The S&P/ASX 200 index has started the week on a positive note. At lunch the benchmark index is up 0.2% to 6,752.6 points.
Here's what has been happening on the market today:
Bank shares lower.
The banking sector has had a disappointing start to the week. All of the big four banks are trading lower at lunch and are weighing on the index today. The worst performer in the group has been the National Australia Bank Ltd (ASX: NAB) share price with a decline of almost 0.4%.
ASIC wins appeal.
The reason for the weakness appears to be news that ASIC has successfully appealed its Federal Court loss against Westpac Banking Corp (ASX: WBC) in the test case over the definition of general financial advice. This could have repercussions for the rest of the big four.
ResMed pushes higher again.
The ResMed Inc. (ASX: RMD) share price has pushed higher again on Monday after brokers responded positively to its quarterly update. One broker that was particularly impressed was Goldman Sachs. It retained its buy rating and lifted the price target on the sleep treatment specialist's shares to $23.20.
Sims gets smashed.
The Sims Metal Management Ltd (ASX: SGM) share price has been smashed following the release of a trading update. Last month the scrap metal company warned that its first half profits would be down materially on the prior corresponding period. Since then market conditions have deteriorated further. As a result, it now expects to post a first half EBIT loss of up to $30 million.
Best and worst performers.
The best performer on the ASX 200 on Monday has been the Pilbara Minerals Ltd (ASX: PLS) share price. A number of lithium miners are pushing higher today after protesters in Chile blocked access to the lithium operations of SQM and Albermarle in the Atacama salt flats. The worst performer on the index has been the Sims Metal share price with its 10% decline. Its shares were down as much as 15% at one stage.
