At lunch on Wednesday the S&P/ASX 200 index is on course to end its winning streak. At the time of writing the benchmark index is down almost 0.3% to 6,826.5 points.
Here's what has been happening:
Bank shares tumble.
Arguably the biggest drag on the market on Wednesday has been the performance of the big four banks. All four have tumbled lower today, with Westpac Banking Corp (ASX: WBC) shares the worst performers in the group with a decline of almost 1%.
CYBG sinks lower.
The CYBG PLC (ASX: CYB) share price has sunk almost 10.5% lower after the release of a disappointing update from the UK-based bank. CYBG's shares have come under pressure today after it warned that a large volume of mortgages have been paid off by customers during the third quarter, negatively impacting its lending income.
Adelaide Brighton smashed.
The Adelaide Brighton Ltd (ASX: ABC) share price has been smashed and is down over 16% on Wednesday after the building products company downgraded its profit guidance. It expects underlying net profit after tax (excluding property) for FY 2019 to be in the range of $120-130 million. This compares to previous guidance of ~$167 million.
Gold miners on the rise.
Australian gold miners such as Evolution Mining Ltd (ASX: NCM) and St Barbara Ltd (ASX: SBM) have been amongst the best performers on the local market again on Wednesday. They have pushed higher after the gold price rose strongly ahead of the highly anticipated U.S. Federal Reserve meeting.
Best and worst performers.
The best performer on the index on Wednesday has been the Lynas Corporation Ltd (ASX: LYC) share price with a gain of around 4%. Investors appear to be taking advantage of a reasonable share price decline this week following its latest update. Going the other way is of course the Adelaide Brighton share price with its massive 16% decline following its sharp profit guidance downgrade.
