Australia Markets close in 2 hrs 14 mins

ASX 200 lunch update: Westpac & Woolworths higher, Afterpay lower

James Mickleboro
asx 200

The S&P/ASX 200 index has started the week in a positive fashion. At lunch the benchmark index is up 0.5% to 6,878.8 points.

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

Bank shares higher. 

The big four banks are playing a key role in the ASX 200’s gain today. At lunch, all the big four banks are pushing higher, even the embattled Westpac Banking Corp (ASX: WBC). At the time of writing the Westpac share price is up a sizeable 1%.

Woolworth class action.

The Woolworths Group Ltd (ASX: WOW) share price is pushing higher on Monday despite being hit with a class action. Canberra law firm Adero Law has announced its intention to file employee class action proceedings against it in the Federal Court. It said: “Based on 12 months of due diligence investigations, Adero considers that the underpayments disclosed by Woolworths to date substantially understate the wages owed which Adero estimates at $620 million.”

Afterpay tumbles.

The Afterpay Touch Group Ltd (ASX: APT) share price is down 2.5% at lunch. This decline appears to have been driven by concerns that retailers will be forced to pass on surcharges to buy now pay later (BNPL) users. The Reserve Bank is concerned that other customers are subsidising BNPL users through higher prices.

Best and worst performers.

The best performer on the ASX 200 index on Monday is the NRW Holdings Limited (ASX: NRW) share price with a 5.5% gain. The catalyst for this gain appears to be a broker note out of UBS this morning. According to the note, the broker has retained its buy rating and lifted its price target on its shares to $3.85. The worst performer on the index today is the Jumbo Interactive Ltd (ASX: JIN) share price with a decline of over 5%. This is despite analysts at Morgan Stanley reiterating their overweight rating and $24 price target on its shares this morning.

The post ASX 200 lunch update: Westpac & Woolworths higher, Afterpay lower appeared first on Motley Fool Australia.

Blue chips shares rated as buys.

You’re invited! For a limited time, The Motley Fool Australia is giving away an urgent new investment report detailing our 3 TOP BLUE CHIP SHARES to own in 2020. So if you like trustworthy, stable, high-performing companies that pay fat fully franked dividends – we’ve got you covered! Stock #1 is a beloved old Australian company turning its attention to high-margin businesses... and rapidly returning cash to shareholders with its hefty dividend...

While Stock #2 is an online powerhouse that’s rapidly gaining market share all around the globe... poised for years (or even decades) of tremendous growth...

Even better, Stock #3 offers a whopping 6.5% grossed-up dividend! Which beats the rates on term deposits right out of the water – and offers the potential for capital gains, too.

You can discover all three shares inside our new report right now. To scoop up your FREE copy, simply click the link below right now. But you will want to hurry – this free report is available for a LIMITED TIME ONLY!

SimplyCLICK HERE FOR YOUR FREE REPORT!

More reading

James Mickleboro owns shares of Westpac Banking. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of and recommends Jumbo Interactive Limited. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of AFTERPAY T FPO. The Motley Fool Australia has recommended Jumbo Interactive 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. 2019