The S&P/ASX 200 Index (ASX: XJO) has continued its recovery on Friday and is on course to finish the week on a positve note. The benchmark index is up 0.35% to 5,126.4 points at the time of writing.
Here's what is happening on the market today:
Bank shares push higher.
The big four banks are all on track to end the week with a day in the black. At lunch the National Australia Bank Ltd (ASX: NAB) share price is the best performer in the group with a gain of 1.1%. This morning analysts at Macquarie slapped an outperform rating and $17.00 price target on the banking giant's shares.
Tech shares surge higher.
It has been a particularly positive day of trade for the tech sector. A number of popular tech companies such as Afterpay Ltd (ASX: APT) and Nearmap Ltd (ASX: NEA) are storming materially higher after a positive night on the technology-focused Nasdaq index. At the time of writing the S&P/ASX 200 Information Technology index is up by a solid 3.5%.
Business updates.
A number of ASX 200 shares have released business updates on Friday. This includes energy producers Beach Energy Ltd (ASX: BPT) and Woodside Petroleum Limited (ASX: WPL), which outlined their plans to combat lower oil prices here and here. Also updating the market was appliance manufacturer Breville Group Ltd (ASX: BRG). Although it withdrew its earnings guidance for FY 2020, it revealed that demand for its appliances has been strong.
Best and worst performers.
The best performer on the ASX 200 at lunch is the Afterpay share price with a 12% gain. This is despite analysts at Morgan Stanley downgrading its shares to an equal-weight rating this morning with a $19.00 price target. The worst performer on the index has been the oOh!Media Ltd (ASX: OML) share price after returning from its trading halt. It is down 24% after raising approximately $156 million through a placement.
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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 National Australia Bank Limited. The Motley Fool Australia has recommended oOh!Media 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.
