The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has continued its positive run on Monday and finds itself 0.4% higher at 5,901.8 points at lunch thanks to gains across all sectors but the utilities sector.
Here’s what been happening on the ASX 200 on Monday:
Energy shares on the rise.
Energy shares including Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) are on the rise on Monday after oil prices climbed to two-month highs on Friday on the back of trade talk optimism. According to Bloomberg, on Friday night the WTI crude oil price rose 3.3% to US$53.80 a barrel and the Brent crude oil price pushed 2.5% higher to US$62.70 a barrel.
Sims Metal Management crashes to a 52-week low.
The Sims Metal Management Ltd (ASX: SGM) share price has had a disappointing start to the week following the release of a profit update. The scrap metal company’s shares crashed 16% lower to a 52-week low after announcing that it expects first half underlying earnings before interest and tax to be down 12% on the prior corresponding period to approximately $110 million.
Treasury Wine’s COO is out.
The Treasury Wine Estates Ltd (ASX: TWE) share price has managed to push higher today despite the revelation that its Chief Operating Officer, Robert Foye, has left the global wine company with immediate effect. Mr Foye left the company due to a breach of its internal policies unrelated to its trading performance.
Bank shares lower.
At lunch the shares of Commonwealth Bank of Australia (ASX: CBA), Westpac Banking Corp (ASX: WBC), and the rest of the big four have failed to follow the market higher and are in the red. With the Royal Commission final report due to be released next week, some investors may be taking a bit of profit off the table.
Best and worst performers.
The best performer on the ASX 200 at lunch is the TPG Telecom Ltd (ASX: TPM) share price which is up 5.5% despite there being no news out of the telco company. Not far behind is the Ausdrill Limited (ASX: ASL) share price which is up 4.5% after a major contract win. Going the other way is the Sims Metal Management share price with its 15% decline, followed by the St Barbara Ltd (ASX: SBM) share price which is down 4.5% after the gold price dropped lower again.
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Motley Fool contributor James Mickleboro owns shares of Westpac Banking. The Motley Fool Australia owns shares of and has recommended Treasury Wine Estates Limited. The Motley Fool Australia has recommended TPG Telecom 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.