ASX 200 up 0.35%: Afterpay & Appen push higher, big four banks rising

Afterpay Ltd (ASX:APT) and Commonwealth Bank of Australia (ASX:CBA) shares are helping to drive the ASX 200 higher on Monday…

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At lunch on Monday the S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a gain. The benchmark index is currently up 0.35% to 6,823.9 points.

Here’s what has been happening on the market today:

Tech shares push higher

It has been a positive day of trade for the tech sector. The likes of Afterpay Ltd (ASX: APT) and Appen Ltd (ASX: APX) are helping to drive the S&P/ASX All Technology Index (ASX: XTX) higher on Monday. At the time of writing, the All Technology Index is up 0.65%. This follows a positive night of trade on Friday on Wall Street for tech stocks, which saw the Nasdaq index climb to a record high.

Big four banks rise

The big four banks are pushing higher today and doing a lot of the heavy lifting on the ASX 200. At the time of writing, all the major banks are up at least 0.5% for the day. The best performer in the group has been the Commonwealth Bank of Australia (ASX: CBA) share price with a gain of just over 0.6%. This is despite there being no news out of the sector today.

Ampol completes buyback

The Ampol Ltd (ASX: ALD) share price is tumbling lower today after announcing the completion of its $300 million off-market buyback. The fuel retailer bought the shares back at $26.34, which represents a 14% discount. Ampol expects $24.33 of the buyback price to be treated as a fully franked dividend for Australian capital gains tax purposes.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Monday has been the Nearmap Ltd (ASX: NEA) share price with a 4% gain. Investors appear to have been buying the aerial imagery technology and location data company’s shares amid positive sentiment in the tech sector. The worst performer has been the Lynas Rare Earths Ltd (ASX: LYC) share price with a 5% decline. This appears to be due to profit taking after some very strong gains last week.

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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 Appen Ltd and Nearmap Ltd. The Motley Fool Australia owns shares of AFTERPAY T FPO. The Motley Fool Australia has recommended Nearmap Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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