The S&P/ASX 200 index has bounced back from another selloff in early trade and is down just 0.3% to 5,744 points at lunch.
Here's what has been happening on the market today:
Bank shares struggling.
Investors still appear reluctant to buy the banks on Tuesday. All of the big four banks are trading lower at lunch. The Commonwealth Bank of Australia (ASX: CBA) share price is the best performer in the group with a decline of 0.1% at the time of writing.
Qantas coronavirus update.
After falling to a multi-year low in early trade, the Qantas Airways Limited (ASX: QAN) share price has edged into positive territory at lunch. This follows an update on the coronavirus impact this morning. While the airline advised it is too soon to understand the full impact on its earnings, it has taken drastic action to offset the tough trading conditions. This includes cutting its total international capacity by 23% over the next six months compared to the prior corresponding period. The airline has also cancelled its share buyback.
Energy shares rebound.
A number of energy shares are rebounding strongly on Tuesday after being sold off yesterday. Beach Energy Ltd (ASX: BPT) and Oil Search Limited (ASX: OSH) shares are both trading notably higher. The latter was given a boost by analysts at Goldman Sachs this morning. They reiterated their buy rating but trimmed the price target on its shares to $6.50. This compares to Oil Search's last close price of $3.30.
Best and worst performers.
The best performer on the ASX 200 at lunch is the Jumbo Interactive Ltd (ASX: JIN) share price with an 8.5% gain. Bargain hunters appear to be swooping in to pick up the lottery ticket seller's shares after a heavy decline in 2020. The worst performer on the index is the Resolute Mining Limited (ASX: RSG) share price with a 6% decline. Investors appear to be switching out of risk off assets and back into equities.
