At lunch the S&P/ASX 200 index has given back its morning gains and is trading at 6,496.2 points.
Here’s what has been happening on the market today:
Bank shares lower.
A major drag on the Australian share market on Friday has been the banking sector once again. All the big four banks have dropped lower, but leading the pack is the National Australia Bank Ltd (ASX: NAB) share price with a decline of 1.1%. Its shares have fallen heavily this week following the announcement of higher than expected customer remediation charges.
Tech shares zoom higher.
One area of the market which is trying its best to lift the market is the tech sector. Solid gains by the likes of Appen Ltd (ASX: APX) and Nearmap Ltd (ASX: NEA) have lifted the S&P/ASX 200 Info Tech index by 1.3% today. This follows a solid gain on Wall Street by the technology-focused Nasdaq index on Thursday night.
CSL rated as a buy.
The CSL Limited (ASX: CSL) share price has charged higher today after Morgan Stanley upgraded the biotherapeutics company to an overweight rating and lifted the price target on its shares to $251. It made the move largely on strong immunoglobulins demand, which it feels could lead to it outperforming its guidance this year.
Best and worst performers.
The best performer on the ASX 200 index today has been the Jumbo Interactive Ltd (ASX: JIN) share price with a 5% gain. This morning Morgan Stanley retained its overweight rating on its shares and noted that recent jackpots data should be a positive for transaction growth. Going the other way is the Mayne Pharma Group Ltd (ASX: MYX) share price with a 3% decline. This may be due to profit taking after a strong share price rise this week following a positive product announcement.
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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 and recommends Jumbo Interactive Limited. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of CSL Ltd. and Nearmap Ltd. The Motley Fool Australia owns shares of Appen Ltd and National Australia Bank Limited. The Motley Fool Australia has recommended Jumbo Interactive Limited and Nearmap 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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