At lunch on Tuesday the S&P/ASX 200 index has bounced back from a poor start and is up a solid 0.4% to 6,276.2 points.
Here’s what has been happening on the market on Tuesday:
Bank shares on the rise again.
Australia’s leading banks have pushed higher again on Tuesday. All of the big four are in the black, with the Westpac Banking Corp (ASX: WBC) share price performing strongest with a gain of 1%. Not far behind is the Commonwealth Bank of Australia (ASX: CBA) share price with a gain of 0.7%.
Rio Tinto update.
The Rio Tinto Limited (ASX: RIO) share price is up 1.5% at lunch after the market responded positively to its quarterly update. Although the company’s Pilbara iron ore shipments came in 14% lower at 69.1 million tonnes for the quarter, this was largely in line with expectations after recent disruptions.
Blackmores disappoints again.
The Blackmores Limited (ASX: BKL) share price is down 5% at lunch after the health supplements company’s third quarter result disappointed the market. During the quarter the company posted an 8% decline in invoiced sales and a 43.3% drop in quarterly net profit after tax.
Nearmap takes off.
The Nearmap Ltd (ASX: NEA) share price has zoomed 5.5% higher today after the aerial imagery technology company was picked as the replacement for the soon to be acquired and delisted MYOB Group Ltd (ASX: MYO) in the benchmark S&P/ASX 200 index. It will join the index on April 25.
Best and worst performers.
The best performer on the ASX 200 on Tuesday has been the Eclipx Group Ltd (ASX: ECX) share price with a 9.5% gain despite there being no news out of the embattled fleet management company. Going the other way is the Blackmores share price with a 5% decline, closely followed by the G8 Education Ltd (ASX: GEM) share price which is down 3.5% after being downgraded by analysts at Deutsche Bank.
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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 MYOB Group Ltd. The Motley Fool Australia owns shares of and has recommended Blackmores Limited and Nearmap Ltd. 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.