At lunch on Monday the S&P/ASX 200 index has continued its positive run and is on course to record a solid gain. At the time of writing the index is 0.4% higher at 6,756 points.
Here's what has been happening on the market today:
Bank shares mixed.
It has been a mixed day of trade so far for the Australian banking sector. At lunch two of the big four are pushing higher and the other two have dropped lower. Leading the way is the Westpac Banking Corp (ASX: WBC) share price with a 0.7% gain. The National Australia Bank Ltd (ASX: NAB) share price is the laggard in the group with a 0.2% decline.
Tech shares slide.
A number of tech shares have dropped lower on Monday following a disappointing night of trade on the technology-focused Nasdaq index on Friday. Shares including Afterpay Touch Group Ltd (ASX: APT) and Nearmap Ltd (ASX: NEA) are trading 2.75% and 3% lower, respectively, at lunch.
Webjet tumbles.
The Webjet Limited (ASX: WEB) share price has tumbled lower today after its UK partner, Thomas Cook, advised that it was close to collapsing. The embattled travel company's future is in question after it revealed that it needed a further £200 million on top of £900 million already agreed with China's Fosun Tourism Group. Thomas Cook has until later today to find the funds.
Premier Investments continues to climb.
The Premier Investments Limited (ASX: PMV) share price has continued its positive run and pushed a further 6% higher on Monday. The retailer's shares were given a boost this morning when analysts at Macquarie upgraded its shares to an outperform rating with a $20.00 price target. Premier Investments outperformed its expectations in FY 2019.
Best and worst performers.
The best performer on the ASX 200 index at lunch has been the IOOF Holdings Limited (ASX: IFL) share price with a 10% gain. This morning Macquarie upgraded its shares to an outperform rating with a $7.00 price target. Going the other way is the Webjet share price with a decline of 4% due to the Thomas Cook debacle.
