The S&P/ASX 200 index has started the new financial year in a very positive fashion. At lunch the benchmark index is 0.5% higher at 6,653.5 points.
Here’s what has been happening on the market today:
Afterpay share price continues to slide.
The Afterpay Touch Group Ltd (ASX: APT) share price sank as much as 10% lower this morning amid concerns that Visa would disrupt its business model. The payments giant has announced the start of a pilot program that will allow participating issuers and merchants to offer their customers an instalment payment option at the checkout by using a Visa card. The Afterpay share price has recovered strongly and is now down just 2.5%.
Bank shares push higher.
It has been a reasonably positive start to the new financial year for Australia’s big four banks. At lunch three of the big four have pushed higher, with National Australia Bank Ltd (ASX: NAB) shares the best-performers with a gain of 0.8%. The Commonwealth Bank of Australia (ASX: CBA) share price has been the exception with a decline of 0.8%.
Gold miners sink lower.
Improving investor sentiment has put pressure on the gold miners and risk-off assets on Monday. At the time of writing the Northern Star Resources Ltd (ASX: NST) share price and the Regis Resources Limited (ASX: RRL) share price are leading the way with declines of 4% and 3.5%, respectively. This has led to the S&P/ASX All Ords Gold index falling 3%.
Best and worst performers.
The best performer on the ASX 200 index on the first day of the new financial year has been the Galaxy Resources Limited (ASX: GXY) share price with a 5.5% gain despite there being no news out of it. Incidentally, the lithium miner was the worst performer on the index in FY 2019. Going the other way, the Northern Star share price is the worst performer so far today with its 4% decline.
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Motley Fool contributor James Mickleboro owns shares of Galaxy Resources Limited. The Motley Fool Australia owns shares of AFTERPAY T FPO and National Australia Bank 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.