It looks set to be another disappointing day of trade for the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) on Tuesday. With all sectors dropping lower today, at lunch the benchmark index is down 0.75% to 5,650.5 points.
Here's what's been happening on the ASX 200 so far today:
a2 Milk Company releases strong update.
The A2 Milk Company Ltd (ASX: A2M) share price stormed higher this morning after the infant formula and dairy company released a trading update ahead of its annual general meeting in Melbourne. Management revealed that the first four months of trade has seen revenue increase 40.5% to NZ$368.4 million and net profit after tax rise 64.5% to NZ$86 million.
Fletcher Building update disappoints.
Another New Zealand-based company providing an update today was Fletcher Building Limited (ASX: FBU). But unlike a2 Milk Company, its update has disappointed the market. Management warned that first-half EBIT before significant items will be approximately 10% lower than the prior corresponding period. This has been blamed on challenging Australian trading conditions and the timing of house sales in the Residential Division to date. The Fletcher Building share price has fallen 9% today.
Australian tech shares sink lower.
The likes of Altium Limited (ASX: ALU), Afterpay Touch Group Ltd (ASX: APT), and Xero Limited (ASX: XRO) have sunk lower today following heavy declines on the Nasdaq overnight. The Financial Times has reported that the catalyst for the U.S. tech selloff was a flare-up of tensions between the United States and China at the Asia Pacific Economic Cooperation summit.
ALS half year results.
The ALS Ltd (ASX: ALQ) share price is 3.5% higher at lunch after the testing solutions company released its half year results. ALS delivered a 15.2% increase in half year revenue to $826.1 million and a 29.8% lift in first half underlying net profit after tax to $93.3 million. This was driven by growth from all sides of its business.
Best and worst performers.
The best performer on the ASX 200 at lunch is the Saracen Mineral Holdings Limited (ASX: SAR) share price which up 5% to $2.65. Investors have been snapping up the gold miner's shares after moving to risk off assets. The worst performer on the ASX 200 is the Fletcher Building share price, closely followed by Altium and IDP Education Ltd (ASX: IEL).
