At lunch on Wednesday the S&P/ASX 200 index has continued its positive run and is 1% higher to 6,635.4 points.
Here’s what has been happening on the market today:
Bank shares higher.
A key driver of today’s solid gain has been the big four banks all pushing higher. The star performer has been the Australia and New Zealand Banking Group (ASX: ANZ) share price which is up 1.2% at lunch. Another positive has been the Commonwealth Bank of Australia (ASX: CBA) share price climbing to a post-GFC high this morning.
Bravura shares higher on revised GBST offer.
The Bravura Solutions Ltd (ASX: BVS) share price is up 3% at lunch after it revealed that it has increased its takeover offer for GBST Holdings Limited (ASX: GBT). Bravura has revised its offer to $2.72 per share from $2.50 per share. Investors may believe this improved offer will be recommended by the GBST board.
Appen shares rated as a buy.
The Appen Ltd (ASX: APX) share price has pushed higher on Wednesday and is up over 2.5% at lunch. This appears to have been driven by a note out of Citi this morning which reveals that its analysts have retained their buy rating and lifted the price target on its shares to $29.79. This appears to have offset any concerns over recent insider selling.
Gold miners lower.
Positive investor sentiment and weakness in the gold price during Asian trade have weighed on Australian gold miners such as Resolute Mining Limited (ASX: RSG) and St Barbara Ltd (ASX: SBM) on Wednesday. This has led to the S&P/ASX All Ords Gold index sliding 0.6% lower.
Best and worst performers.
The best performer on the ASX 200 at lunch is the Nanosonics Ltd (ASX: NAN) share price with a gain of 6%. Its shares have been on fire since they were recommended by a fund manager at the weekend. Going the other way is the Pilbara Minerals Ltd (ASX: PLS) share price which has fallen a further 4.5%. The lithium miner’s shares have dropped notably lower since the release of a disappointing production and sales update.
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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 Nanosonics Limited. The Motley Fool Australia owns shares of and has recommended Bravura Solutions Ltd. The Motley Fool Australia owns shares of Appen Ltd. The Motley Fool Australia has recommended GBST Holdings Limited and Nanosonics 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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