Treasury Wine sinks, Zip flat after AGM update, Bega Cheese rises

At lunch on Monday the S&P/ASX 200 Index (ASX: XJO) has given back its early gains and is on course to start the week with a decline. The benchmark index is currently down 0.6% to 6,563.8 points.

Here’s what has been happening on the market today:

Treasury Wine share price sinks lower.

The Treasury Wine Estates Ltd (ASX: TWE) share price crashed as much as 12% lower this morning before staging a partial recovery. The wine company revealed that the Chinese tariffs on its wine exports are expected to hit its sales in the country hard. Given that China contributed 30% of its earnings in FY 2020, management is acting fast to limit the damage. Its plan includes the reallocation of Penfolds Bin and Icon range from China to other…