At lunch on Friday the S&P/ASX 200 Index is on course to finish the week on a positive note. At the time of writing the benchmark index is up 0.6% to 6,236.1 points.
Here’s what has been happening on the market today:
Bank shares charge higher.
Australian bank shares have bounced back after a spot of weakness with strong gains on Friday. At lunch all the big four are in positive territory with Australia and New Zealand Banking Group (ASX: ANZ) and Commonwealth Bank of Australia (ASX: CBA) shares the best performers with gains of around 1.5% each.
Bravura bids for GBST.
The Bravura Solutions Ltd (ASX: BVS) share price is up 1.5% after the fintech company announced that it has made a $2.50 takeover bid for GBST Holdings Limited (ASX: GBT). Bravura believes that its takeover would ease the burden on GBST for it to invest on upgrading its platforms, while other cost savings are also likely be found.
Gold miners sink lower.
A sizeable decline in the gold price overnight has led to Australia’s leading gold miners sinking lower today. Regis Resources Limited (ASX: RRL) and Saracen Mineral Holdings Limited (ASX: SAR) shares are down 2.5% and 3.5%, respectively, at lunch. This has dragged the S&P/ASX All Ords Gold index 1.5% lower at the time of writing.
Best and worst performers.
The best performer on the ASX 200 at lunch is the CYBG PLC (ASX: CYB) share price with a gain of just over 5%. Investors have been buying the UK-based bank’s shares after European Union leaders granted the UK a six-month extension to Brexit overnight. According to the BBC, the new deadline of October 31 removes the danger of the UK having to leave the EU without a deal on Friday. Going the other way is the Evolution Mining Ltd (ASX: EVN) share price which has fallen 4% after the gold price weakened.
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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Bravura Solutions Ltd. The Motley Fool Australia has recommended Bravura Solutions Ltd and GBST Holdings 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.
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