At lunch on Tuesday the S&P/ASX 200 Index (ASX: XJO) is on course to give back Monday's gains and more. The benchmark index is currently down 1.3% to 5,389.9 points.
Here's what has been happening on ASX 200 today:
Big four banks drag market lower.
Australia's big four banks are acting as a major drag on the ASX 200 on Tuesday. All four banks are trading notably lower at lunch, with National Australia Bank Ltd (ASX: NAB) leading the way with a 2.5% decline. The best performer is the Commonwealth Bank of Australia (ASX: CBA) share price with a 1% decline ahead of its third quarter update.
Altium update.
The Altium Limited (ASX: ALU) share price has come under pressure on Tuesday after the electronic design software company warned that it could fall short of its aspirational goal of US$200 million in revenue in FY 2020. Altium has blamed the economic and social impacts of the coronavirus lockdowns on this. It expects these tough trading conditions to impact its performance in the final quarter of the financial year. Altium remains committed to achieving its 50,000-subscriber target for the full year.
Travel shares tumble lower.
After a couple of days of stellar gains, Australian travel shares have come under pressure and are tumbling lower. The likes of Corporate Travel Management Ltd (ASX: CTD), Flight Centre Travel Group Ltd (ASX: FLT), and Webjet Limited (ASX: WEB) are all down at least 5% at lunch. Investors were buying their shares on Friday and Monday amid hopes the easing of lockdowns would boost their recoveries.
Best and worst ASX 200 shares.
The CSR Limited (ASX: CSR) share price is the best performer on the ASX 200 with a gain of almost 9%. Investors have been buying the building products company's shares after a better than expected full year result. The worst performer has been the Virgin Money UK (ASX: VUK) share price with a 9% decline. Weakness in the banking sector appears to be weighing on the British bank's shares.
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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 and has recommended Corporate Travel Management Limited and Webjet Ltd. The Motley Fool Australia owns shares of Altium. The Motley Fool Australia has recommended Flight Centre Travel Group 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.
