At lunch on Monday the S&P/ASX 200 Index is on course to start the week on a positive note. At the time of writing the benchmark index is up 0.6% to 6,216.5 points.
Here's what has been happening on the market today:
Bank shares slide lower.
The market has managed to carve out a solid gain today despite the big four banks acting as a major drag on proceedings. All four banks are in the red at lunch, with Australia and New Zealand Banking Group (ASX: ANZ) and Westpac Banking Corp (ASX: WBC) shares the worst performers with declines of approximately 0.7%.
Tech shares rebound.
Australian tech shares sank notably lower on Friday but have bounced back today. Altium Limited (ASX: ALU) and Xero Limited (ASX: XRO) shares have climbed around 2%, helping to drive the S&P/ASX 200 Info Tech index 0.6% higher. A positive finish to the week on Wall Street appears to have been the driver of these gains.
Resolute update impresses.
The Resolute Mining Limited (ASX: RSG) share price has stormed higher on Monday following the release of a strong third quarter update. The gold miner's shares are up 8.5% after achieving total quarterly gold production of 98,105 ounces. This was up 47% on the prior corresponding period and 33% on the December quarter.
Best and worst performers.
The best performer on the ASX 200 at lunch is the Resolute share price with its 8.5% gain. Some distance behind is the Ardent Leisure Ltd (ASX: ALG) share price which is the next best performer with a gain of just under 4%. The entertainment company's shares sank to a 52-week low last week and a level that some investors appear to believe is attractive. Going the other way is the Platinum Asset Management Ltd (ASX: PTM) share price. Investors appear to have been disappointed with its funds under management update on Friday evening. In March 2019, Platinum experienced net outflows of approximately $230 million.
