At lunch on Tuesday the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is trading 0.1% higher at 5,558.1 points thanks to solid gains in the healthcare and information technology sectors.
Here's what has been happening on the benchmark index so far today:
QBE market update.
The QBE Insurance Group Ltd (ASX: QBE) share price is down almost 4% at lunch following the release of a market update this morning. QBE announced plans to find cost savings of $130 million over the next three years so it can achieve an expense ratio of approximately 14% in 2021. Judging by its share price reaction, the market may have been expecting more.
CIMIC wins a new contract.
The CIMIC Group Ltd (ASX: CIM) share price is up around 3% at lunch after the infrastructure, mining, services, and public private partnerships company advised that its UGL and CPB Contractors businesses have been selected by Taswater as the preferred contractor to deliver a capital works program to support and develop water and wastewater infrastructure and major regional water projects in Tasmania. The deal is expected to generate revenue of more than $600 million for CIMIC over a four-year period.
Sydney Airport shares higher on dividend news.
The Sydney Airport Holdings Pty Ltd (ASX: SYD) share price has pushed higher after the airport operator announced its next dividend. The Sydney Airport board have declared a 19 cents per share final dividend. Its shares will trade ex-dividend on December 22, before the company pays the dividend to eligible shareholders on February 14
Best and worst performers.
The best performer on the ASX 200 at lunch is the Inghams Group Ltd (ASX: ING) share price which is up almost 6%. On Monday the poultry producer was the worst performer on the ASX 200 after its shares traded ex-capital return. News that Morgan Stanley has upgraded its shares to an equal weight rating from underweight has potentially been the catalyst for today's rise. Going the other way on Tuesday is the Galaxy Resources Limited (ASX: GXY) share price which is down over 4% on the back of no news.
