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ASX 200 lunch update: oOh!Media rockets, TPG & Austal lower

James Mickleboro
stock market numbers

At lunch on Wednesday the S&P/ASX 200 index has continued its slide. The benchmark index is down a further 1.6% to 6,602.5 points at the time of writing.

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

ASX 200 selloff continues.  

The S&P/ASX 200 index is a sea of red again on Wednesday. This follows another selloff on Wall Street after President Trump warned that he might wait until after the 2020 election before making a deal with China. The market was hoping that the first part of a trade deal could have been signed as early as next week.

TPG Telecom AGM.

The TPG Telecom Ltd (ASX: TPM) share price is trading slightly lower at lunch on the day of its annual general meeting. This is despite management advising that year-to-date trading is tracking well to its guidance. The company’s BAU EBITDA is forecast to be between $735 million and $750 million in FY 2020, down from $823.8 million in FY 2019.

oOh!Media rockets.

The oOh!Media Ltd (ASX: OML) share price has rocketed higher on Wednesday after the outdoor advertising and media company upgraded its FY 2019 earnings guidance. After the market close on Tuesday, oOh!Media revealed that it expects FY 2019 EBITDA in the range of $138 million to $143 million. This compares to its previous guidance of $125 million to $135 million. Improved bookings for September and the fourth quarter were behind the upgrade.

Best and worst performers.

The best performer on the ASX 200 index on Wednesday by some distance is the oOh!Media share price with its 20% gain. The next best performer is the Gold Road Resources Ltd (ASX: GOR) share price with a 7% gain after the gold miner provided a mineral resource update for its Gilmour and Renegade assets. The worst performer on the index has been the Austal Limited (ASX: ASB) share price with a 6% decline. The shipbuilder’s shares are falling despite there being no news out of it.

The post ASX 200 lunch update: oOh!Media rockets, TPG & Austal 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 has recommended oOh!Media Ltd. 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