At lunch on Monday the S&P/ASX 200 Index (ASX: XJO) is on course to record a very strong gain. The benchmark index is currently up 1.7% to 5,589.3 points.
Here’s what has been happening on the market today:
Bank shares storm higher.
The big four banks have started the week very strongly and are helping drive the ASX 200 higher. All four banks are in the black at lunch, but the standout performer has been the National Australia Bank Ltd. (ASX: NAB) share price. Its shares are up by a solid 2.75% at the time of writing as investors pile back into the sector.
Travel shares charge higher.
One of the best performing areas of the market on Monday has been the travel sector. The prospect of New Zealand opening its borders to Australian tourists appears to have given the sector a boost. The likes of Flight Centre Travel Group Ltd (ASX: FLT) and Webjet Limited (ASX: WEB) are up 12.5% and 10%, respectively, at the time of writing.
Afterpay hits a record high.
The Afterpay Ltd (ASX: APT) share price has stormed to a record high of $47.48 on Monday. This appears to have been driven by positive investor sentiment and news that it has appointed a permanent Chair. Elana Rubin will has become the payments company’s Chair with immediate effect. She will retire from the ME Bank board in June, but remain as a Non-Executive Director for Telstra Corporation Ltd (ASX: TLS) and Slater & Gordon Limited (ASX: SGH).
Best and worst ASX 200 performers.
The best performer on the ASX 200 on Monday has been the Flight Centre share price with its 12.5% gain. Going the other way, the worst performer on the index on Monday has been the TechnologyOne Ltd (ASX: TNE) share price with a 3.5% decline. The enterprise software company’s shares have come under pressure since the release of its half year update last week.
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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 and has recommended Telstra Limited and Webjet Ltd. The Motley Fool Australia owns shares of AFTERPAY T FPO. The Motley Fool Australia has recommended Flight Centre Travel Group 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.