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ASX 200 down 1.2%: Blackmores jumps, Bendigo and Adelaide Bank’s update, Zip sinks

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At lunch on Tuesday the S&P/ASX 200 Index (ASX: XJO) has followed the lead of international markets and is sinking lower. The benchmark index is currently down 1.2% to 6,081.5 points.

Here’s what is happening on the market today:

Blackmores jumps on AGM update.

The Blackmores Limited (ASX: BKL) share price is jumping higher today after the release of the health supplements company’s annual general meeting update. That update reveals that management continues to expect profit growth in FY 2021. Though, this will come predominantly from the second half of the financial year. Management also advised that its restructuring is set to deliver $15 million of gross annualised savings from the second half.

Bendigo and Adelaide Bank impresses.

The Bendigo and Adelaide Bank Ltd (ASX: BEN) share price is pushing higher today following the release of a trading update. For the first quarter, the regional bank achieved total lending growth of 11% and residential lending growth of 16.1%. Management notes that these are both well above system growth. The bank also recorded a small increase in its net interest margin.

Gold miner updates galore.

Gold miners Evolution Mining Ltd (ASX: EVN), Northern Star Resources Ltd (ASX: NST), and Ramelius Resources Limited (ASX: RMS) shares are all trading lower following the release of their respective quarterly updates. Not even Ramelius revealing that it smashed its production and costs guidance was able to prevent its shares from dropping lower. The S&P/ASX All Ordinaries Gold index is down 1% at lunch.

Best and worst ASX 200 performers.

The best performer on the ASX 200 on Tuesday has been the Blackmores share price with a 4% gain. This follows the release of its annual general meeting update. Going the other way, the worst performer has been the Zip Co Ltd (ASX: Z1P) share price with a decline of over 5%. This appears to have been driven by a selloff of tech stocks today following a weak night of trade on the Nasdaq index.

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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of ZIPCOLTD FPO. The Motley Fool Australia owns shares of and has recommended Blackmores 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.

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