The S&P/ASX 200 index has fought back from a weak start and is pushing higher at lunch. At the time of writing the benchmark index is up 0.15% to 6,726 points.
Here's what has been happening on the market today:
Bank shares mixed
Australia's big four banks have started the week on a mixed note ahead of tomorrow's Reserve Bank meeting. The Commonwealth Bank of Australia (ASX: CBA) share price has tumbled 0.4% lower and the National Australia Bank Ltd (ASX: NAB) share price is up 0.2%. The other two big four banks are trading mostly flat at lunch.
Nufarm results
The Nufarm Limited (ASX: NUF) share price has rocketed higher today following the release of its full year results. The agricultural chemicals company posted $420 million in EBITDA, which was in line with its guidance. Management also spoke positively about the future and believes it is well-placed for growth. This appears to have spooked short sellers and resulted in a short squeeze today.
Webjet downgraded
The Webjet Limited (ASX: WEB) share price has continued its disappointing run and tumbled lower again on Monday. The catalyst for this decline was a broker note out of Credit Suisse this morning. According to the note, the broker has downgraded Webjet's shares from an outperform rating to neutral and slashed the price target on them by 21% to $11.00.
Best and worst performers
The best performer on the benchmark index at lunch on Monday is the Nufarm share price by some distance. Its shares are up around 26%, much to the dismay of the large number of short sellers targeting the company. Going the other way is the Webjet share price with a decline of 3.5% following the broker downgrade. Not far behind it is the Clinuvel Pharmaceuticals Limited (ASX: CUV) share price with a 3.2% decline on the back of no news.
