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ASX 200 lunch update: Westpac & WiseTech lower, Lynas higher

James Mickleboro
stock market numbers

At lunch on Thursday the S&P/ASX 200 index has come under pressure and is trading notably lower. The benchmark index is down 0.6% to 6,713.1 points.

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

Westpac shares slide.

The Westpac Banking Corp (ASX: WBC) share price is down 1% on the day of its annual general meeting. A number of shareholders have been venting their frustrations at the event during questioning. The voting has yet to commence, but the bank’s remuneration report looks likely to suffer a second strike. The rest of the big four are also trading lower at lunch.

Tech shares under pressure.

The tech sector is once again acting as a drag on the market. A number of tech shares such as Pro Medicus Limited (ASX: PME) and WiseTech Global Ltd (ASX: WTC) are tumbling lower on Thursday. This has led to the S&P/ASX 200 Info Tech index falling over 1.3% at the time of writing.

Gold miners push higher.

A number of gold miners such as Northern Star Resources Ltd (ASX: NST) and Resolute Mining Limited (ASX: RSG) are charging higher today after the gold price pushed higher overnight. This follows news that the U.S. Federal Reserve held firm with rates overnight. In addition to this, the central bank indicated that it will keep rates on hold for the whole of 2020.

Best and worst performers.

The best performer on the benchmark index on Thursday has been the Lynas Corporation Ltd (ASX: LYC) share price with a sizeable 9% gain. This may be down to news that the U.S. Army is looking to fund the construction of a rare earths plant for weapons development. The ALS Ltd (ASX: ALQ) share price is the worst performer on the index with a 4.5% decline despite there being no news out of it.

The post ASX 200 lunch update: Westpac & WiseTech lower, Lynas higher appeared first on Motley Fool Australia.

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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of and recommends Pro Medicus Ltd. The Motley Fool Australia owns shares of WiseTech Global. The Motley Fool Australia has recommended Pro Medicus 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