At lunch on Tuesday the benchmark S&P/ASX 200 index is trading ever so slightly lower at 6,650.5 points.
Here's what has been happening on the market today:
Bank shares lower.
It has been another disappointing day of trade for Australia's big four banks. At lunch all four banks have drifted into the red. The worst performer in the group at lunch is the National Australia Bank Ltd (ASX: NAB) share price which has dropped 0.7% lower.
Rio Tinto second quarter update.
The Rio Tinto Limited (ASX: RIO) share price has pushed 0.75% higher following the release of the mining giant's second quarter update. During the second quarter Rio Tinto reported Pilbara iron ore shipments of 85.4Mt and production of 79.7Mt. According to a note out of Goldman Sachs, it forecast quarterly Pilbara iron ore shipments of 81.6Mt and production of 83.2Mt. This means Rio Tinto has beaten on shipments but fell short on production.
NIB shares tumble.
The NIB Holdings Limited (ASX: NHF) share price has tumbled over 4% lower after being downgraded by two leading brokers today. Both Goldman Sachs and Citi have downgraded the private health insurer's shares to a sell rating. These downgrades have been made largely on valuation grounds after a stellar share price rally in 2019.
HUB24 impresses.
The HUB24 Ltd (ASX: HUB) share price has charged 3% higher after the investment platform provider released its latest quarterly update. According to the release, HUB24 saw its net inflows increase 32.4% on the prior corresponding period to $979 million. Overall, this led to total funds under administration (FUA) lifting to $12.9 billion at the end of June, up 54.3% on the prior corresponding period.
Best and worst performers.
The best performer on the S&P/ASX 200 index on Tuesday has been the Galaxy Resources Limited (ASX: GXY) share price with a gain of almost 7%. The lithium miner's shares have raced higher following a stronger than expected second quarter. Going the other way is the Perpetual Limited (ASX: PPT) share price which is down 5.5% following Monday's FUM update.
