At lunch on Tuesday the S&P/ASX 200 index has dropped sharply lower for a second day in a row. The benchmark index is down 1.5% to 6,875.1 points at the time of writing.
Here's what has been happening on the market today:
Bank shares tumble again.
It has been another day of declines for the big four banks. They are all trading notably lower at lunch and are acting as a drag on the index. The worst performer in the group is the National Australia Bank Ltd (ASX: NAB) share price. NAB's shares are down by around 1.8% at the time of writing.
Appen beats its guidance.
The Appen Ltd (ASX: APX) share price is trading higher after beating its upgraded FY 2019 guidance for EBITDA of $96 million to $99 million. This morning the artificial intelligence and machine learning company reported a 42% increase in underlying EBITDA to $101 million. Looking ahead, management expects minimal impact from the coronavirus and has guided to underlying EBITDA in the range of $125 million to $130 million in FY 2020.
SEEK half year result.
The SEEK Limited (ASX: SEK) share price is pushing higher at lunch following the release of its half year results. During the first half, SEEK overcame challenging conditions in many markets to deliver a 16% increase in revenue to $875.5 million a 4% lift in EBITDA to $246.4 million. However, the second half looks set to be much tougher due to the coronavirus outbreak. Management warned that it could fall short of its guidance by $110 million to $120 million for revenue, $40 million to $45 million for EBITDA, and $25 million for reported net profit after tax.
Best and worst performers.
The best performer on the benchmark index is the Jumbo Interactive Ltd (ASX: JIN) share price with a gain of 4.5%. This morning the lottery ticket seller announced a five-year software agreement with MS Queensland. The worst performer on the index is the Webjet Limited (ASX: WEB) share price with a 6.5% decline. Concerns over the travel market appear to be weighing on its shares today.
