It certainly has been a positive start to the month for the S&P/ASX 200 index. At lunch the benchmark index has followed the lead of U.S. markets and is up 0.7% to 6,224.9 points.
Here's what has been happening on the ASX 200 today:
Banks push higher.
All of the big four banks have started the week strongly and are pushing higher at lunch. The Commonwealth Bank of Australia (ASX: CBA) share price and the Westpac Banking Corp (ASX: WBC) share price are the best of the bunch with gains of almost 1% each.
Woolworths update.
The Woolworths Group Ltd (ASX: WOW) share price is up 2% at lunch after the conglomerate released a market update and announced a $1.7 billion share buy-back following the sale of its fuel business. Today's market update revealed that 30 BIG W stores have been identified for closure over the next three years.
Credit Corp update.
The Credit Corp Group Limited (ASX: CCP) share price is still in a trading halt at lunch. This morning the receivables company upgraded its purchased debt ledger acquisitions guidance range by $5 million to between $200 million and $215 million. However, this isn't expected to impact its NPAT. It has maintained its guidance at between $69 million and $70 million.
Rio Tinto iron ore production hit.
The Rio Tinto Limited (ASX: RIO) share price has climbed higher on Monday despite announcing that its iron ore production in Western Australia has been disrupted by Tropical Cyclone Veronica. This disruption will result in a loss of approximately 14 million tonnes of production in 2019, meaning Pilbara shipments in 2019 are now expected to be at the lower end of the 338 and 350 million tonnes guidance range provided previously.
Best and worst performers.
The best performer on the ASX 200 is the Eclipx Group Ltd (ASX: ECX) share price which has rebound 11% after being sold off again last week. This morning UBS resumed coverage on the company with a buy rating and $1.00 price target. Going the other way is the Syrah Resources Ltd (ASX: SYR) share price which has continued its slide and is down almost 5% to $1.02.
