. Reliance Worldwide posted a 5% increase in net sales to $569 million. Whereas adjusted NPAT came in at $63.7 million, down 21% from $80.5 million in the prior corresponding period. This led to it downgrading its full year profit guidance.
Best and worst performers.
The best performer on the ASX 200 at lunch is the Saracen Mineral Holdings Limited (ASX: SAR) share price with a gain of 6.5%. Saracen and the rest of the gold miners have surged higher today following the market selloff. The worst performer by some distance is the Reliance Worldwide share price with a disappointing 26% decline following its half year update.
