At lunch on Thursday the S&P/ASX 200 index (ASX: XJO) is on course to record another decline. At the time of writing the benchmark index is down 1.7% to 5,624 points.
Here's what is happening on the market today:
Banks shares recovering.
The big four banks are off their lows and fighting hard to get into positive territory on Thursday. In early trade they were down heavily, but the government's $17.6 billion stimulus package announcement has given them a boost. The worst performer in the group at the moment is the Westpac Banking Corp (ASX: WBC) share price with a 1.5% decline. It was down as much as 3% at one stage.
Caltex update.
The Caltex Australia Limited (ASX: CTX) share price is tumbling lower today after releasing a trading update. The fuel retailer revealed that it has not yet seen any impacts on demand in the Australian gasoline and diesel markets. However, it notes that jet fuel demand has been impacted by flight cancellations domestically and internationally. Caltex also released its Caltex Refiner Margin (CRM) for February, which revealed 28.4% decline to US$4.14 per bbl.
A2 Milk Company expansion.
The a2 Milk Company Ltd (ASX: A2M) share price is trading lower on Thursday despite announcing its launch into the Canada market. The infant formula and fresh milk company has entered into an exclusive licensing agreement with Agrifoods Cooperative for the production, distribution, sale and marketing of a2 Milk branded liquid milk in Canada.
Best and worst performers.
The best performer on the ASX 200 on Thursday has been the Pro Medicus Limited (ASX: PME) share price with a solid 8.5% gain. This could be due to the belief that its imaging software will experience increasing usage because of the coronavirus outbreak. The majority of its North American revenue is generated on a transaction or "pay per view" basis. The worst performer on the index is the Flight Centre Travel Group Ltd (ASX: FLT) share price with an 11% decline. This may be due to speculation the United States could restrict travel to and from Europe.
