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:
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.
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. It made the move on valuation grounds after a strong gain.
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.
The post ASX 200 down 0.9%: Big four banks drop, Metcash charges higher appeared first on The Motley Fool Australia.
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More reading
- 5 things to watch on the ASX 200 on Tuesday
- ASX 200 flat, e-commerce ASX shares soar, Metcash rises
- Oil hits 3-year high! How are ASX energy shares reacting?
- Bank of Queensland shares outperforming all ASX 200 banks this month
- Here are 3 of the most actively traded ASX 200 shares today
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended ResMed. The Motley Fool Australia has recommended ResMed Inc. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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