At lunch on Wednesday the S&P/ASX 200 Index (ASX: XJO) has failed to follow the lead of U.S. markets and is dropping lower. The benchmark index is down 0.9% to 5,438.2 points.
Here's what is happening on the market today:
Big four banks drop lower.
The big four banks are all trading lower and weighing heavily on the ASX 200 on Wednesday. The worst performer in the group is the Westpac Banking Corp (ASX: WBC) share price with a decline of 1.5%. This morning analysts at Morgan Stanley retained their underperform rating on the bank's shares following its provisions and asset write-downs update
Appen update.
The Appen Ltd (ASX: APX) share price is trading lower following the release of a business update. This morning the artificial intelligence company revealed that it is on target to achieve its guidance for FY 2020. This will mean full year underlying EBITDA in the range $125 million to $130 million, up from $101 million in FY 2019. The company also provided investors with a range of scenarios that could see it better or fall short of this guidance.
Afterpay downgraded by Goldman Sachs.
The Afterpay Ltd (ASX: APT) share price is tumbling lower on Wednesday after being downgraded by Goldman Sachs. The broker made the move on valuation grounds after its shares zoomed past its price target. Goldman Sachs now has a neutral rating and $25.75 price target on the payment company's shares.
Best and worst performers.
The best performer on the ASX 200 on Wednesday is the Bravura Solutions Ltd (ASX: BVS) share price with a 4.5% gain. This is despite there being no news out of the fintech company. The worst performer has been the Unibail-Rodamco-Westfield (ASX: URW) share price with a 9% decline. This may be due to news that France is extending its lockdown for a further three weeks.
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Motley Fool contributor James Mickleboro owns shares of Westpac Banking. The Motley Fool Australia owns shares of and has recommended Bravura Solutions Ltd. The Motley Fool Australia owns shares of AFTERPAY T FPO and Appen 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.
