At lunch on Thursday the S&P/ASX 200 Index (ASX: XJO) has given back its morning gains and is trading lower. The benchmark index is currently down 0.5% to 4,931.5 points.
Here’s what has been happening on the market today:
Big four banks drop.
After a strong start to the day, the big four banks have given back their gains and more. At lunch all the four major banks are trading lower and are playing a key role in dragging the S&P/ASX 200 Index into the red. At the time of writing the worst performer in the group is the Australia and New Zealand Banking Group (ASX: ANZ) share price with a 2.5% decline. Investors appear nervous ahead of the Reserve Bank’s meeting later this afternoon.
Webjet trading halt.
The Webjet Limited (ASX: WEB) share price is out of action and in a trading halt. The online travel agent requested the halt pending an announcement in relation to a capital raising. The company appears to be seeking funds in order to secure its future after the travel and tourism market was hit incredibly hard by the coronavirus outbreak.
More companies withdraw their guidance.
A large number of companies have withdrawn their earnings guidance for FY 2020 due to the uncertainty caused by the coronavirus outbreak. This includes the likes of building products company Boral Limited (ASX: BLD), steel manufacturer BlueScope Steel Limited (ASX: BSL), services company Downer EDI Limited (ASX: DOW), and media company Nine Entertainment Co Holdings Ltd (ASX: NEC).
Best and worst performers
The best performer on the S&P/ASX 200 Index on Thursday has been the Rio Tinto Limited (ASX: RIO) share price with a 10% gain. This follows news that iron ore giant Vale has downgraded its shipments guidance to China. The worst performer on the index has been the Credit Corp Group Limited (ASX: CCP) share price with a 32% decline. This is despite there being no news out of the debt collector.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Nine Entertainment Co. Holdings Limited and Webjet Ltd. 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.