The S&P/ASX 200 index has started the week in a positive fashion. At lunch the benchmark index is up 0.5% to 6,878.8 points.
Here's what has been happening on the market today:
Bank shares higher.
The big four banks are playing a key role in the ASX 200's gain today. At lunch, all the big four banks are pushing higher, even the embattled Westpac Banking Corp (ASX: WBC). At the time of writing the Westpac share price is up a sizeable 1%.
Woolworth class action.
The Woolworths Group Ltd (ASX: WOW) share price is pushing higher on Monday despite being hit with a class action. Canberra law firm Adero Law has announced its intention to file employee class action proceedings against it in the Federal Court. It said: "Based on 12 months of due diligence investigations, Adero considers that the underpayments disclosed by Woolworths to date substantially understate the wages owed which Adero estimates at $620 million."
Afterpay tumbles.
The Afterpay Touch Group Ltd (ASX: APT) share price is down 2.5% at lunch. This decline appears to have been driven by concerns that retailers will be forced to pass on surcharges to buy now pay later (BNPL) users. The Reserve Bank is concerned that other customers are subsidising BNPL users through higher prices.
Best and worst performers.
The best performer on the ASX 200 index on Monday is the NRW Holdings Limited (ASX: NRW) share price with a 5.5% gain. The catalyst for this gain appears to be a broker note out of UBS this morning. According to the note, the broker has retained its buy rating and lifted its price target on its shares to $3.85. The worst performer on the index today is the Jumbo Interactive Ltd (ASX: JIN) share price with a decline of over 5%. This is despite analysts at Morgan Stanley reiterating their overweight rating and $24 price target on its shares this morning.
