At lunch on Tuesday the S&P/ASX 200 index has given back its morning gains and is trading roughly flat. At the time of writing the benchmark index is up 1.5 points to 6,751.2 points.
Here's what has been happening on the market today:
Bank shares charge higher.
It has been a very positive day of trade again for Australia's big four banks. All four banks are pushing higher at lunch and have helped to offset declines in the materials and telco sectors. The best performer in the group today has been the Australia and New Zealand Banking Group (ASX: ANZ) share price with a gain of 0.9%.
Webjet rebounds.
The Webjet Limited (ASX: WEB) share price pushed higher today despite news that its UK partner, Thomas Cook, has officially gone bust after 178 years in business. This morning analysts at UBS retained their buy rating but reduced the price target on Webjet's shares to $18.65. Although it notes that the Thomas Cook liquidation is disappointing, it believes investors should focus on Webjet's positive outlook due to structural shifts and market share gains.
Gold miners race higher.
Australia's gold miners such as Northern Star Resources Ltd (ASX: NST) and Regis Resources Limited (ASX: RRL) are racing higher today after the gold price charged to a two-week high overnight. The price of the precious metal stormed higher overnight after weak German economic data sparked fears that the trade war was having a big impact on global economic growth.
Best and worst performers.
The Clinuvel Pharmaceuticals Limited (ASX: CUV) share price is the best performer on the benchmark index today with a 4% gain on the back of no news. Going the other way has been the CYBG PLC (ASX: CYB) share price with a decline of over 4% amid concerns over the European economy.
