The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is storming higher on Tuesday thanks to gains in the banking sector. At lunch the benchmark index is up almost 2% to 6,006.1 points.
Here's what has been happening on the ASX 200 today:
Bank shares rally.
Australia and New Zealand Banking Group (ASX: ANZ), Westpac Banking Corp (ASX: WBC), and the rest of the big four are storming higher on Tuesday after the Royal Commission final report wasn't as bad as feared. Westpac is leading the way with a gain of 7% at lunch.
IOOF share price rockets.
The IOOF Holdings Limited (ASX: IFL) share price been a big mover today and is up 13% at lunch. As with the banks, there were concerns that the financial services company could be hit hard by the final report. This hasn't been the case, leading to a relief rally today. AMP Limited (ASX: AMP) shares are up 9% also.
James Hardie results.
The James Hardie Industries plc (ASX: JHX) share price is up 5% at lunch following the release of its third quarter results. Investors responded positively to news that the building supplies company posted a 23% increase in quarterly revenue to US$1,881.8 million and a 12% lift in quarterly net profit to US$228 million.
Best and worst performers.
The best performer on the ASX 200 at lunch is the IOOF share price with its massive 13% gain. Not far behind is the Steadfast Group Ltd (ASX: SDF) share price which has surged 12.5% higher after the insurance broker appeared to avoid any harsh penalties in the final report recommendations. There aren't many shares falling heavily today due to the positive market sentiment, but the worst performer at lunch on the benchmark index is the Domain Holdings Australia Ltd (ASX: DHG) share price which is down 2.5% despite there being no news out of the property listings company.
