At lunch on Wednesday the S&P/ASX 200 index is on course to record a disappointing decline. At the time of writing the benchmark index is down 0.6% to 6,708.8 points.
Here's what has been happening on the market today:
Bank shares lower
Three of the big four banks are trading lower today amid the general market weakness. The only exception in the group is the Australia and New Zealand Banking Group (ASX: ANZ) share price which has managed to carve out a small gain of 0.1%. The Commonwealth Bank of Australia (ASX: CBA) share price is the worst performer in the group with a decline of 0.6%.
Tech shares slide.
A number of Australian tech shares including Nearmap Ltd (ASX: NEA) and WiseTech Global Ltd (ASX: WTC) have dropped lower today. This appears to have been driven by a disappointing night of trade on the technology-focused Nasdaq index in the United States. It fell 1.5% amid concerns that President Trump could be impeached.
Afterpay rockets.
The Afterpay Touch Group Ltd (ASX: APT) share price has defied the weakness in the tech sector and rocketed higher today. This has been driven by a combination of factors including the release of an AUSTRAC update and a positive broker note out of Goldman Sachs. Its analysts added the payments company to their conviction buy list with a lofty $42.90 price target. The broker believes its frequency of use is driving strong operating leverage.
Gold miners rise.
Gold miners including Northern Star Resources Ltd (ASX: NST) and Saracen Mineral Holdings Limited (ASX: SAR) have pushed higher today after the gold price charged to a three-week high overnight. According to CNBC, the spot gold price climbed a further 0.45% to US$1,538.60 an ounce due to trade war concerns and the impeachment news. The S&P/ASX All Ords Gold index is up 1%.
Best and worst performers.
The best performer on the ASX 200 index on Wednesday has been the Afterpay Touch share price by some distance. Its shares are up 13% at lunch following its update and the Goldman Sachs broker note. Going the other way is the Clinuvel Pharmaceuticals Limited (ASX: CUV) share price with a decline of over 5%. This means it has reversed the gains made on Tuesday when it was the best performer on the index.
