The benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has had a disappointing start to the week due largely to declines in the energy and materials sectors. At lunch the index is down 0.4% to 5,692.8 points.
Here's what has been happening on the ASX 200 on Monday:
Energy shares sink lower.
The Beach Energy Ltd (ASX: BPT) share price is down 4% and the Santos Ltd (ASX: STO) share price is 3% lower at lunch after oil prices crashed lower on Friday. While prices have improved slightly during Asian trade today, both WTI and Brent crude oil prices are still down over 30% since the start of October. Prices have fallen due to concerns that rising supply and falling demand will lead to a supply glut.
BHP and Rio Tinto weigh on the market.
Mining giants BHP Billiton Limited (ASX: BHP) and Rio Tinto Limited (ASX: RIO) have seen their respective shares fall 3% so far today. Given the size of these companies and their weighting in the benchmark index, they have acted as a major drag on proceedings. Declines in iron ore and other materials have led to the selling.
Fisher & Paykel Healthcare Corp results.
The Fisher & Paykel Healthcare Corp Ltd (ASX: FPH) share price is up 1.5% at lunch after the medical device company released its half year results. The company reported operating revenue growth of 12% to NZ$511.3 million and net profit after tax growth of 20% to NZ$97.4 million. This growth is expected to moderate in the second half with management providing full year profit growth guidance of between 7.8% and 10.4%.
Tech shares on the rise.
It has been a positive start to the week for Australia's leading tech shares. The likes of Afterpay Touch Group Ltd (ASX: APT), Appen Ltd (ASX: APX), and WiseTech Global Ltd (ASX: WTC) are all pushing higher at lunch after investors took advantage of recent declines.
Best and worst performers.
The best performer on the ASX 200 at lunch is the Appen share price with a gain of 4.5%. Not far behind is the Super Retail Group Ltd (ASX: SUL) share price which is 4% higher after being upgraded to a buy rating with a $8.65 price target by UBS. Going the other way is the Iluka Resources Limited (ASX: ILU) share price which has fallen 4.5% due to weakness in the materials sector.
