The ASX 200 is under pressure on Tuesday…
The post ASX 200 down 0.9%: Big four banks drop, Metcash charges higher appeared first on The Motley Fool Australia. –
At lunch on Tuesday, the S&P/ASX 200 Index (ASX: XJO) is on course to record a disappointing decline. The benchmark index is currently down 0.9% to 7,241.8 points.
Here’s what is happening on the market today:
Big four banks drop
The big four banks are under pressure and acting as a drag on the market today. All four banks are in the red at lunch, with the National Australia Bank Ltd (ASX: NAB) share price the worst performer in the group. Its shares are down 1.1% at the time of writing. Investors appear to have been spooked by lockdowns and border closures following the spread of COVID-19 into several states.
Brokers respond positive to Metcash result
The Metcash Limited (ASX: MTS) share price is charging higher on Tuesday after brokers responded positively to its full year results release. Credit Suisse has retained its outperform rating and lifted its price target to $4.16. Whereas Morgan Stanley retained its overweight rating and increased its price target to $4.15. The compares to the current Metcash share price of $3.86.
The ResMed Inc. (ASX: RMD) share price is trading lower today. This appears to have been driven by a broker note out of Citi this morning. According to the note, the broker has downgraded the medical device company’s shares to a neutral rating with an improved price target of $32.50. Citi made the move on valuation grounds after a strong gain this month. The ResMed share price is up 17% since this time last month thanks to a major product recall from a leading competitor.
Best and worst ASX 200 performers
The best performer on the ASX 200 on Tuesday has been the Metcash share price with a 4% gain. This follows the aforementioned positive response to its full year results. The worst performer with a 4.5% decline has been the Vicinity Centres (ASX: VCX) share price. This morning the property company’s shares traded ex-dividend.
The post ASX 200 down 0.9%: Big four banks drop, Metcash charges higher appeared first on The Motley Fool Australia.
Wondering where you should invest $1,000 right now?
When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*
Scott just revealed what he believes could be the five best ASX stocks for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now.
*Returns as of May 24th 2021
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended ResMed. The Motley Fool Australia has recommended ResMed Inc. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.