At lunch on Friday the S&P/ASX 200 index is on course to finish the week on a very positive note. At the time of writing the benchmark index is up 0.8% to 6,701.9 points.
Here's what has been happening:
Bank shares on the charge.
One of the key drivers of today's positive performance has been the banking sector. All four banks are pushing notably higher at lunch. The best performer in the group is the National Australia Bank Ltd (ASX: NAB) share price with a 2.3% gain. The market has responded positively to news that it has appointed veteran banking executive Ross McEwan as its new chief executive officer.
Gold miners surge higher.
Also contributing to today's positive performance have been Australia's leading gold miners. The likes of Newcrest Mining Limited (ASX: NCM) and Resolute Mining Limited (ASX: RSG) have surged higher again on Friday after the gold price raced higher overnight. The precious metal hit a two-week high after U.S. rate cut bets increased.
Sydney Airport traffic update.
The Sydney Airport Holdings Pty Ltd (ASX: SYD) share price has pushed almost 2% higher despite the airport operator reporting a decline in passenger numbers during the month of June. News that analysts at Morgans have upgraded its shares to an add rating appears to have offset the soft result. Morgans made the move due to the weak outlook for bond yields and Sydney Airport's bond proxy qualities.
Best and worst performers.
The best performer on the benchmark index on Friday has been the Northern Star Resources Ltd (ASX: NST) share price with a gain of over 6%. This has been driven by the rise in the gold price overnight. Going the other way is the Clinuvel Pharmaceuticals Limited (ASX: CUV) share price which is down 7% despite there being no news out of the developer of treatments for severe skin disorders.
