At lunch on Wednesday the S&P/ASX 200 Index (ASX: XJO) is on course to record a very strong gain. The benchmark index is currently up 1.3% to 6,020.4 points.
Here’s what has been happening on the market today:
Big four banks acting as a drag.
Despite the positive investor sentiment, the big four banks have failed to push higher on Wednesday. All four banks are in the red and have been acting as a drag on proceedings this morning. The worst performer in the group is the Westpac Banking Corp (ASX: WBC) share price with a 0.7% decline. Concerns over bank dividends may be weighing on their shares.
Afterpay update.
The Afterpay Ltd (ASX: APT) share price is surging higher after announcing the launch of Afterpay for Apple Pay and Google Pay in the United States from this month. Co-founder and CEO, Nick Molnar, commented: “As we enter the second half of the year and retail re-emerges across the world, it’s critical we help our partners drive business growth, both online and offline. As a proven solution for driving incremental sales and new customer growth, we are thrilled to introduce our new omni-channel solution to U.S retailers as they begin to open their doors and bring shoppers back to their physical stores.”
Woodside share price lower on impairment update.
The Woodside Petroleum Limited (ASX: WPL) share price is dropping lower on Wednesday after announcing material impairments because of the collapse in oil prices. According to the release, Woodside expects to recognise non-cash, post-tax impairment losses of US$3.92 billion with its first half results. This comprises $2.76 billion for oil and gas properties and $1.16 billion for exploration and evaluation assets. Origin Energy Ltd (ASX: ORG) has also done the same this morning.
Best and worst ASX 200 shares.
The best performing ASX 200 share on Wednesday has been the Clinuvel Pharmaceuticals Limited (ASX: CUV) share price with a 7% gain. This is despite there being no news out of the biopharmaceutical company. The worst performer has been the Treasury Wine Estates Ltd (ASX: TWE) share price with a 2.5% decline. One broker that would see this as a buying opportunity is Morgan Stanley. On Monday it upgraded its shares to an overweight rating with a $13.50 price target.
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Motley Fool contributor James Mickleboro owns shares of Westpac Banking. The Motley Fool Australia owns shares of and has recommended Treasury Wine Estates Limited. The Motley Fool Australia owns shares of AFTERPAY T FPO. 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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