At lunch on Tuesday the S&P/ASX 200 Index (ASX: XJO) is on course to rebound from yesterday's selloff. The benchmark index is up 2.1% to 5,107.4 points at the time of writing.
Here's what has been happening on the market today:
Bank shares push higher.
The big four banks are doing a lot of the heavy lifting on the ASX 200 index on Tuesday. All four banks are rebounding higher today after yesterday's disappointing decline. The best performer in the group is the Australia and New Zealand Banking Group (ASX: ANZ) share price with a gain of 4%. Whereas the laggard in the group is the National Australia Bank Ltd (ASX: NAB) share price with a 1.7% gain.
Qantas cuts capacity.
The Qantas Airways Limited (ASX: QAN) share price is down 2.5% at lunch after cutting its capacity again. The airline operator revealed that from the end of March it will cut Group International capacity by 90% until the end of May 2020. Group Domestic capacity will be cut by around 60% for the same period.
Fisher & Paykel Healthcare upgrades guidance.
The Fisher & Paykel Healthcare Corp Ltd (ASX: FPH) share price has stormed higher on Tuesday after upgrading its guidance for the second time this year. Due to favourable currency movements and strong demand, management expects operating revenue to be approximately NZ$1.24 billion and net profit after tax to be in the range of NZ$275 million to NZ$280 million. This compares to previous guidance of $1.2 billion and NZ$260 million to NZ$270 million.
Best and worst performers.
The best performer on the S&P/ASX 200 Index has been Metcash Limited (ASX: MTS) share price with a 18% gain. Investors may believe the wholesale distributor will be benefiting from the panic buying across the country. The worst performer is the Unibail-Rodamco-Westfield (ASX: URW) share price with a 24% decline. This morning the shopping centre operator revealed that many of its shopping centres in Europe have been closed due to the coronavirus outbreak.
