At lunch on Thursday, the S&P/ASX 200 Index (ASX: XJO) has run out of steam and is trading lower. The benchmark index is currently down 0.3% to 7,363.7 points.
Here's what is happening on the market today:
Coles Strategy Day
The Coles Group Ltd (ASX: COL) share price is under pressure today following the release of its strategy day update. Although the supermarket giant revealed solid progress against a number of key metrics, it has been losing market share due to COVID-19 shopping trends. In addition to this, Coles revealed that it expects its capital expenditure to increase to $1.4 billion in FY 2022. This is partly due to its investment in its distribution centres.
Challenger tumbles
The Challenger Ltd (ASX: CGF) share price is sinking today after releasing its investor day presentation. At the event, CEO and Managing Director, Richard Howes, reaffirmed that the annuities company is expecting normalised net profit before tax at the bottom end of its guidance range of between $390 million and $440 million this year. In FY 2022, its normalised net profit before tax is expected to grow to between $430 million and $480 million.
Gold miners sink
Gold miners such as Evolution Mining Ltd (ASX: EVN) and Resolute Mining Limited (ASX: RSG) are sinking lower after the gold price tumbled overnight. According to CNBC, the spot gold price fell 1.4% to US$1,830.60 an ounce after the US Federal Reserve brought forward its rate hike plans to 2023. The S&P/ASX All Ordinaries Gold index is down 3.5% at lunch.
Best and worst ASX 200 performers
The best performer on the ASX 200 on Thursday has been the Netwealth Group Ltd (ASX: NWL) share price with a 6% gain on no news. The worst performer has been the Whitehaven Coal Ltd (ASX: WHC) share price with an 11% decline following a disappointing downgrade to its guidance.
