At lunch on Wednesday, the S&P/ASX 200 Index (ASX: XJO) is back from the break and charging higher. The benchmark index is currently up 0.9% to 7,489.2 points.
Here’s what is happening on the ASX 200 today:
ASX 200 bank shares storm higher
It has been a great start to the week for ASX 200 bank shares. Commonwealth Bank of Australia (ASX: CBA) and the rest of the big four banks are all recording solid gains today and helping to drive the ASX 200 higher. The Westpac Banking Corp (ASX: WBC) share price has been the best performer in the group with a gain of 1.3%.
Afterpay shares fall
The Afterpay Ltd (ASX: APT) share price is bucking the trend and dropping into the red on Wednesday. The buy now pay later provider’s shares are falling in response to yet another pullback in the Block (Square) share price overnight. Afterpay shareholders recently voted in favour of Block’s all-scrip takeover proposal.
Incitec Pivot rated as a buy
The Incitec Pivot Ltd (ASX: IPL) share price is pushing higher on Wednesday. This morning the agricultural chemicals company’s shares were given a boost from a broker note out of Jefferies. The broker has put a buy rating and $4.00 price target on the company’s shares. It expects high ammonia prices to support its earnings.
Best and worst ASX 200 performers
The best performer on the ASX 200 on Wednesday has been the Pilbara Minerals Ltd (ASX: PLS) share price with a 5% gain. Investors have been buying lithium shares amid optimism that prices of the battery making ingredient will stay higher for longer. The worst performer has been the Afterpay share price with a 2% decline following Block’s pullback overnight.
The post ASX 200 (ASX:XJO) midday update: CBA and Westpac rise, Afterpay tumbles again appeared first on The Motley Fool Australia.
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More reading
- Is it a buy? Jefferies tips 25% upside for the Incitec Pivot (ASX:IPL) share price
- Pilbara Minerals (ASX:PLS) share price surges 6% to hit new record high
- December is shaping up to be pretty good for the Telstra (ASX:TLS) share price . Here’s why
- 2 ASX 200 dividend shares named as buys
- Why the Afterpay (ASX:APT) share price has tanked 20% in December
Motley Fool contributor James Mickleboro owns Westpac Banking Corporation. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended Afterpay Limited. The Motley Fool Australia owns and has recommended Afterpay Limited. The Motley Fool Australia has recommended Westpac Banking Corporation. 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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