The S&P/ASX 200 index is on course to start the week on a very positive note. At lunch the benchmark index is up 0.55% to 6,760.4 points.
Here's what has been happening on the market today:
Bank shares higher.
The big four banks have started the week strongly. Three of the big four are pushing notably higher at lunch, with the National Australia Bank Ltd (ASX: NAB) share price leading the way. NAB shares are up 1.4% at the time of writing. Australia and New Zealand Banking Group (ASX: ANZ) is the only one in the red, but this is due to its shares trading ex-dividend.
Iron ore price tumbles.
A decline in the iron ore price has put pressure on Australia's miners on Monday. The Fortescue Metals Group Limited (ASX: FMG) share price is leading the way with a 3.5% decline at lunch. The price of the steel making ingredient fell 2.7% to US$80.36 a tonne after data revealed a decline in iron ore imports into China.
Afterpay upgraded.
The Afterpay Touch Group Ltd (ASX: APT) share price is racing higher on Monday thanks to a broker note. According to a note out of Citi, its analysts have upgraded its shares to a buy rating with a $31.10 price target. Also getting an upgrade today was CSL Limited (ASX: CSL). UBS has upgraded its shares to a buy with a massive $295 price target.
Best and worst performers.
The best performer on the ASX 200 on Monday has been the Elders Ltd (ASX: ELD) share price with a gain of 5.5%. The release of a solid full year result was behind this strong gain. Fortescue is the worst performer on the index today with its decline of 3.5%. Though, its shares are still up more than 100% since the start of the year.
