The S&P/ASX 200 index has returned from the Easter break in fine form. At lunch the benchmark index is up 0.8% to 6,309.2 points.
Here's what has been happening on the market today:
Bank shares higher.
At lunch on Tuesday the big four banks are on course to start the week on a positive note. All four banks are pushing higher today, with Westpac Banking Corp (ASX: WBC) shares leading the way with a gain of just over 1.1%.
Tech shares zoom higher.
One of the best performing areas of the market today has been the tech sector. The S&P/ASX 200 Info Tech index is up 1.2% at lunch thanks to strong gains from the likes of Appen Ltd (ASX: APX) and Xero Limited (ASX: XRO). The latter climbed 3% to an all-time high of $52.84 during morning trade.
Oil prices hit six-month highs.
Australian energy producers including Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) have stormed higher on Tuesday after oil prices hit six-month highs overnight. News that President Trump was cracking down on Iranian oil exports sent prices hurtling higher.
BHP downgraded.
The BHP Group Ltd (ASX: BHP) share price has edged higher today despite being downgraded by analysts at UBS. According to the note, the broker has downgraded the mining giant's shares from buy to a neutral rating with a price target of $36.00. The broker expects iron ore and metallurgical coal prices to weaken over the next 12 months, which could mean upside potential for BHP's shares is limited.
Best and worst performers.
The best performer on the benchmark index today has been the Eclipx Group Ltd (ASX: ECX) share price with a gain of around 5.5%. The fleet management company's shares are down significantly this year and trading at a level that some appear to believe is worth a bite. Going the other way is the Orocobre Limited (ASX: ORE) share price with a 3% decline. The lithium miner's shares have come under pressure amid falling lithium prices and increasing supply.
