At lunch on Thursday the S&P/ASX 200 index is course to end its winning streak and is down 0.35% to 6,488.3 points.
Here's what has been happening on the market today:
Bank shares tumble.
Australia's big four banks have acted as a major drag on the S&P/ASX 200 index on Thursday. All four banks have tumbled notably lower, with the Westpac Banking Corp (ASX: WBC) share price the worst performer in the group with a decline of 2.5%. Investors may be taking profit after an impressive rally this week. Australia and New Zealand Banking Group (ASX: ANZ) shares aren't far behind with a 2% decline.
Aristocrat Leisure result impresses.
The Aristocrat Leisure Limited (ASX: ALL) share price has stormed 7% higher after the gaming technology company's half year result came in ahead of expectations. According to the release, the company achieved operating revenue of $2,150.3 million and normalised EBITA of $644.4 million. This was an increase of 29.8% and 16.8%, respectively, on the prior corresponding period and compares favourably to Goldman Sachs' estimate of revenue of $2.1 billion and EBITA of $617 million.
Wesfarmers steps closer to acquiring Kidman Resources.
The Wesfarmers Ltd (ASX: WES) share price is up almost 1% after announcing that it has moved a step closer to acquiring lithium miner Kidman Resources Ltd (ASX: KDR). Following the completion of due diligence, the two parties have entered into a scheme implementation deed. If successful, Wesfarmers will acquire 100% of the outstanding shares in Kidman for $1.90 cash per share. The offer has the support of the Kidman board and major shareholders.
Best and worst performers.
The best performer on the ASX 200 at lunch is the Aristocrat Leisure share price with its 7% gain. Not far behind is the CSR Limited (ASX: CSR) share price which has risen over 5% despite there being no news out of the building products company. Going the other way is the Galaxy Resources Limited (ASX: GXY) share price which has tumbled 5.5% lower due to general weakness in the lithium industry.
