Movers and shakers on the S&P/ASX 200 index today
The big ASX market bounce seems to be petering out as questions emerge over the temporary truce in the trade war between the US and China. The S&P/ASX 200 (Index:^AXJO) (ASX:XJO) index gave back some of yesterday’s stellar gains and fell 0.3% in late morning trade as most sectors slipped lower. The Metcash Limited (ASX: MTS) share price was again on the nose as the grocery distributor’s shares crashed a further 8.6% to an 18-month low of $2.40 and is the worst performer on the top 200 stock benchmark at the time of writing. Today’s drop comes on the back of its 5% fall yesterday when management posted a weaker than expected first half profit result. The second worst performer on the index is the Adelaide Brighton Ltd. (ASX: ABC) share price as it tumbled 5% to a two-year low of $5.12 at the time of writing. It won’t be an auspicious start for the cement and aggregates supplier’s new chief executive Nick Miller with the company announcing today that he will officially take the helm on at the end of next month. The Bingo Industries Ltd (ASX: BIN) share price isn’t faring much better as the third worst performer on the S&P/ASX 200 shed 4.9% to a more than one-year low of $2.12. The waste management company remains under pressure after the competition watchdog raised concerns about Bingo’s takeover of Dial A Dump Industries. But it isn’t all bad news. Gold miner St Barbara Ltd’s (ASX: SBM) share price surged 3.1% to $4.22 and is the best performing ASX 200 stock thanks to a positive outlook for the precious metal, that’s in part driven by a weakening US dollar. The Australian Pharmaceutical Industries Ltd (ASX: API) share price and Ausdrill Limited (ASX: ASL) share price aren’t far behind in second and third spots, respectively. It’s not easy to make out what ASX stocks are cheap and set to outperform as we head into the new year. This is why Market Matters is holding a free webinar tomorrow to shed light on where we think the market is heading and the ASX shares that represent the best buying opportunities. Click on the link to find out about tomorrow’s webinar.
