It has been another disappointing day of trade for the S&P/ASX 200 index. At lunch the benchmark index is down 0.6% to 6,322.8 points.
Here's what has been happening on the market today:
Bank shares drop lower again.
Investors appear nervous ahead of a series of half year results releases from the banks and have been selling the big four again today. The Australia and New Zealand Banking Group (ASX: ANZ) share price is down 0.2% ahead of its results release tomorrow morning.
Mining giants weigh on the market.
BHP Group Ltd (ASX: BHP) and Rio Tinto Limited (ASX: RIO) shares have weighed heavily on the benchmark index today. At lunch the two mining giants are down 1.5% and 2.5%, respectively. Weaker than expected Chinese manufacturing data appears to have hit investor sentiment.
Trading updates galore.
A number of companies have released trading updates ahead of appearances at the Macquarie Group Ltd (ASX: MQG) Australia Conference. Two that have gone down well with investors today came from fintech company Bravura Solutions Ltd (ASX: BVS) and retail group Super Retail Group Ltd (ASX: SUL).
Vocus hit with class action.
The Vocus Group Ltd (ASX: VOC) share price is down over 2% at lunch after the telco company revealed that it has been served with a class action proceeding filed in the Federal Court of Australia. According to the release, the proceeding has been filed by Slater & Gordon Limited (ASX: SGH) on behalf of investors who acquired Vocus shares from November 29 2016 to the close of trade on May 2 2017.
Best and worst performers.
The best performer on the ASX 200 at lunch is the Aveo Group (ASX: AOG) share price with a gain of 5.5% despite there being no news out of the owner, operator, and manager of retirement communities across Australia. Going the other way is the Domain Holdings Australia Ltd (ASX: DHG) share price which has fallen 6% after the real estate listings company provided a disappointing trading update.
