The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has had a disappointing start to the week. At lunch the benchmark index is down 0.6% to 5,870.4 points.
Here's what has been happening on the ASX 200 so far on Tuesday:
Banks drop lower.
The shares of Australia and New Zealand Banking Group (ASX: ANZ), Commonwealth Bank of Australia (ASX: CBA), National Australia Bank Ltd (ASX: NAB), and Westpac Banking Corp (ASX: WBC) are all down in the range of 1% to 2.5% at lunch. Investors may be taking a bit of profit off the table ahead of the Royal Commission final report release on Friday.
TPG scraps its mobile network plans.
The TPG Telecom Ltd (ASX: TPM) share price has climbed higher at lunch despite the telco company announcing that it has ceased its mobile network rollout. The Government's decision to block Huawei from Australia's 5G network has been blamed for the decision. The Telstra Corporation Ltd (ASX: TLS) share price has stormed higher on the news.
Eclipx shares crushed.
The Eclipx Group Ltd (ASX: ECX) share price has been crushed and is down almost 20% at lunch. The leading provider of fleet, equipment leasing and management, vehicle rentals and online auction services warned that it has had a weaker than expected first half due to "softer Consumer and continued softness in Insolvency/Industrial auction market conditions".
Gold miners charge higher.
Gold miners including Evolution Mining Ltd (ASX: EVN), Regis Resources Limited (ASX: RRL), and Resolute Mining Limited (ASX: RSG) have all charged higher on Tuesday after the gold price spiked. This has lifted the S&P/ASX All Ords Gold index up by a sizeable 3.5% on Tuesday.
Best and worst performers.
The best performer on the ASX 200 at lunch is the Credit Corp Group Limited (ASX: CCP) share price which has climbed almost 7% higher after it released its first half results. Credit Corp delivered a 13% increase in half year net profit after tax to $33.6 million, leading to management upgrading its full year outlook. Going the other way is the Eclipx share price, followed by the ResMed Inc. (ASX: RMD) share price which has continued its slide and is down a further 9.5%.
