ASX 200 up 1%: Big four banks and miners take ASX 200 above 7,000 points

Afterpay Ltd (ASX:APT) and Westpac Banking Corp (ASX: WBC) shares are making a splash on the ASX 200 on Thursday…

| More on:
rising asx share price represented by woman jumping in the air happily

Image source: Getty Images

At lunch on Thursday, the S&P/ASX 200 Index (ASX: XJO) is on form and charging notably higher again. The benchmark index is currently up 1% to 6,999.3 points.

Here’s what is happening on the market today:

ASX 200 surpasses 7,000 points

The ASX 200 broke through the 7,000 points mark and hit a new post-COVID high on Thursday morning. While all sectors are pushing higher today, the banks and miners have been doing a lot of the heavy lifting. All the big four banks are outperforming the market today as investor sentiment continues to improve thanks to a positive global economic outlook.

Tech shares push higher

The Australian tech sector is rising today despite the Nasdaq index’s underwhelming session last night. The likes of Afterpay Ltd (ASX: APT) and Zip Co Ltd (ASX: Z1P) are pushing higher and helping to drive the S&P/ASX All Technology Index (ASX: XTX) 1% higher.

ASIC goes after Westpac

The Westpac Banking Corp (ASX: WBC) share price is storming higher today despite being hit with civil proceedings by ASIC this morning. According to the release, the proceedings relate to the sale of consumer credit insurance products to approximately 384 of the bank’s customers. The corporate watchdog alleges that Westpac supplied these products to certain customers who had not requested or agreed to acquire them.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Thursday has been the Unibail-Rodamco-Westfield CDI (ASX: URW) share price with a 4.5% gain on no news. The worst performer has been the Resolute Mining Limited (ASX: RSG) share price with a decline of almost 3%. The embattled gold miner’s shares are out of favour with investors for both company-specific issues and reducing demand for safe haven assets.

Wondering where you should invest $1,000 right now?

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes could be the five best ASX stocks for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now.

*Returns as of August 16th 2021

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 AFTERPAY T FPO. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Share Market News