It has been a positive day of trade so far for the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) on Tuesday.
At lunch the benchmark index is up over 0.2% to 5,786.6 points thanks partly to solid gains in the financial sector.
Here is what has been happening on the ASX 200 so far today:
Banks lift the market.
Investors have been buying the banks today, leading to gains of between 0.5% to 1% for the likes of Australia and New Zealand Banking Group (ASX: ANZ) and Commonwealth Bank of Australia (ASX: CBA) and Macquarie Group Ltd (ASX: MQG) shares.
Navitas shares rocket on revised takeover offer.
The Navitas Limited (ASX: NVT) share price is up over 12% at lunch after the education services provider revealed that the BGH Consortium has come back with a better offer. The new offer is for $5.825 cash per share, which the Navitas board has unanimously recommended. This is subject to no superior proposal emerging and an independent expert concluding that the proposal is in the best interests of shareholders.
Syrah shares on a high.
It has been a positive day of trade for the Syrah Resources Ltd (ASX: SYR) share price. It is up 9% at lunch, possibly due to a broker note out of Credit Suisse. According to the note, the broker was pleased with yesterday's production update and has retained its outperform rating and massive $5.50 price target on its shares.
Ausdrill shares sink lower.
The Ausdrill Limited (ASX: ASL) share price is down 8.5% at lunch following the announcement of the sudden resignation of the diversified mining services company's chief financial officer. Theresa Mlikota has informed the company she will resign and leave the company within the next three months to join Adelaide Brighton Ltd (ASX: ABC).
Best and worst performers.
The best performer on the ASX 200 at lunch is the Navitas share price, closely followed by the Syrah share price. After which, the oOh!Media Ltd (ASX: OML) share price is the next best performer with a 6% gain. Its shares are on the rise after JCDecaux pulled out of the running for a major City of Sydney outdoor tender it has held since 1998. Going the other way is the Ausdrill share price, followed by the Speedcast International Ltd (ASX: SDA) share price which is down over 3%.
