At lunch on Friday the S&P/ASX 200 index is on course to finish the week on a disappointing note. At the time of writing the index is down 0.15% to 6,656.3 points.
Here’s what has been happening on the market today:
The biggest drag on the local market on Friday has been the resources sector. Mining giants BHP Group Ltd (ASX: BHP), Fortescue Metals Group Limited (ASX: FMG), and Rio Tinto Limited (ASX: RIO) have all dropped lower. Rio Tinto is under pressure due to concerns over its Oyu Tolgoi copper mine expansion and BHP has tumbled after backing down from its row with the WA government.
Bank shares higher.
Weakness in the resources sector has offset a positive day of trade for the big four banks. All four banks are pushing higher at lunch, with Westpac Banking Corp (ASX: WBC) the best performer in the group with a gain of approximately 1%.
Tech shares on the charge.
A positive night of trade on the technology-focused Nasdaq index has given the local tech sector a boost on Friday. The S&P/ASX 200 Info Tech index is up 0.6% thanks to solid gains by the likes of Afterpay Touch Group Ltd (ASX: APT) and Appen Ltd (ASX: APX). These two market darlings are up 2% and 3.5%, respectively, at lunch. The former touched on a record-high this morning.
Qube launches takeover of Chalmers.
The Qube Holdings Ltd (ASX: QUB) share price has pushed higher today after the integrated provider of import and export logistics services announced its intention to acquire logistics company Chalmers Limited (ASX: CHR). Qube’s offer values Chalmers at $60 million.
Best and worst performers.
The Pact Group Holdings Ltd (ASX: PGH) share price is the best-performer on the ASX 200 on Friday with a gain of 9.5%. This morning Goldman Sachs upgraded the packaging company’s shares to a buy rating from neutral with a price target of $3.02. Going the other way is the Growthpoint Properties Australia Ltd (ASX: GOZ) share price with a 3% decline. This follows the successful completion of the property company’s $150 million institutional placement this morning. Growthpoint raised the funds at $3.97 per share, which was a 4.2% discount to the last close price.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of AFTERPAY T FPO and Appen 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.
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