At lunch on Friday the S&P/ASX 200 Index (ASX: XJO) is looking to snap its losing streak with a decent gain. The benchmark index is up 0.6% to 5,248 points at the time of writing.
Here's what has been happening on the market today:
Bank shares pushing higher.
The big four banks are all pushing higher on Friday and doing a lot of the heavy lifting on the ASX 200. The best performer in the group is the National Australia Bank Ltd (ASX: NAB) share price with a gain of almost 1.2%. Earlier this week analysts at Credit Suisse slapped an outperform rating and $19.50 price target on the bank's shares.
Energy shares race higher.
One of the best performing areas of the market on Friday has been the energy sector. Thanks to a rebound in oil prices the likes of Oil Search Limited (ASX: OSH) and Santos Ltd (ASX: STO) are dragging the S&P/ASX 200 Energy index 2.2% higher at lunch. Oil prices jumped overnight amid continued production cuts and rising U.S.-Iranian tensions.
Domino's COVID-19 update.
The Domino's Pizza Enterprises Ltd (ASX: DMP) share price is dropping lower after providing an update on how its stores are performing during the coronavirus pandemic. While on the whole its update was positive and same store sales growth is being achieved, it warned that new consumer behaviour is affecting individual stores in each of its markets unevenly.
Best and worst ASX 200 performers.
The Webjet Limited (ASX: WEB) share price is the best performer on the ASX 200 at lunch. The online travel agent's shares are up over 8% at the time of writing. This could have been driven by bargain hunting and short sellers closing positions. The worst performer on the index is the Domino's share price with a decline of 4% after its COVID-19 update.
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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 Webjet Ltd. The Motley Fool Australia has recommended Domino's Pizza Enterprises 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.
