At lunch on Wednesday the S&P/ASX 200 Index (ASX: XJO) has bounced back from a poor start and is on course to extend its winning run. The benchmark index is currently up 0.4% to 5,987.5 points.
Here’s what is happening on the market today:
Big four banks push higher.
The big four banks are all in positive territory on Wednesday and helping to drive the ASX 200 index higher. The best performer in the group is the Commonwealth Bank of Australia (ASX: CBA) share price with a 0.65% gain. Not far behind is the Westpac Banking Corp (ASX: WBC) share price, which is pushing higher after being upgraded to an outperform rating by equity analysts at Macquarie this morning. The broker has an $18.00 price target on the bank’s shares.
ARB update impresses.
The ARB Corporation Limited (ASX: ARB) share price surged to a record high this morning following the release of a first quarter update. The 4×4 accessories company has experienced strong demand in export markets, leading to unaudited sales revenue growth of 17.7% during the first quarter of FY 2021. Also rising strongly was its profit before tax, which came in at $29.7 million for the quarter. This represents 86% of the profit before tax that ARB recorded during the entire first half of FY 2020.
Tech shares rise.
The tech sector has been a great place to be on Wednesday. The likes of Altium Limited (ASX: ALU) and Zip Co Ltd (ASX: Z1P) shares are recording decent gains today and helping drive the S&P/ASX All Technology Index (ASX: XTX) higher. At the time of writing, the All Technology Index is up over 1.6% to 2,489.3 points.
Best and worst ASX 200 performers.
The best performer on the ASX 200 on Wednesday has been the Eagers Automotive Ltd (ASX: APE) share price with a 4.5% gain. Investors appear to believe that tax cuts could support vehicle sales in the near future. The worst performer on the index today has been the Newcrest Mining Limited (ASX: NCM) share price with a 3% decline. A number of gold miners are dropping lower today after a pullback in the spot gold price.
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Returns as of 6th October 2020
More reading
- Why BHP, Estia Health, Newcrest, & Starpharma shares are dropping lower
- Why a2 Milk, Afterpay, ARB, & SEEK shares are pushing higher today
- Why you may not need ASX REITs for dividends
- Why the ARB (ASX:ARB) share price is charging to a record high today
- How the federal budget will impact on your ASX stock portfolio
James Mickleboro owns shares of Westpac Banking. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and recommends Altium. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of ZIPCOLTD FPO. The Motley Fool Australia has recommended ARB Limited. 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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