ASX 200 lunch time report: BHP lower, Afterpay & Westpac higher

Afterpay Touch Group Ltd (ASX:APT), BHP Group Ltd (ASX:BHP), and Westpac Banking Corp (ASX:WBC) shares have been making a splash on the ASX 200 on Friday…

a woman

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

At lunch on Friday the S&P/ASX 200 index is on course to finish the week on a disappointing note. At the time of writing the index is down 0.15% to 6,656.3 points.

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

Miners lower.

The biggest drag on the local market on Friday has been the resources sector. Mining giants BHP Group Ltd (ASX: BHP), Fortescue Metals Group Limited (ASX: FMG), and Rio Tinto Limited (ASX: RIO) have all dropped lower. Rio Tinto is under pressure due to concerns over its Oyu Tolgoi copper mine expansion and BHP has tumbled after backing down from its row with the WA government.

Bank shares higher.

Weakness in the resources sector has offset a positive day of trade for the big four banks. All four banks are pushing higher at lunch, with Westpac Banking Corp (ASX: WBC) the best performer in the group with a gain of approximately 1%.

Tech shares on the charge.

A positive night of trade on the technology-focused Nasdaq index has given the local tech sector a boost on Friday. The S&P/ASX 200 Info Tech index is up 0.6% thanks to solid gains by the likes of Afterpay Touch Group Ltd (ASX: APT) and Appen Ltd (ASX: APX). These two market darlings are up 2% and 3.5%, respectively, at lunch. The former touched on a record-high this morning.

Qube launches takeover of Chalmers.

The Qube Holdings Ltd (ASX: QUB) share price has pushed higher today after the integrated provider of import and export logistics services announced its intention to acquire logistics company Chalmers Limited (ASX: CHR). Qube's offer values Chalmers at $60 million.

Best and worst performers.

The Pact Group Holdings Ltd (ASX: PGH) share price is the best-performer on the ASX 200 on Friday with a gain of 9.5%. This morning Goldman Sachs upgraded the packaging company's shares to a buy rating from neutral with a price target of $3.02. Going the other way is the Growthpoint Properties Australia Ltd (ASX: GOZ) share price with a 3% decline. This follows the successful completion of the property company's $150 million institutional placement this morning. Growthpoint raised the funds at $3.97 per share, which was a 4.2% discount to the last close price.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of AFTERPAY T FPO and Appen Ltd. 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.

More on Share Market News

Woman in celebratory fist move looking at phone
Broker Notes

Top brokers name 3 ASX shares to buy next week

Brokers gave buy ratings to these ASX shares last week. Why are they bullish?

Read more »

A young man pointing up looking amazed, indicating a surging share price movement for an ASX company
Broker Notes

These ASX 200 shares could rise 20% to almost 30%

Analysts are tipping these shares to deliver big returns over the next 12 months.

Read more »

A young woman carefully adds a rock to the top of a pile of balanced river rocks.
Share Market News

Here's how the ASX 200 market sectors stacked up last week

Energy and utilities stocks led the way last week with 4%-plus gains.

Read more »

Animation of a man measuring a percentage sign, symbolising rising interest rates.
Share Market News

Here's when Westpac says the RBA will now cut interest rates

Will borrowers need to wait until the middle of next year for relief? Let's find out.

Read more »

Boys making faces and flexing.
Opinions

3 ASX 300 shares to buy and hold for the long run

I believe these stocks have loads of growth potential.

Read more »

Young girl drinking milk showing off muscles.
Share Gainers

Here are the top 10 ASX 200 shares today

It was a great end to the trading week for ASX investors today.

Read more »

Hands reaching high for a trophy with a sunset in the background.
Record Highs

The ASX 200 Index is on its way to another all-time high today. Here's why

These blue chip stocks are driving the index towards a new record today...

Read more »

Group of friends trading stocks on their phones. symbolising the 3 most traded ASX 200 shares today
Share Market News

3 ASX mining stocks topping the most-traded list in October

Chinese stimulus news and company announcements likely contributed to the higher trading activity.

Read more »