At lunch on Tuesday, the S&P/ASX 200 Index (ASX: XJO) is on course to record a disappointing decline. The benchmark index is currently down 0.9% to 7,241.8 points.
Here's what is happening on the market today:
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Big four banks drop
The big four banks are under pressure and acting as a drag on the market today. All four banks are in the red at lunch, with the National Australia Bank Ltd (ASX: NAB) share price the worst performer in the group. Its shares are down 1.1% at the time of writing. Investors appear to have been spooked by lockdowns and border closures following the spread of COVID-19 into several states.
Brokers respond positive to Metcash result
The Metcash Limited (ASX: MTS) share price is charging higher on Tuesday after brokers responded positively to its full year results release. Credit Suisse has retained its outperform rating and lifted its price target to $4.16. Whereas Morgan Stanley retained its overweight rating and increased its price target to $4.15. The compares to the current Metcash share price of $3.86.
ResMed downgraded
The ResMed Inc. (ASX: RMD) share price is trading lower today. This appears to have been driven by a broker note out of Citi this morning. According to the note, the broker has downgraded the medical device company's shares to a neutral rating with an improved price target of $32.50. Citi made the move on valuation grounds after a strong gain this month. The ResMed share price is up 17% since this time last month thanks to a major product recall from a leading competitor.
Best and worst ASX 200 performers
The best performer on the ASX 200 on Tuesday has been the Metcash share price with a 4% gain. This follows the aforementioned positive response to its full year results. The worst performer with a 4.5% decline has been the Vicinity Centres (ASX: VCX) share price. This morning the property company's shares traded ex-dividend.
