At lunch on Tuesday the S&P/ASX 200 index is on course to record a very disappointing decline. At the time of writing the benchmark index is down 1.7% to 6,743.8 points.
Here's what has been happening on the market today:
ASX 200 notably lower.
The S&P/ASX 200 index has been sold off on Tuesday amid concerns that a global trade war is brewing. Markets around the world sank lower overnight after President Trump said he will reinstate duties on steel and aluminium from Brazil and Argentina. Trump made the move after accusing both countries of devaluing their currencies.
Tech shares sink lower.
One area of the market which has come under significant pressure today is the tech sector. The likes of Hub24 Ltd (ASX: HUB) and WiseTech Global Ltd (ASX: WTC) are trading notably lower following heavy declines on the technology-focused Nasdaq index. At the time of writing the S&P/ASX 200 Info Tech index is down over 2.2%.
Caltex rejects takeover approach.
The Caltex Australia Limited (ASX: CTX) share price is trading lower today after it rejected a takeover proposal from Alimentation Couche-Tard. The Caltex board felt the indicative cash offer of $34.50 per share less any dividends undervalued the company. This may not be the end of the matter, though. Caltex revealed that it has offered to provide Alimentation Couche-Tard with selected non-public information to allow the suitor to formulate a revised proposal.
Best and worst performers.
The best performer on the ASX 200 index on Tuesday has been the Western Areas Ltd (ASX: WSA) share price with a gain of 1.5%. This morning Morgans initiated coverage on the nickel producer with an add rating and $3.39 price target. The worst performer on the index is the Avita Medical Ltd 9ASX: AVH) share price with a 7% decline. This may be down to profit taking after an impressive gain in 2019.
