At lunch on Monday the S&P/ASX 200 index is trading ever so slightly higher at 6,461.9 points.
Here's what has been happening on the market today:
Bank shares mixed.
Australia's big four banks are mixed on Monday. After a poor start to the day, two of the four have managed to claw their way into positive territory, leaving behind both the Commonwealth Bank of Australia (ASX: CBA) share price and Westpac Banking Corp (ASX: WBC) share price which are down 0.2% at lunch.
Tech shares higher.
One area of the market that is performing well today is the tech sector. Solid gains by the likes of Appen Ltd (ASX: APX) and WiseTech Global Ltd (ASX: WTC) have lifted the S&P/ASX 200 Info Tech index 0.85% higher. At lunch the Appen share price is up 3.5% and the WiseTech Global share price is 3% higher.
Vocus rockets on takeover approach.
The Vocus Group Ltd (ASX: VOC) share price has rocketed 18% higher on Monday after receiving a takeover approach from a Swedish private equity group. EQT Infrastructure has made a non-binding, indicative proposal to acquire the telco company for $5.25 cash per share. The Vocus board has granted EQT non-exclusive due diligence access.
Fisher & Paykel Healthcare results.
The Fisher & Paykel Healthcare Corp Ltd (ASX: FPH) share price has dropped 4% lower following the release of the medical device company's full year results. In FY 2019 the company delivered operating revenue of NZ$1.07 billion and net profit after tax of NZ$209.2 million, which was an increase of 9% and 10%, respectively, on the prior corresponding period. Although this was a record result, it appears that some investors were expecting even better.
Best and worst performers.
Unsurprisingly, the best performer on the ASX 200 on Monday is the Vocus share price following its takeover approach. Some distance behind is the Bingo Industries Ltd (ASX: BIN) share price which is up almost 4% after revealing a new substantial shareholder from the United States. Going the other way is the Elders Ltd (ASX: ELD) share price which has dropped 4.5% after trading ex-dividend this morning.
