At lunch on Friday the S&P/ASX 200 index is on course to finish the week on a positive note. At the time of writing the benchmark index is up 0.3% to 6,704.8 points.
Here’s what has been happening on the market today:
Bank shares drag.
After some stellar performances on Thursday, the banking sector is acting as a drag on the market today. Three of the big four banks are trading lower at lunch, with only the Commonwealth Bank of Australia (ASX: CBA) share price recording a gain. It is up 0.5% at the time of writing.
The Boral Limited (ASX: BLD) share price is sinking lower on Friday. Investors have been selling the building supplies company’s shares after it identified financial irregularities in its North American Windows business. This includes the misreporting of inventory levels and raw material and labour costs. Management expects this to impact its EBITDA by US$20 million to US$30 million in FY 2020.
The Altium Limited (ASX: ALU) share price is trading lower at lunch following an update at its annual general meeting. At the event the design software provider released its guidance for FY 2020. Altium confirmed that it expects revenue between US$205 million to US$210 million with an EBITDA margin between 37% to 38%. This is up from revenue of US172 million in FY 2019. I suspect some investors were expecting even stronger growth.
Best and worst performers.
The best performer on the S&P/ASX 200 index on Friday is the Western Areas Ltd (ASX: WSA) share price. It is up 5% to $2.83 at lunch after analysts at UBS took their sell rating off the nickel miner’s shares. They have upgraded Western Areas to a neutral rating with a $2.90 price target. The worst performer by some distance on Friday is the Boral share price with a 7% decline. This follows the revelation of financial irregularities found in its North American Windows business.
The post ASX 200 lunch update: CBA higher, Altium & Boral lower appeared first on Motley Fool Australia.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of Altium. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
The Motley Fool's purpose is to help the world invest, better. Click here now for your free subscription to Take Stock, The Motley Fool's free investing newsletter. Packed with stock ideas and investing advice, it is essential reading for anyone looking to build and grow their wealth in the years ahead. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson. 2019