The S&P/ASX 200 index has started the week on a very positive note. At lunch the benchmark index is up a sizeable 1.2% to 6,819.4 points.
Here's what has been happening on the market today:
Bank shares rise.
The big four banks have started the week strongly and are helping to drive the ASX 200 higher on Monday. At lunch all four banks are up by at least 1%. The best performer in the group is the Westpac Banking Corp (ASX: WBC) share price with a gain of just over 1.4%.
Woolworths AGM.
The Woolworths Group Ltd (ASX: WOW) share price is pushing higher on the day of its annual general meeting. The conglomerate was unable to provide a trading update for the second quarter because of the "two very important trading weeks in the quarter to go". However, it did comment that it was "generally pleased with trading to date."
Smartgroup sinks.
The Smartgroup Corporation Ltd (ASX: SIQ) share price is crashing lower on Monday. At lunch the salary packaging and fleet management company's shares are down 15% after the release of a profit warning. Due to changes by its insurance underwriting partner, management warned that earnings from the sale of insurance products are expected to be impacted in FY 2020. It estimates an after tax impact of $4 million.
Best and worst performers.
The best performer on the benchmark index at lunch is the Virgin Money UK PLC (ASX: VUK) share price. Its shares are up a sizeable 8.5% in response to the Boris Johnson's UK election victory on Friday. Going the other way is the Perenti Global Ltd (ASX: PRN) share price. The mining services company's shares are down 17% at lunch after downgrading its underlying net profit after tax guidance for FY 2020. This follows the loss of a major equipment hire contract to Ghana Manganese Company.
