At lunch on Tuesday the S&P/ASX 200 Index (ASX: XJO) has given back its morning gains and is just a fraction higher. At the time of writing the benchmark index is up 0.1% to 5,291.8 points.
Here's what has been happening on the market today:
Big four banks mixed.
After a positive start to the day, the big four banks have given back most of their morning gains and are trading mixed. This appears to have been driven by concerns over the imminent Reserve Bank meeting. At present the market is pricing in a 57% probability of a cash rate cut to zero this afternoon. The Commonwealth Bank of Australia (ASX: CBA) share price is the best performer in the group with a 0.5% gain.
Flight Centre returns, soars, and flops.
It has been an eventful day for the Flight Centre Travel Group Ltd (ASX: FLT) share price. This morning the travel agent giant returned from its suspension following the completion of its institutional placement and entitlement offer. It raised a total of $562 million at $7.20 per new share. In early trade its shares rocketed 15% higher on the news. However, its shares are trading 2.5% lower at the time of writing.
Gold miners storm higher.
The likes of Newcrest Mining Limited (ASX: NCM) and Northern Star Resources Ltd (ASX: NST) are storming higher on Tuesday after a strong rise in the spot gold price overnight. Pleasingly for the gold miners, the spot gold price has continued its ascent during Asian trade. At the time of writing the precious metal is up a further 1.15% to US$1,713.40 an ounce. This has boosted almost all gold miners and sent the S&P/ASX All Ordinaries Gold index up a sizeable 3.8%.
Best and worst ASX 200 performers.
The best performer on the ASX 200 on Tuesday has been the Virgin Money UK PLC (ASX: VUK) share price with an 11% gain. This follows a similarly strong gain by the UK-based bank's London-listed shares overnight. The worst performer on the index today has been the Southern Cross Media Group Ltd (ASX: SXL) share price with a 21% decline. This follows the completion of a highly dilutive $149 million institutional placement and entitlement offer at 9 cents per share.
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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 and has recommended Flight Centre Travel Group Limited. 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.
