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ASX 200 lunch update: Magellan, SEEK, & Westpac lower

James Mickleboro
asx 200

At lunch on Thursday the S&P/ASX 200 index is on course to record another disappointing decline. Due partly to declines in the banking sector, the benchmark index is down 0.95% to 6,658.4 points.

Here’s what has been happening on the market today:

Bank shares sink lower.      

The Australian banking sector is once again weighing on the market. All of the big four banks are in the red at lunch, with Westpac Banking Corp (ASX: WBC) leading the way with a 2.5% decline. This latest decline means the bank’s shares are now trading lower than its recent institutional placement price.

Atlas Arteria equity raising.

The Atlas Arteria Group (ASX: ALX) share price is in a trading halt whilst it undertakes an underwritten $1,350 million equity raising. These funds will be used to acquire a further indirect interest in French toll road operators APRR and ADELAC. The transaction will be immediately cash flow and value accretive, which led to Atlas Arteria lifting its distribution guidance for 2020.

SEEK downgraded

The SEEK Limited (ASX: SEK) share price is tumbling lower on Thursday after being downgraded by analysts at Morgans. The broker has downgraded SEEK to a hold rating with a $21.82 price target. This downgrade was made on valuation grounds and due to concerns over its Zhaopin business. It believes the trade war is impacting the China-based job listings business.

Best and worst performers

The best performer on the ASX 200 at lunch is the Speedcast International Ltd (ASX: SDA) share price. The global satellite communications provider’s shares are pushing 3% higher despite there being no news out of it. Going the other way, the worst performer on the index is the Magellan Financial Group Ltd (ASX: MFG) share price with a 5% decline. This may be down to profit taking after a strong gain in 2019.

The post ASX 200 lunch update: Magellan, SEEK, & Westpac lower appeared first on Motley Fool Australia.

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Motley Fool contributor James Mickleboro owns shares of SEEK Limited and Westpac Banking. The Motley Fool Australia has recommended SEEK Limited. 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