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.
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.
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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 AFTERPAY T FPO and CSL Ltd. The Motley Fool Australia owns shares of National Australia Bank Limited. The Motley Fool Australia has recommended Elders 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.