At lunch on Wednesday the S&P/ASX 200 Index (ASX: XJO) is on course to give back most of yesterday’s strong gains. The benchmark index is currently down 3.7% to 5,096.1 points.
Here’s what has been happening:
Ramsay Health Care coronavirus impact.
The Ramsay Health Care Limited (ASX: RHC) share price is pushing higher despite withdrawing its guidance for FY 2020. Ramsay made the move following the ongoing high level of uncertainty surrounding the spread, duration, and impact of the coronavirus. In addition to this, many of Ramsay’s hospitals around the globe are assisting governments with managing the virus.
Big four banks.
The big four banks are giving back some of the incredible gains they made on Tuesday. At lunch all four banks are trading notably lower. The worst performer in the group is the Australia and New Zealand Banking Group (ASX: ANZ) share price with a 7.5% decline. On Wednesday ANZ’s shares rose by a whopping 12%.
Aristocrat Leisure withdraws guidance.
The Aristocrat Leisure Limited (ASX: ALL) share price has dropped lower on Wednesday after also withdrawing its earnings guidance due to the coronavirus outbreak. The gaming technology company made the move due to the continuing uncertainty in relation to the extent and duration of the impacts of COVID-19. It notes that it has experienced softening demand in global land-based markets. Positively, its growing Digital business has not been impacted.
Best and worst performers.
The best performer on the S&P/ASX 200 Index on Wednesday is the Gold Road Resources Ltd (ASX: GOR) share price with an 18% gain. Australia’s gold miners are charging higher on Wednesday after the spot gold price rebounded strongly. The worst performer on the index is the Afterpay Ltd (ASX: APT) share price with a decline of almost 19%. A number of tech shares have been sold off on Wednesday amid the broad market weakness.
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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 AFTERPAY T FPO. The Motley Fool Australia has recommended Ramsay Health Care 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.