At lunch on Tuesday the S&P/ASX 200 Index (ASX: XJO) has returned to form and is racing notably higher. The benchmark index is up 3.05% to 5,893.9 points at the time of writing.
Here’s what is happening on the market today:
Bank shares rebound.
The big four banks have been playing a key role in driving the ASX 200 higher on Tuesday. All four banks look set to end their losing streaks and are pushing materially higher at lunch. The best performer in the group is the Commonwealth Bank of Australia (ASX: CBA) share price with a gain of over 3.3%.
Super Retail returns.
The Super Retail Group Ltd (ASX: SUL) share price is back from its trading halt and is racing higher. This morning the retailer revealed that it has raised $158 million through an institutional entitlement offer at an 8% discount of $7.19 per share. These funds will be used to execute its strategy and pursue strategic growth initiatives. Super Retail also released a trading update which revealed that like for like sales rebounded strongly in May.
Afterpay hits a record high.
The unstoppable Afterpay Ltd (ASX: APT) share price is continuing its remarkable run on Tuesday. At one stage today the payments company’s shares hit a record high of $55.79. Fellow buy now pay later provider, Zip Co Ltd (ASX: Z1P), which just missed out on ASX 200 inclusion this quarter, is also up significantly today. Investors appear increasingly bullish on the sector and have been piling in today.
Best and worst ASX 200 shares.
Surprisingly, the Afterpay share price isn’t the best performer on the ASX 200 today. That honour goes to the Viva Energy Group Ltd (ASX: VEA) share price with its 14% gain. This follows the release of a trading update by the fuel retailer this morning. The worst performer on the index (and the only ASX 200 share in the red today) is the Mineral Resources Limited (ASX: MIN) share price with a 1% decline. This is despite there being no news out of the miner and mining services company.
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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 ZIPCOLTD FPO. The Motley Fool Australia owns shares of and has recommended Super Retail Group Limited. The Motley Fool Australia owns shares of AFTERPAY T FPO. 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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