Trading conditions on the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) have been somewhat mixed today. After starting the session off in the red, the local bourse rose to a high of 5574 points, but has since retreated to 5553 points, an intraday gain of 0.3%.
There are a number of factors influencing the market's mood today. To begin with, investors remain cautious due to the situation currently unfolding in Greece, whereby the country and its international creditors cannot seem to reach a deal. Although it has been reported that some progress has been made, many investors fear the possibility that Greece will exit the Eurozone.
However, Australia's largest banks have managed to buck the trend today, aiding the market back into the black. Westpac Banking Corp (ASX: WBC) and Australia and New Zealand Banking Group (ASX: ANZ) have both risen 1.3%, while Commonwealth Bank of Australia (ASX: CBA) and National Australia Bank Ltd. (ASX: NAB) have gained 0.7% and 0.8% respectively.
Insurance giant Insurance Australia Group Ltd (ASX: IAG) has also played a key role in driving the market higher today after it announced that Warren Buffett's own Berkshire Hathaway had taken a bite of the business. The US conglomerate has acquired a $500 million stake in the business with the stock surging 5.3% to $5.87 as a result.
Unfortunately however, the resources sector is acting as a drag on the market as a whole after a number of key commodities fell in price overnight. Iron ore and oil prices dropped 1.4% and 2% respectively, which impacted the market's sentiment towards stocks such as Rio Tinto Limited (ASX: RIO), Fortescue Metals Group Limited (ASX: FMG) and Santos Ltd (ASX: STO). The trio fell 1.6%, 1.7% and 0.7%, respectively.
Although shares in general have made a minor recovery today, investors should note that the market remains well below its recent levels and that there are a number of excellent opportunities currently up on offer – some of which you really don't want to miss.
