At lunch on Friday the S&P/ASX 200 Index (ASX: XJO) is on course to end the week with a day in the red. The benchmark index is down 1.2% to 5,779.5 points.
Here’s what has been happening on the market today:
Big four banks tumble.
After a series of exceptionally strong gains, the big four banks have run out of steam on Friday. All four banks are trading lower and acting as a major drag on the ASX 200’s performance today. The worst performer in the group is the Westpac Banking Corp (ASX: WBC) share price with a 5% decline. However, its shares are still up over 16% since the start of the week.
Appen annual general meeting update.
The Appen Ltd (ASX: APX) share price is trading flat after releasing its annual general meeting presentation. The artificial intelligence company advised that it has orders in hand of $350 million year to date. This compares to its revenue of $536 million in FY 2019. As a result, it has reaffirmed its guidance in FY 2020. It expects to grow its operating earnings to between $125 million and $130 million.
Costa CEO to retire.
The Costa Group Holdings Ltd (ASX: CGC) share price has come under pressure today after the horticulture company dropped a bombshell at its annual general meeting. Costa revealed in its annual general meeting update that its long-serving CEO intends to retire within the next nine months after over 10 years leading the company. Costa also advised that the majority of its produce was in demand and receiving favourable prices. Though, it did warn on increasing operating costs relating to the pandemic.
Best and worst ASX 200 performers.
The Austal Limited (ASX: ASB) share price is the best performer on the ASX 200 on Friday with a 9% gain. This morning the ship builder increased its profit guidance for FY 2020. The worst performer has been the Virgin Money UK PLC (ASX: VUK) share price with a 9% decline. Profit taking in the banking sector is weighing on the UK bank’s shares.
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More reading
- Ready to invest your first $1,000? Try these 2 ASX shares
- 3 cheap ASX 200 shares I’d buy today
- The best performing ASX 200 stock today may have more room to climb
- Appen share price falls after positive update fails to impress
- Why Costa, Freedom Foods, Sonic, & Westpac shares are tumbling lower
James Mickleboro owns shares of Westpac Banking. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Austal Limited. The Motley Fool Australia owns shares of and has recommended COSTA GRP FPO. The Motley Fool Australia owns shares of Appen Ltd. 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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