At lunch on Wednesday the S&P/ASX 200 Index (ASX: XJO) is on course to record a very strong gain. The benchmark index is up 1% to 5,894.9 points at the time of writing.
Here's what is happening on the ASX 200 today:
Afterpay hits a record high.
The Afterpay Ltd (ASX: APT) share price has been a positive performer on Wednesday. Its shares jumped 5.5% to a record high of $52.29 this morning. Investors have been buying its shares after rival Zip Co Ltd (ASX: Z1P) announced its expansion into the lucrative U.S. market via the acquisition of QuadPay. Investors may believe the increased competition will accelerate the adoption of buy now pay later platforms in the multi-trillion dollar market.
Big four banks jump.
It has been a very positive day for Westpac Banking Corp (ASX: WBC) and the rest of the big four banks. All four banks are trading notably higher at lunch and are playing a key role in driving the ASX 200 higher. The best performer in the group at lunch is the Australia and New Zealand Banking GrpLtd (ASX: ANZ) share price. Its shares are up 4% at the time of writing. This morning the Australian Bureau of Statistics revealed that GDP fell 0.3% during the first quarter. This was in line with expectations.
Gold miners sink lower.
One area of the market acting as a drag on the ASX 200 index today is the gold sector. The likes of Evolution Mining Ltd (ASX: EVN) and Newcrest Mining Limited (ASX: NCM) are all trading notably lower at lunch. This follows a reasonable pullback in the gold price overnight. The price of the precious metal tumbled after Wall Street began betting on a successful economic restart. At lunch the S&P/ASX All Ordinaries Gold index is down 4.4%.
Best and worst ASX 200 performers.
The best performer on the ASX 200 on Wednesday has been the SKYCITY Entertainment Group Limited (ASX: SKC) share price with a 9.5% gain. This morning the casino and resorts operator revealed that its New Zealand operations have performed well since reopening. The worst performer on the ASX 200 is the Silver Lake Resources Limited (ASX: SLR) share price. Silver Lake's shares are down 7% after the gold price decline.
