At lunch on Monday the S&P/ASX 200 Index (ASX: XJO) is on course to start the year with a strong gain. At the time of writing, the benchmark index is up 0.8% to 6,639.1 points.
Here's what has been happening on the market today:
Bank shares higher.
The big four banks are on form today and are playing a key role in driving the ASX 200 index higher. While all the big four are recording solid gains, the best performer in the group has been the Commonwealth Bank of Australia (ASX: CBA) share price. At the time of writing, the shares of Australia's largest bank are up a sizeable 1.4%.
Link share price sinks lower.
The Link Administration Holdings Ltd (ASX: LNK) share price is crashing lower today after the release of an update on a takeover approach by SS&C Technology Holdings. The NASDAQ listed global provider of investment and financial software made a conditional offer of $5.65 per share to acquire the company last month. Although the Link board stated that the offer undervalued Link, it still granted SS&C Technology due diligence. This was in the hope that a superior proposal would be made. Unfortunately, Link has revealed that SS&C Technology has now withdrawn its takeover proposal.
Tech shares rise.
It has been a positive start to the year for the Australian tech sector. Thanks to solid gains by tech shares such as electronic design software company Altium Limited (ASX: ALU) and artificial intelligence services company Appen Ltd (ASX: APX), the S&P ASX All Technology Index (ASX: XTX) is up 0.8% at lunch.
Best and worst ASX 200 performers.
The best performer on the ASX 200 on Monday has been the Pro Medicus Limited (ASX: PME) share price with a 4% gain. This is despite there being no news out of the health imaging software company. The worst performer has been the Link share price with a 15% decline. This follows the withdrawal of SS&C Technology's takeover approach.
