The S&P/ASX 200 index is back on form on Tuesday and pushing notably higher at lunch. At the time of writing the benchmark index is up 1% to 6,805 points.
Here's what has been happening on the market today:
Bank shares storm higher.
Doing a lot of the heavy lifting on Tuesday are the big four banks. All four banks are up over 1% at lunch as investors pile back into them. The best performer in the group is the Commonwealth Bank of Australia (ASX: CBA) share price. The shares of Australia's largest bank are up a sizeable 1.5% at lunch.
Domino's shakes off class action.
The Domino's Pizza Enterprises Ltd (ASX: DMP) share price has shaken off the threat of being served with Federal Court proceedings by an Australian franchisee. Its shares are up 3% at lunch despite the news. This gain may have been driven by a broker note out of Goldman Sachs this morning. It has retained its conviction buy rating and lifted the price target on its shares to $60.50.
Caltex share price higher on takeover rumours.
The Caltex Australia Limited (ASX: CTX) share price is up 1% at lunch. Investors have been buying the fuel retailer's shares after Bloomberg reported that UK-based EG Group is considering a bid. This follows a bid by Canada's Alimentation Couche-Tard at the end of last year that the Caltex board rejected. The company has not responded to the reports.
Best and worst performers.
The best performer on the S&P/ASX 200 on Tuesday is the Orocobre Limited (ASX: ORE) share price with a 5% gain. Australia's lithium miners have been pushing higher since industry giant SQM had a production expansion request rejected in Chile last week. Going the other way is the Northern Star Resources Ltd (ASX: NST) share price with a 3% decline. A switch back to risk on assets has put pressure on the gold miners today.
