At lunch the S&P/ASX 200 Index (ASX: XJO) has followed the lead of U.S. markets and is pushing higher. The benchmark index is currently up 0.8% to 5,370.2 points.

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

Bank shares push higher.

Commonwealth Bank of Australia (ASX: CBA) and the rest of the big four banks are pushing higher on Friday. This follows a strong night of trade on Wall Street for U.S. banks. The best performer in the group today has been the Westpac Banking Corp (ASX: WBC) share price with a 1.1% gain.

Tech shares dropping lower.

The tech sector is having another off day on Friday. At lunch the S&P/ASX 200 Information Technology index is down 1.7% and acting as a drag on proceedings. Payments company Afterpay Ltd (ASX: APT) and cloud-based accounting software provider Xero Limited (ASX: XRO) are amongst the worst performers with 1% and 5% declines, respectively.

Gold miners charge higher.

One area of the market performing particularly strongly today has been the gold mining industry. At lunch the S&P/ASX All Ordinaries Gold index is up a solid 3.2% after the gold price hit a three-week high overnight. Evolution Mining Ltd (ASX: EVN) and St Barbara Ltd (ASX: SBM) shares have been positive performers with gains of 4% each.

Best and worst ASX 200 performers.

The best performer on the ASX 200 today has been the Graincorp Ltd (ASX: GNC) share price again with an 8% gain. This morning analysts at Macquarie retained their outperform rating and lifted the price target on its shares to $4.79. The worst performer has been Graincorp’s spun off malt business, United Malt Group Ltd (ASX: UMG). Its shares are down 7% after completing a $140 million institutional placement. The new shares were issued at $3.80 per share, representing an 11.4% discount to its last traded price.

Returns as of 7/4/2020

Motley Fool contributor James Mickleboro owns shares of Westpac Banking. The Motley Fool Australia owns shares of AFTERPAY T FPO and Xero. 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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The S&P/ASX 200 Index (ASX: XJO) is on course to end the week on a positive note. In late morning trade the benchmark index is up 0.7% to 5,365.2 points.

Four shares that have climbed more than most today are listed below. Here’s why they are zooming higher:

The Kogan.com Ltd (ASX: KGN) share price is up 4% to $8.91 after announcing a new acquisition. The ecommerce company has bought the intellectual property and goodwill of replica furniture and homewares retailer Matt Blatt for $4.4 million. Kogan will relaunch the business as an online-only offering. It expects the acquisition of Matt Blatt to give it a springboard from which to expand its reach in the furniture and homewares market.

The Macquarie Group Ltd (ASX: MQG) share price is up 2% to $105.10. The banking sector is on course to end the week on a high after their U.S. counterparts stormed higher overnight. In addition to this, investors may have been buying Macquarie’s shares before they trade ex-dividend on Monday. To be eligible for its upcoming final $1.80 per share dividend, investors need to be on the share registry at the close of play today.

The Newcrest Mining Limited (ASX: NCM) share price is up 3% to $29.85. Investors have been buying Newcrest and other gold miners after the price of the precious metal hit a three week high overnight. Traders were buying gold amid concerns that a trade war is brewing between the U.S. and China. The S&P/ASX All Ordinaries Gold index is up 3.2% at the time of writing.

The Santos Ltd (ASX: STO) share price is up 2% to $4.65. Santos and other energy shares have been performing strongly today after a spike in the oil price overnight. Oil prices pushed higher after data revealed that U.S. inventories had fallen more than expected last week.

More reading

• Big bounce in these ASX stocks may be over before it began
• Broker tips 10 ASX 200 shares for a post-coronavirus recovery
• 3 ASX shares to buy for growth and income
• Kogan.com share price on watch following acquisition news
• ASX small-cap sector rallies strongly during April

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Kogan.com ltd and Macquarie Group 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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