The S&P/ASX 200 index is back on form on Tuesday and pushing notably higher at lunch. At the time of writing the benchmark index is up 1% to 6,805 points.
Here’s what has been happening on the market today:
Bank shares storm higher.
Doing a lot of the heavy lifting on Tuesday are the big four banks. All four banks are up over 1% at lunch as investors pile back into them. The best performer in the group is the Commonwealth Bank of Australia (ASX: CBA) share price. The shares of Australia’s largest bank are up a sizeable 1.5% at lunch.
Domino’s shakes off class action.
The Domino’s Pizza Enterprises Ltd (ASX: DMP) share price has shaken off the threat of being served with Federal Court proceedings by an Australian franchisee. Its shares are up 3% at lunch despite the news. This gain may have been driven by a broker note out of Goldman Sachs this morning. It has retained its conviction buy rating and lifted the price target on its shares to $60.50.
Caltex share price higher on takeover rumours.
The Caltex Australia Limited (ASX: CTX) share price is up 1% at lunch. Investors have been buying the fuel retailer’s shares after Bloomberg reported that UK-based EG Group is considering a bid. This follows a bid by Canada’s Alimentation Couche-Tard at the end of last year that the Caltex board rejected. The company has not responded to the reports.
Best and worst performers.
The best performer on the S&P/ASX 200 on Tuesday is the Orocobre Limited (ASX: ORE) share price with a 5% gain. Australia’s lithium miners have been pushing higher since industry giant SQM had a production expansion request rejected in Chile last week. Going the other way is the Northern Star Resources Ltd (ASX: NST) share price with a 3% decline. A switch back to risk on assets has put pressure on the gold miners today.
The post ASX 200 lunch update: Caltex, CBA, & Domino’s higher appeared first on Motley Fool Australia.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Domino's Pizza Enterprises Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
The Motley Fool's purpose is to help the world invest, better. Click here now for your free subscription to Take Stock, The Motley Fool's free investing newsletter. Packed with stock ideas and investing advice, it is essential reading for anyone looking to build and grow their wealth in the years ahead. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson. 2020