The S&P/ASX 200 index has returned to form and is charging higher on Thursday. At lunch the benchmark index is up 0.7% to 6,733.9 points.
Here’s what has been happening on the market today:
Bank shares push higher.
Australia’s big four banks are all pushing higher at lunch. The best performer in the group has been the Australia and New Zealand Banking Group (ASX: ANZ) share price with a gain of approximately 1%. A report in the AFR today revealed that Chinese buyers are taking an interest in the Australian property market again.
Tech shares on fire.
One of the best-performing areas of the market today has been the tech sector. At lunch the S&P/ASX 200 Info Tech index is up a sizeable 1.5% thanks to strong gains by the likes of Altium Limited (ASX: ALU) and Appen Ltd (ASX: APX).
The Brickworks Limited (ASX: BKW) share price has charged higher on Thursday after the release of the conglomerate’s full year results. For the 12 months ended July 31, Brickworks posted a 17% increase in total revenue from continuing operations to $919 million and a record underlying net profit after tax from continuing operations of $234 million. The latter was a 4% increase on the prior corresponding period and driven by strong Property earnings.
Washington H. Soul Pattinson result.
The Washington H. Soul Pattinson and Co. Ltd (ASX: SOL) share price is up almost 3% at lunch despite it announcing its full year results and revealing a 7.2% decline in adjusted profit from continuing operations to $307.3 million. This poor result didn’t stop the investment house from increasing its full year dividend to 57 cents per share. This means it has lifted its dividend each year since 2000.
Best and worst performers.
The best performer on the benchmark index at lunch has been the Bega Cheese Ltd (ASX: BGA) share price with a gain of 5.5% despite there being no news out of the struggling food company. Going the other way has been the Clinuvel Pharmaceuticals Limited (ASX: CUV) share price with its 4% decline. As with Bega, there has been no news out of Clinuvel today to explain this move.
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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 Altium. The Motley Fool Australia owns shares of and has recommended Washington H. Soul Pattinson and Company Limited. The Motley Fool Australia owns shares of Appen Ltd. The Motley Fool Australia has recommended Brickworks. 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.