The S&P/ASX 200 index looks set to end its winning streak on Friday. At lunch the benchmark index is down around 0.4% to 6,792.3 points.
Here's what has been happening on the market today:
Bank shares lower.
Australia's big four banks look set to finish the week with a day in the red. At lunch all four bank are trading lower, with Australia and New Zealand Banking Group (ASX: ANZ) and Westpac Banking Corp (ASX: WBC) shares the worst performers in the group with declines of almost 0.8% each.
ResMed impresses.
The ResMed Inc. (ASX: RMD) share price is 4.5% higher at lunch after investors responded positively to its fourth quarter update. In the fourth quarter ResMed delivered a 13% increase in revenue to US$705 million. This led to the sleep treatment company posting an 11% increase in full year revenue to US$2.6 billion. Management revealed that the strong result was driven partly by recent mask launches which have led to market share gains. In addition to this, its performance was supported by the continued adoption of its SaaS solutions, which is driving both revenue growth and a steady margin profile.
GUD disappoints.
The GUD Holdings Limited (ASX: GUD) share price has come under pressure after the release of its full year results. GUD reported a 9% lift in revenue from continuing operations and a 10% increase in underlying profit. Whilst this was a reasonably solid result, it looks as though management's outlook has spooked investors. Management said it expects further revenue and EBIT growth in both the automotive and water businesses, but warned that "economic sentiment and recent demand suggests growth will be modest." Its shares are down 4% at lunch.
Best and worst performers.
The best performer on the S&P/ASX 200 index on Friday has been the Mineral Resources Limited (ASX: MIN) share price with a solid 5% gain. The mining and mining services company's shares have raced higher after it revealed that unconditional approval has been obtained from the China State Administration for Market Regulation for the transaction between it and lithium giant Albemarle. The worst performer today has been the GUD share price after its disappointing guidance.
