At lunch on Friday the S&P/ASX 200 Index (ASX: XJO) is on course to end the week in a subdued fashion. The benchmark index is currently down 0.2% to 5,945.6 points.
Here's what is happening on the market today:
Bank shares weigh on ASX 200.
Three of the big four banks have been acting as a drag on the ASX 200 index on Friday. Only the Commonwealth Bank of Australia (ASX: CBA) share price is in positive territory at lunch with a decent 0.5% gain. The rest of the big banks are down by at least 0.5%, with Australia and New Zealand Banking GrpLtd (ASX: ANZ) the worst performer with its 0.7% decline.
Tech shares rise.
One area of the market which is on form on Friday is the tech sector. At the time of writing the S&P/ASX 200 Information Technology index is up a sizeable 1.8% thanks to solid gains by the likes of Afterpay Ltd (ASX: APT) and Xero Limited (ASX: XRO). This follows a strong night of trade on Wall Street's Nasdaq index. The technology-focused index rose to a new record high.
Treasury Wine downgraded.
The Treasury Wine Estates Ltd (ASX: TWE) share price is sinking lower on Friday after being downgraded by analysts at Ord Minnett. They have downgraded the wine company's shares to a lighten rating with a reduced price target of $10.00. This follows the release of its FY 2020 earnings guidance earlier this week. That guidance fell well short of Ord Minnett's expectations.
Best and worst ASX 200 shares.
The best performer on the ASX 200 on Friday has been the Silver Lake Resources Limited (ASX: SLR) share price with a gain of almost 6%. This follows the release of a positive update on its exploration activities at Deflector. The worst performer has been the Chorus Ltd (ASX: CNU) share price after the release of a disappointing fourth quarter update by the New Zealand based telco.
