At lunch on Wednesday the S&P/ASX 200 index has given back a lot of yesterday's gains. The benchmark index is currently trading 1.7% lower at 5,838.3 points.
Here's what is happening on the market today:
Webjet withdraws guidance.
The Webjet Limited (ASX: WEB) share price is trading lower at lunch after withdrawing its EBITDA guidance for FY 2020. Due to the uncertainty of the duration and scale of the coronavirus outbreak, Webjet has experienced a reduction in the visibility of its future earnings. As a result, management believes there is insufficient insight into its future performance to maintain its earnings guidance at this time.
Computershare downgrades guidance.
The Computershare Limited (ASX: CPU) share price has tumbled lower today after falling interest rates led to the company downgrading its FY 2020 management earnings per share guidance. According to the release, Computershare expects to report a 15% decline this year, compared to previous guidance of a 5% year on year decline. Management also warned that trading conditions are expected to worsen in FY 2021.
Bank shares lower.
The big four banks are weighing heavily on the share market on Wednesday. All four have given back a good portion of yesterday's gains and are trading notably lower. The worst performer in the group is the National Australia Bank Ltd (ASX: NAB) share price with a decline of 3.6%.
Best and worst performers.
The best performer on the ASX 200 at lunch is the Fortescue Metals Group Limited (ASX: FMG) share price with a 4% gain. This morning the iron ore producer's shares were upgraded to an accumulate rating by Ord Minnett. Going the other way, the Qantas Airways Limited (ASX: QAN) share price is the worst performer with a decline of 8%. This could have been driven by a broker note out of the Macquarie equities desk this morning. Its analysts have downgraded Qantas' shares to neutral from outperform .
