At lunch on Tuesday the S&P/ASX 200 index has bounced back and is trading notably higher. At the time of writing the benchmark index is up a sizeable 1.9% to 6,513.6 points.
Here's what is happening in the market today:
Bank shares higher.
The big four banks are all trading higher on Tuesday. However, only one of the big banks is matching the market gain. It appears as though investors are nervous about the impact that another cut to the cash rate could have on their businesses. The best performer in the group at lunch is the Westpac Banking Corp (ASX: WBC) share price with a 1.9% gain. After which, National Australia Bank Ltd (ASX: NAB) is the next best performer with a gain of 1.2%.
Flight Centre invests in technology.
The Flight Centre Travel Group Ltd (ASX: FLT) share price is pushing higher today after strengthening its technology roadmap through an investment in a business that enhances airline-travel agent connectivity. Flight Centre has secured a 22.5% stake in Dubai-based TPConnects Technologies, which has a next-generation travel technology platform.
CLINUVEL surges higher.
The Clinuvel Pharmaceuticals Limited (ASX: CUV) share price is surging higher on Tuesday after providing an update on its vitiligo ambitions. The biopharmaceutical company has received confirmation that the US FDA has designated April 29 to discuss and agree the North American development program for SCENESSE for the pigment loss disorder vitiligo.
Best and worst performers.
The best performer on the ASX 200 at lunch is the Clinuvel share price with a gain of 13% to $19.35 following its aforementioned FDA update. Its shares had fallen very heavily in recent weeks and remain down by almost 58% from their 52-week high. The worst performer on the index has been the Virgin Money UK PLC (ASX: VUK) share price, which is down 3.5% at lunch on the back of no news. However, the bank's UK listed shares fell by a similar margin during overnight trade.
