The S&P/ASX 200 Index (ASX: XJO) has returned from the long weekend in fantastic form. At lunch the benchmark index is up 2.5% to 6,146.6 points.
Here’s what is happening on the market today:
Big four banks surge higher.
The big four banks have been very strong performers on Tuesday and are helping to drive the ASX 200 index notably higher. At lunch all four banks are up no less than 5%. The best performer in the group has been the Australia and New Zealand Banking GrpLtd (ASX: ANZ) share price with an impressive gain of 6%.
The CSL Limited (ASX: CSL) share price is trading lower today despite announcing a new acquisition. According to the release, the biotherapeutics company has agreed to exercise its right to acquire Vitaeris. It is a clinical-stage biotechnology company focused on the phase 3 development of a treatment for rejection in solid organ kidney transplant patients.
G8 Education rockets higher despite childcare changes.
The G8 Education Ltd (ASX: GEM) share price is rocketing higher on Tuesday. This is even after the Federal Government revealed plans to end its free childcare scheme and stop JobKeeper payments to childcare workers in July. This morning G8 Education revealed that it won’t be impacted negatively because of the way the government is structuring other support packages. Management notes that these support packages will put it in no worse a position relative to the prior support measures. This is even if occupancy levels were to deteriorate.
Best and worst performers.
The best performer on the ASX 200 on Tuesday has been the Credit Corp Group Limited (ASX: CCP) share price with a 15% gain. Investors may believe the debt collector’s shares were oversold during the pandemic. The worst performer has been the Gold Road Resources Ltd (ASX: GOR) share price with a 6.5% decline. This follows a pullback in the gold price over the last couple of trading days.
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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of CSL Ltd. The Motley Fool Australia has no position in any of the stocks mentioned. 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.
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