At lunch on Friday the S&P/ASX 200 Index (ASX: XJO) is having a bit of a subdued day. The benchmark index is currently trading roughly flat at 6,011.7 points.
Here’s what has been happening on the market today:
Westpac class action.
The Westpac Banking Corp (ASX: WBC) share price is edging higher today despite being hit with another class action. This morning the banking giant confirmed that it has been named in a class action brought by law firm Maurice Blackburn in relation to allowing automotive dealerships to charge customers flex commissions on car finance. Flex commissions allowed automotive dealerships to set the interest rate on car loans above a base rate set by the bank and take a cut of the difference. Westpac intends to defend the claim.
Rio Tinto Q2 update.
The Rio Tinto Limited (ASX: RIO) share price is pushing higher on Friday after the release of its second quarter update. During the second quarter Rio Tinto reported 86.7Mt of Pilbara iron ore shipments, bringing its first half shipments to a total of 159.6Mt. This was a 1% and 3% increase, respectively, on the prior corresponding periods and puts it on track to achieve its full year guidance.
Travel shares tumble.
It has been another disappointing day of trade for travel and tourism shares such as Flight Centre Travel Group Ltd (ASX: FLT), Qantas Airways Limited (ASX: QAN), and Webjet Limited (ASX: WEB). They are all trading notably lower at lunch. This could be due to the New South Wales government announcing that COVID-19 restrictions will be extended to restaurants, bars, cafes, and clubs.
Best and worst ASX 200 shares.
The best performer on the ASX 200 index on Friday has been the Abacus Property Group (ASX: ABP) share price with a gain of almost 4%. This morning Ord Minnett retained its accumulate rating and lifted its price target to $3.10. The worst performer on the index has been the Flight Centre share price with a 4.5% decline. This follows broad weakness in the travel sector.
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More reading
- Why Cann, Flight Centre, Helloworld, & Zip shares are dropping lower
- BlueScope’s earnings to halve as it takes $200m write-down
- Rio Tinto share price on watch after Q2 production update
- Westpac share price on watch after being hit with flex commissions class action
- Why this fundie sees an ASX bank share recovery
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Webjet Ltd. The Motley Fool Australia has recommended Flight Centre Travel Group Limited. 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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