At lunch on Friday S&P/ASX 200 index is on course to end the week with a decline. The benchmark index is down 0.3% to 6,815.9 points at the time of writing.
Here's what has been happening on the market today:
Jumbo crashes lower.
The Jumbo Interactive Ltd (ASX: JIN) share price is crashing lower on Friday after the release of a trading update. Although the online lottery ticket seller expects to deliver solid revenue growth in the first half, increased business development costs have weighed on margins. As a result, it expects to post net profit after tax growth of just 13% to $14.3 million.
Lendlease tumbles.
The Lendlease Group (ASX: LLC) share price is tumbling lower today after announcing the sale of its Engineering business to Acciona Infrastructure Asia Pacific for $180 million. Investors appear disappointed that the troubled Melbourne Metro project is excluded from the sale. Lendlease recently advised that the start of this project has been slower than anticipated and there have been issues in relation to the scope and costs on the project. Macquarie Group Ltd (ASX: MQG) recently suggested that the project's costs could negatively impact Lendlease's pre-tax income by upwards of $90 million.
Bank shares lower.
The big four banks look set to end the week with a day in the red. All four banks are trading lower at lunch and acting as a drag on the benchmark index. The worst performer in the group is the Commonwealth Bank of Australia (ASX: CBA) share price with a 0.5% decline.
Best and worst performers.
The best performer on the benchmark index on Friday is the Speedcast International Ltd (ASX: SDA) share price with a 6% gain. This is despite there being no real news out of the provider of remote communications and IT services. Going the other way, the Jumbo Interactive share price is far and away the worst performer on the index today. Its first half profit growth forecast of 13% has fallen well short of expectations, leading to a 13.5% decline.
