The benchmark S&P/ASX 200 index has fought back from a heavy decline in early trade to be 3 points higher at 6,703.2 points at lunch.
Here's what has been happening on the market today:
Bank shares mixed.
Three of the big four banks have started the week with a push higher. The best performer in the group has been the National Australia Bank Ltd (ASX: NAB) share price again with a 0.4% gain. Investors continue to respond positively to its new CEO appointment. The exception in the group today has been the Commonwealth Bank of Australia (ASX: CBA) share price with a 0.2% decline.
Energy shares on the rise.
A rise in the oil price on Friday after Iran seized a British oil tanker has sent Australia's leading energy producers higher today. Beach Energy Ltd (ASX: BPT) shares have been the standout performers with a gain of over 3% at lunch. Pleasingly for Beach and co, oil futures have continued to trend higher during Asian trade.
Gold industry news.
There's been a lot going on in the gold industry on Monday. The Resolute Mining Limited (ASX: RSG) share price has pushed higher this morning following the announcement of a major resource and reserve upgrade, the Saracen Mineral Holdings Limited (ASX: SAR) share price has edged higher following the release of its fourth quarter update, and the St Barbara Ltd (ASX: SBM) share price has dropped lower following the completion of its Atlantic Gold acquisition.
Best and worst performers.
The best performer on the benchmark index on Monday has been the Speedcast International Ltd (ASX: SDA) share price with a gain of 5% on the back of no news. Bargain hunters may believe its shares are cheap following a recent selloff. The worst performer on the ASX 200 index has been the InvoCare Limited (ASX: IVC) share price with a decline of over 6%. The funerals company's shares have come under pressure today after equity analysts at Macquarie Group Ltd (ASX: MQG) suggested that the ABS death volume forecasts are too bullish.
