It has been a disappointing start to the week for the S&P/ASX 200 index. At lunch the benchmark index is down 0.65% to 6,653 points.
Here's what has been happening on the market today:
Bank shares lower.
Australia's big four banks have started the week in the red. At lunch all four banks are trading lower, with Australia and New Zealand Banking Group (ASX: ANZ) the worst performer in the group with a decline of 1.2%. On Friday the AFR reported that its New Zealand business is facing legal action by investors who lost money after the collapse of a Ponzi scheme in 2012.
AMP shares hit a new low.
The AMP Limited (ASX: AMP) share price sank almost 18% to a new all-time low of $1.77 this morning after the embattled financial services company announced that the RBNZ had blocked the sale of its AMP Life business to Resolution Life. In light of this, the company has suspended its interim dividend.
Tech shares lower.
Australia's leading tech shares have failed to follow their U.S. counterparts higher and have tumbled lower on Monday. On Friday the technology-focused Nasdaq index rose 0.6% to a new high, but this hasn't rubbed off on the local tech sector. At lunch Nearmap Ltd (ASX: NEA) and Xero Limited (ASX: XRO) shares are down 1.5% and 3%, respectively.
Best and worst performers.
The best performer on the ASX 200 index at lunch is the St Barbara Ltd (ASX: SBM) share price with a gain of 3%. Its shares have lifted with the rest of the gold miners after the gold price finished the week with a gain. The S&P/ASX All Ords Gold index is up over 1% at the time of writing. Going the other way is of course the AMP share price which is trading 14% lower at lunch after its disappointing asset sale update.
