At lunch on Tuesday the S&P/ASX 200 Index (ASX: XJO) is on course to record another solid gain. The benchmark index is currently up 1.5% to 5,398.3 points.
Here's what has been happening on the market today:
Bank shares push higher.
The big four banks are on course to finish the day with solid gains. At lunch all four banks are in positive territory ahead of the Reserve Bank meeting. The best performer in the group has been the National Australia Bank Ltd (ASX: NAB) share price with a gain of 1.8%.
Qantas update.
The Qantas Airways Limited (ASX: QAN) share price has been a strong performer on Tuesday. This follows the release of a market update by the airline operator this morning. That update revealed that Qantas has boosted its liquidity further by securing $550 million in funding against three of its wholly-owned Boeing 787-9 aircraft. This means the company has sufficient liquidity to see it through until the end of December 2021 if trading conditions didn't improve.
Consumers are still eating KFC.
The Collins Foods Ltd (ASX: CKF) share price is charging higher today after the quick service restaurant operator revealed that its key KFC Australia operations are performing well despite the pandemic. Between March 30 and May 3 its KFC Australia stores posted just a 1% decline in same store sales. Excluding stores in shopping malls, same stores sales would have been up 4% on the prior corresponding period. Things haven't been quite as positive in Europe, but they only contribute approximately 14% of its total sales.
Best and worst ASX 200 performers.
The best performer on the ASX 200 on Tuesday has been the Bravura Solutions Ltd (ASX: BVS) share price with an 8% gain. This morning the fintech company released a presentation which revealed that it remains on course to hit its mid-teen earnings growth guidance in FY 2020. The worst performer is the Perenti Global Ltd (ASX: PRN) share price with a 3.5% decline on no news.
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James Mickleboro owns shares of Collins Foods Limited. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Bravura Solutions Ltd. The Motley Fool Australia has recommended Bravura Solutions Ltd and Collins Foods 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.
