At lunch on Thursday the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has given back its early gains and slipped into the red. At the time of writing the benchmark index is down 0.1% to 6,143.8 points.
Here's what has been happening on the ASX 200 today:
Ramsay's shares take off.
The Ramsay Health Care Limited (ASX: RHC) share price is up over 5.5% at lunch following the release of its half year results. In the first half revenue increased 14.9% to $5.1 billion or 6.1% excluding the acquired Capio business. Management also reiterated its core EPS growth guidance of up to 2% in FY 2019. I suspect the market had been expecting a downgrade, causing a relief rally today.
Adelaide Brighton disappoints.
The Adelaide Brighton Ltd (ASX: ABC) share price has come under pressure on Thursday and is down 5% at lunch following the release of its full year results. The building materials company posted a 4.6% increase in revenue, but a 5.7% drop in underlying earnings before interest and tax. The latter was driven by softer cement and lime earnings.
SEEK downgraded.
After being one of the best performers on the ASX 200 on Wednesday, the SEEK Limited (ASX: SEK) share price is one of the worst performers on the index today. Its shares are down over 3.5% after being downgraded by analysts at UBS. According to the note, UBS has downgraded its shares to a sell rating and cut the price target on them to $17.00 due to concerns over the Chinese macro environment and ANZ job volumes in the second half.
ACCC won't oppose BINGO acquisition.
The Bingo Industries Ltd (ASX: BIN) share price was up as much as 27% in early trade after the ACCC advised that it would not oppose its acquisition of Dial a Dump Industries. The ACCC made the decision after accepting a court-enforceable undertaking from BINGO to divest its recycling facility in Banksmeadow, New South Wales. The waste management company's shares are up 13% at the time of writing.
Best and worst performers.
The best performer on the ASX 200 at lunch is the BINGO share price with its 13% gain. Some distance behind is Ramsay, followed by the Afterpay Touch Group Ltd (ASX: APT) share price which has found support after a tough few days and is up 3%. Going the other way is the Lynas Corporation Ltd (ASX: LYC) share price which is down over 8% after releasing a disappointing half year result.
