At lunch on Thursday the S&P/ASX 200 Index (ASX: XJO) is on course to record a decent gain. The benchmark index is currently up 0.3% to 6,610.3 points.
Here's what is happening on the market today:
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Iron ore producers storm higher.
The resources sector is playing a key role in driving the ASX 200 higher on Thursday. A solid rise in the spot iron ore price overnight has led to the likes of BHP Group Ltd (ASX: BHP) and Fortescue Metals Group Limited (ASX: FMG) storming higher today. The latter is up a massive 11.5% at the time of writing. According to CommSec, the benchmark iron ore price is trading at a six-year high of US$136.75 a tonne.
Afterpay update.
The Afterpay Ltd (ASX: APT) share price is dropping lower today despite the release of a positive trading update. That update revealed that global underlying sales in November reached $2.1 billion. This represents a 112% increase on the same period last year. This was driven by a very successful Black Friday and Cyber Monday promotional period. Afterpay's growth was particularly strong in the United States. This side of the business delivered the highest level of monthly underlying sales ever across all the regions. US consumers made $1 billion of purchases through its platform during the month.
Westpac's enforceable undertaking.
The Westpac Banking Corp (ASX: WBC) share price is edging lower after advising that it has entered into an enforceable undertaking with the Australian Prudential Regulation Authority (APRA) in relation to risk governance remediation. Westpac's CEO, Peter King, has acknowledged that significant work is required to address the bank's shortcomings and is determined to deliver on its risk remediation activities.
Best and worst ASX 200 performers.
The best performer on the ASX 200 on Thursday has been the Fortescue share price with its 11.5% gain. This follows a solid rise in the iron ore price overnight. The worst performer has been the Super Retail Group Ltd (ASX: SUL) share price with a 3% decline. This is despite there being no news out of the retailer.
