The S&P/ASX 200 index has started the week on a disappointing note. At lunch the benchmark index is down 0.5% to 6,896.6 points.
Here’s what has been happening on the market today:
Bank shares mixed.
Australia’s big four banks are trading mixed on Monday. One of the four is trading higher and three are trading lower at lunch time. The best performer in the group is the National Australia Bank Ltd (ASX: NAB) share price with a 0.2% gain. Whereas the Commonwealth Bank of Australia (ASX: CBA) share price is the worst performer with a 0.2% decline.
Gold miners push higher.
Gold miners such as Resolute Mining Limited (ASX: RSG) and St Barbara Ltd (ASX: SBM) are pushing higher on Monday after the gold price rose on Friday. According to CNBC, the spot gold price pushed 0.4% higher to US$1,560.10 an ounce after weakness on Wall Street following the release of December’s U.S. jobs data. At lunch the S&P/ASX All Ords Gold index is up 0.7%.
Clinuvel rated as a buy.
The Clinuvel Pharmaceuticals Limited (ASX: CUV) share price is storming higher on Monday after being the subject of a bullish broker note. Moelis Australia has placed a buy rating and $44.42 price target on the biopharmaceutical company’s shares. It appears confident that its SCENESSE product will drive strong profit growth over the coming years.
Best and worst performers.
The best performer on the ASX 200 at lunch is the Clinuvel share price with a gain of 3.5%. Moelis Australia’s positive broker note appears to be behind the rampant buying. Going the other way is the Virgin Money UK PLC (ASX: VUK) share price with a 3.5% decline on no news. This latest decline means the UK-based bank’s shares have fallen over 17% since December 16. This may be down to profit taking after very strong gains in 2019.