The S&P/ASX 200 index has returned to form on Wednesday and is notably higher at lunch. At the time of writing the benchmark index is up 0.7% to 6,378.9 points.
Here's what has been happening on the market today:
Big four banks on the rise.
All of the big four banks have climbed higher on Wednesday, underpinning the market's solid gain. At lunch the Westpac Banking Corp (ASX: WBC) share price has been a standout performer in the sector with a gain of 1.4%. A strong night of trade on Wall Street and the Reserve Bank's decision to cut rates appear to be the drivers of these gains.
Tech shares storm higher.
It has been a very positive day of trade for the Australian tech sector. The likes of Afterpay Touch Group Ltd (ASX: APT), Altium Limited (ASX: ALU) and Appen Ltd (ASX: APX) have rebounded strongly following a positive night of trade on the technology-focused Nasdaq index. This has taken the S&P/ASX 200 Info Tech index 2.3% higher at lunch.
Vocus crashes lower.
The Vocus Group Ltd (ASX: VOC) share price has crashed lower on Wednesday and is down 19% at lunch. Investors have been selling the telco company's shares after it revealed that takeover discussions with EQT Infrastructure have been terminated. According to the release, following an accelerated period of due diligence, EQT has decided not to proceed with its $5.25 cash per share offer.
Best and worst performers.
The best performer on the benchmark index on Wednesday has been the Emeco Holdings Limited (ASX: EHL) share price. At lunch the equipment rental company's shares are up almost 6% despite there being no news out of it. Going the other way is the Vocus share price which is far and away the worst performer on the benchmark index with its 19% decline.
