At lunch on Thursday the S&P/ASX 200 index is trading a fraction higher. At the time of writing the benchmark index is up 4 points to 6,856 points.
Here's what has been happening on the market today:
Bank shares lower.
The banking sector is acting as a drag on the market on Thursday. Three of the big four banks are trading lower at lunch. The worst performer in the group is the National Australia Bank Ltd (ASX: NAB) share price with a decline of around 0.8%. The only big four bank pushing higher is Commonwealth Bank of Australia (ASX: CBA) with a 0.2% gain.
Afterpay rated as a buy.
The Afterpay Ltd (ASX: APT) share price is trading higher today after being the subject of a bullish broker note. According to a note out of Macquarie, its analysts have initiated coverage on the payments company with an outperform rating and $38.00 price target. It has been impressed with the growing popularity of its platform with younger demographics that are turning away from credit cards.
Lynas awarded Lead Agency status.
The Lynas Corporation Ltd (ASX: LYC) share price is pushing higher today. This morning Lynas announced that the Western Australia government has awarded the company's project to build a Rare Earths processing plant in Kalgoorlie Lead Agency status. This means the government will provide Lynas with project advice as well as assistance with managing and coordinating approvals within the project's timeframes.
Best and worst performers.
The best performer on the ASX 200 at lunch is the Service Stream Limited (ASX: SSM) share price with an 8.5% gain. This follows news that it is part of a consortium that has won a ten-year contract with Sydney Water Corporation worth $200 million in total. Going the other way is the Resolute Mining Limited (ASX: RSG) share price with a 3% decline. This latest decline means it is down almost 50% from its 52-week high.
