At lunch on Tuesday the S&P/ASX 200 index has built on Monday's strong start to the month and is up a further 0.8% to 6,267 points.
Here's what has been happening on the ASX 200 today:
Bank shares climb higher.
Australian bank shares have pushed higher again on Tuesday ahead of the Federal Budget this evening and Reserve Bank meeting this afternoon. Australia and New Zealand Banking Group (ASX: ANZ) and Westpac Banking Corp (ASX: WBC) shares are leading the way with gains of around 1.5%.
Afterpay hits an all-time high.
The Afterpay Touch Group Ltd (ASX: APT) share price continued its remarkable form on Tuesday and hit an all-time high of $23.49. One broker still believes its shares can keep going and earlier this year slapped a massive $28.02 price target on them.
Credit Corp completes placement.
The Credit Corp Group Limited (ASX: CCP) share price has dropped 2.5% lower after successfully completing its $20.45 per share institutional placement. Demand was so strong the company increased the placement from $100 million to $125 million. These funds will be used for debt purchases in Australia, New Zealand, and the United States.
Mining giants storm higher.
BHP Group Ltd (ASX: BHP), Fortescue Metals Group Limited (ASX: FMG), and Rio Tinto Limited (ASX: RIO) shares have stormed higher again on Tuesday after another rise in iron ore prices. Concerns about supply constraints have pushed prices higher and taken all three mining giants to 52-week highs today.
Best and worst performers.
The best performer on the ASX 200 on Tuesday is the Syrah Resources Ltd (ASX: SYR) share price with a gain of 8%. With no news out of the graphite miner, it appears as though bargain hunters have swooped in after a sharp decline. The worst performer on the index at lunch is the Adelaide Brighton Ltd (ASX: ABC) share price which has fallen almost 4% despite there being no news out of it.
