At lunch on Friday the S&P/ASX 200 Index (ASX: XJO) is on course to end its incredible winning streak. The benchmark index is currently down 0.2% to 6,091.9 points.
Here’s what is happening on the market today:
Big four banks run out of steam.
The big four banks have run out of steam on Friday and are all dropping lower and weighing on the ASX 200. While all four banks are in the red, the worst performer in the group is the National Australia Bank Ltd (ASX: NAB) share price with a 1.1% decline. This is despite analysts at Citi retaining their buy rating and $23.50 price target on the bank’s shares this morning.
CIMIC update impresses.
The CIMIC Group Ltd (ASX: CIM) share price is surging higher today following the release of its third quarter update. While the engineering company reported a notable drop in revenue and profits for the nine months to 30 September, it revealed an uptick in its performance during the third quarter. In addition to this, management spoke positively about its outlook. Especially given the increased spending on infrastructure to boost the global economy following the pandemic.
Healthcare shares drag on the market.
The healthcare sector has been underperforming on Friday and is also acting as a drag on the ASX 200’s performance. The likes of CSL Limited (ASX: CSL) and ResMed Inc. (ASX: RMD) shares are trading lower today, possibly due to profit taking following some solid gains this week. This has led to the S&P/ASX 200 Healthcare index falling 1% today.
Best and worst ASX 200 performers.
The best performer on the ASX 200 on Friday has been the CIMIC share price with a 6.5% gain following its update. The ARB Corporation Limited (ASX: ARB) share price isn’t far behind with a 6% gain. Going the other way, the worst performer has been the Zip Co Ltd (ASX: Z1P) share price with a 6% decline. This may be due to profit taking after a strong gain on Thursday.
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Returns as of 6th October 2020
More reading
- Why ARB, CIMIC, Janus Henderson, & Netwealth shares are charging higher
- Why I would invest $10,000 into these fantastic ASX shares today
- Why the CIMIC (ASX:CIM) share price is storming higher today
- 3 unique ASX shares I’d buy and hold forever
- 3 reasons I would buy CSL (ASX:CSL) shares today
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 CSL Ltd. and ZIPCOLTD FPO. The Motley Fool Australia has recommended ARB Limited and ResMed Inc. 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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