At lunch on Friday the S&P/ASX 200 Index (ASX: XJO) is on course to end the week on a subdued note. The benchmark index is currently down 0.35% to 5,970.8 points.
Here's what is happening on the market today:
Big four banks push higher.
The big four banks are doing their best to drag the market higher. At lunch all four are trading notably higher than the market. Two of the best performers have been National Australia Bank Ltd (ASX: NAB) and Westpac Banking Corp (ASX: WBC). This is thanks partly to a broker note out of UBS this morning. Its analysts have upgraded both banks to a buy rating with $20.50 price targets.
Appen shares drop on insider sales.
The Appen Ltd (ASX: APX) share price has tumbled lower today after investors responded negatively to news of high levels of insider selling. The artificial intelligence company announced that Non-Executive Chairman, Chris Vonwiller, sold 2 million Appen shares on-market. Also selling shares was its CEO and Managing Director, Mark Brayan and Non-Executive Director, Bill Pulver. They sold 95,535 shares and 275,000 shares, respectively.
Qantas continues to soar.
It has been another positive day for the Qantas Airways Limited (ASX: QAN) share price on the ASX 200. After recording a 7% gain on Thursday, the airline operator's shares are up a further 3.5% today. Investors have been buying Qantas' shares after it announced an increase in domestic flights for June and July. Subject to demand, by the end of July Qantas' domestic capacity could be 40% of pre-pandemic levels. One broker that appears pleased with the news is Morgan Stanley. This morning it retained its buy rating and $5.20 price target.
Best and worst ASX 200 performers.
The best performer on the ASX 200 on Friday has been the Sydney Airport Holdings Pty Ltd (ASX: SYD) share price with a 6% gain. The Qantas announcement appears to have given the airport operator a boost today. The worst performer is the Pro Medicus Limited (ASX: PME) share price with a 5% decline. Earlier this week UBS downgraded the company's shares to a neutral rating on valuation grounds.
