At lunch on Tuesday the S&P/ASX 200 index has bounced back from a weak start and is trading slightly higher at 6,646.1 points.
Here’s what has happened on the market today:
Bank shares mixed.
It has been a mixed day of trade for Australia’s big four banks. Two of the big four are pushing higher and two are trading lower. The Australia and New Zealand Banking Group (ASX: ANZ) share price is leading the way with a gain of 0.3%. Whereas the Westpac Banking Corp (ASX: WBC) is the worst performer in the group with a decline of 0.2%.
Afterpay given buy rating.
It has been a positive day of trade for the Afterpay Touch Group Ltd (ASX: APT) share price on Tuesday. This has been driven by a broker note out of Morgan Stanley this morning. According to the note, it has initiated coverage on the payments company with an overweight rating and $44.00 price target.
The Telstra Corporation Ltd (ASX: TLS) share price is pushing higher on the day of its annual general meeting in Melbourne. At the meeting the telco giant suggested that the NBN should reduce wholesale prices or else competition could fall. Telstra also reiterated its full year guidance for FY 2020.
Best and worst performers.
The best performer on the S&P/ASX 200 index on Tuesday has been the Cooper Energy Ltd (ASX: COE) share price with a 3.5% gain. This morning the company advised that the Dombey-1DW1 exploration well has encountered gas in the primary target Pretty Hill Formation. Going the other way, the Southern Cross Media Group Ltd (ASX: SXL) share price is the worst performer by some distance. It is down 20% after providing a very disappointing trading update. It revealed that trading conditions have been tough in the first quarter.
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James Mickleboro owns shares of Westpac Banking. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of AFTERPAY T FPO. The Motley Fool Australia owns shares of and has recommended Telstra Limited. 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.