The S&P/ASX 200 index has bounced back from yesterday's sell off and is up a solid 0.8% to 6,334.9 points at lunch on Tuesday.
Here's what has been happening on the market today:
Bank shares higher.
Australia's big four banks have all pushed higher on Tuesday. The best performer of the group at lunch is the Westpac Banking Corp (ASX: WBC) share price with a gain of 1.2%. This morning Morgans named Westpac as a high conviction share to buy in May.
Afterpay Touch shares hit another record high.
The Afterpay Touch Group Ltd (ASX: APT) share price climbed 4% to hit an all-time high of $28.70 this morning after the payments company was the subject of a positive broker note out of Ord Minnett. According to the note, the broker believes that its strong growth has continued and has increased its forecasts to reflect this. As a result, it has retained its buy rating and lifted its price target on the company's shares to $32.30.
LTAP withdraws GrainCorp takeover offer.
The GrainCorp Ltd (ASX: GNC) share price is down 6.5% at lunch after Long-Term Asset Partners (LTAP) announced that, following a period of due diligence, it would be unable to proceed with its non-binding, indicative proposal to acquire the company for a cash consideration of $10.42 per share. LTAP chairman, Tony Shepherd, said that its due diligence didn't support its operational assumptions.
Fortescue shares race higher.
The Fortescue Metals Group Limited (ASX: FMG) share price has been a strong performer on Tuesday and is up 6.5% to $7.62 at lunch. Its shares raced higher after low grade iron ore prices stormed to a five-year high on Monday. According to Metal Bulletin, the price of the low grade 58% fines rose a sizeable 2.9% to US$82.48 a tonne.
Best and worst performers.
The best performer on the ASX 200 at lunch is the Fortescue share price with its 6.5% gain. The next best performer is the WiseTech Global Ltd (ASX: WTC) share price which has rebounded 4.5% higher after being sold off yesterday during the market volatility. The worst performer on the benchmark index by some distance today has been the GrainCorp share price with its 6.5% decline following the breakdown of takeover talks.
