At lunch on Monday the S&P/ASX 200 index is on course to start the week on a high. At the time of writing the benchmark index is up 0.8% to 6,661.4 points.
Here’s what has been happening on the market today:
Bank shares rise
The Australian banking sector has started the week on a positive note despite news that the ACCC is looking into home loan pricing. Whilst all the big four banks are notably higher at lunch, the Australia and New Zealand Banking Group (ASX: ANZ) share price is leading the way. Its shares are 1.2% higher at the time of writing.
Santos announces major acquisition.
The Santos Ltd (ASX: STO) share price has zoomed higher today after announcing a major acquisition. The energy producer will acquire ConocoPhillips’ northern Australia business for US$1.39 billion. This includes operating interests in Darwin LNG, Bayu-Undan, Barossa and Poseidon. Management expects the deal to be highly accretive to earnings per share and boost production by up to 25%.
Gold miners sink.
One area of the market not pushing higher today is the gold mining industry. At lunch the likes of Newcrest Mining Limited (ASX: NCM) and Northern Star Resources Ltd (ASX: NST) are trading notably lower after the spot gold price tumbled on Friday. At lunch the S&P/ASX All Ords Gold index is down a sizeable 3.8%.
Fisher & Paykel shoots higher.
The Fisher & Paykel Healthcare Corp Ltd (ASX: FPH) share price has raced higher today after it upgraded its full year guidance. The sleep treatment focused medical device company made the positive revision after its received regulatory clearance to sell its F&P Vitera mask in the United States. This was ahead of management’s expectations.
Best and worst performers.
The best performer on the ASX 200 index at lunch has been the CYBG PLC (ASX: CYB) share price with a massive 11% gain. The UK-based bank’s shares have stormed higher thanks to optimism over a Brexit deal being made. Going the other way, the Saracen Mineral Holdings Limited (ASX: SAR) share price has dropped over 6%. Investors have been selling its shares due to the gold price weakness.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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.