At lunch on Wednesday the S&P/ASX 200 index has bounced off its lows but is still down 0.15% to 6,490.4 points.
Here's what has been happening on the market today:
Bank shares lower.
Australia's big four banks appear to have run out of steam on Wednesday. Three of the big four are down at lunch with the National Australia Bank Ltd (ASX: NAB) share price the worst performer in the group with a decline of almost 1%. The Westpac Banking Corp (ASX: WBC) share price has defied the selling to edge 0.3% higher.
Fortescue trades ex-dividend.
The Fortescue Metals Group Limited (ASX: FMG) share price has crashed over 8% lower to $8.25 after trading ex-dividend this morning for its 60 cents per share fully franked dividend. Eligible shareholders can now look forward to receiving the iron ore producer's dividend in their bank accounts on June 14.
JB Hi-Fi rated as a buy.
The JB Hi-Fi Limited (ASX: JBH) share price is 3% higher at lunch after analysts at Goldman Sachs upgraded its shares to a buy rating with a $30.00 price target. The broker believes things have become more favourable for the retailer following the Coalition's election victory, APRA's plan to remove the 7% serviceability buffer on home loans, and the Reserve Bank's shift to a more dovish stance. Goldman remains neutral on Harvey Norman Holdings Limited (ASX: HVN).
Best and worst performers.
The best performer on the ASX 200 at lunch is the Lynas Corporation Ltd (ASX: LYC) share price. Its shares have charged 8% higher thanks to the U.S. and China trade war and the announcement of its Lynas 2025 growth plan yesterday. Going the other way is the Fortescue share price with its 8% decline, followed by the IOOF Holdings Limited (ASX: IFL) share price which is down 5.5% after providing an update on its dealings with APRA.
