The S&P/ASX 200 index has bounced back from yesterday’s selloff and is pushing higher on Tuesday. At lunch the benchmark index is up 0.2% to 6,935.8 points.
Here’s what has been happening on the market today:
Bank shares mixed.
The big four banks are trading mixed on Tuesday. At lunch two of four are trading higher and two are trading lower ahead of the Reserve Bank meeting. The best performer in the group is the Australia and New Zealand Banking Group (ASX: ANZ) share price with a solid 1.5% gain. This morning Morgan Stanley upgraded ANZ’s shares to an overweight rating with a $26.60 price target.
JB Hi-Fi jumps.
Another share that was upgraded today was JB Hi-Fi Limited (ASX: JBH). The JB Hi-Fi share price is up 4% at lunch after UBS upgraded the retailer’s shares. In another note, Goldman Sachs tipped the retailer to surprise to the upside during earnings season. Its industry feedback suggests that execution at JB Hi-Fi has been strong and demand for consumer electronics has been robust.
BWP Trust result.
The BWP Trust (ASX: BWP) share price is pushing higher today after the release of its half year results. The landlord to Wesfarmers Ltd (ASX: WES) subsidiary Bunnings Warehouse reported a 72% increase in half year profit to $135.6 million. This was driven by gains in the fair value of investment properties following the revaluation of its entire investment property portfolio by independent valuers. Excluding these gains, BWP posted a 3% decline in half year profit to $57.2 million.
Best and worst performers.
The best performer on the index has been the Harvey Norman Holdings Limited (ASX: HVN) share price with a 6.5% gain. This morning analysts at UBS upgraded the retailer’s shares to a buy rating with a $4.50 price target. Going the other way is the Service Stream Limited (ASX: SSM) share price with a 4% decline despite a favourable broker note out of Macquarie.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of Wesfarmers Limited. The Motley Fool Australia has recommended Service Stream Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.