At lunch on Tuesday the S&P/ASX 200 index is trading ever so slightly higher. The benchmark index is up a few points to 6,732.5 points at the time of writing.
Here's what has been happening on the market today:
Bank shares lower.
The big four banks are acting as a major drag on the market on Tuesday. At lunch all four banks are trading lower. The worst performer in the group is the National Australia Bank Ltd (ASX: NAB) share price with a decline of over 1%. This morning Morgan Stanley retained its underweight rating and cut its price target to $24.00. It believes NAB may have to launch a significant capital raising in the near future.
a2 Milk Company rebounds.
The a2 Milk Company Ltd (ASX: A2M) share price is pushing higher on Tuesday. The infant formula and fresh milk company's shares were sold off on Monday after the surprise exit of its CEO. Analysts at UBS appear to believe this is a buying opportunity. This morning it held firm with its buy rating and NZ$17.00 (A$16.31) price target on its shares.
IOOF shares hit a 52-week high.
The IOOF Holdings Limited (ASX: IFL) share price raced to a 52-week high this morning. This follows an update on its acquisition of the Australia and New Zealand Banking Group (ASX: ANZ) Wealth Pension and Investments business. According to the update, APRA has given its approval of the acquisition. This was the last approval that was required. It is aiming to complete the transaction by the end of January.
Best and worst performers.
The best performer on the ASX 200 at lunch is the Orocobre Limited (ASX: ORE) share price with a 4.5% gain. This is despite there being no news out of the lithium miner this week. The worst performer on the index is the Avita Medical Ltd (ASX: AVH) share price with a 3.5% decline. This may be down to a spot of profit taking after a strong gain in 2019.
