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ASX 200 drops 1.1%: Big four banks fall, Resolute rockets, Afterpay tumbles

At lunch on Wednesday the S&P/ASX 200 Index (ASX: XJO) has given back a good portion of yesterday’s gains. The benchmark index is currently down 1.1% to 6,085.9 points.

Here’s what has been happening on the market today:

Big four banks drop lower.

The big four banks have all dropped lower on Wednesday and are weighing on the ASX 200 index. The worst performer in the group has been the National Australia Bank Ltd (ASX: NAB) share price with a 1% decline. The Commonwealth Bank of Australia (ASX: CBA) share price isn’t far behind with a 0.9% decline.

Resolute impresses.

The Resolute Mining Limited (ASX: RSG) share price is zooming higher today after the release of its second quarter update. For the quarter ending 30 June 2020, Resolute achieved gold production of 107,183 ounces at an all-in sustaining cost (AISC) of US$1,033 an ounce. This puts it on course to achieve its FY 2020 guidance of 430,000 ounces at an AISC of US$980 an ounce. The company also revealed an average realised price of US$1,446 an ounce for the period.

Tech shares come under pressure.

After rocketing higher on Tuesday, the tech sector has run out of steam today. The likes of Afterpay Ltd (ASX: APT) and WiseTech Global Ltd (ASX: WTC) are dropping lower in response to an overnight pullback on the tech-heavy Nasdaq index. At the time of writing the S&P/ASX 200 Information Technology index is down a sizeable 2.4%.

Best and worst ASX 200 shares.

The best performer on the ASX 200 on Wednesday has been the Resolute Mining share price. The gold miner’s shares are leading the way with a 10% gain following its Q2 update. The worst performer on the index has been the Mesoblast limited (ASX: MSB) share price with a 7.5% decline. This appears to be down to profit taking after some strong gains on Tuesday following a positive announcement.

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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 and WiseTech Global. 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.

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