The S&P/ASX 200 index is on course to bounce back from yesterday's sell off. At lunch the benchmark index is up 0.55% to 6,274.9 points.
Here's what has been happening on the market today:
Bank shares mixed.
The big four banks are mixed on Wednesday. Two of the big four banks are in the red at lunch, with the National Australia Bank Ltd (ASX: NAB) share price the worst performer in the group with a decline of 0.2%. The best performer is the Australia and New Zealand Banking Group (ASX: ANZ) share price with a gain of 0.5%.
Tech shares rebound.
The Australian tech sector has rebounded strongly from yesterday's selloff. The Altium Limited (ASX: ALU) share price has been the standout with a gain of 4.5% at lunch. At the time of writing the S&P/ASX 200 Info Tech index is up an impressive 1.4%.
St Barbara announces major acquisition.
The St Barbara Ltd (ASX: SBM) share price has been placed in a trading halt on Wednesday whilst it undertakes an acquisition and an associated capital raising. St Barbara has entered an agreement to acquire Canada based and TSX-listed low-cost gold producer Atlantic Gold Corporation for a total equity value of A$768 million. To fund the acquisition the company aims to raise A$490 million via an underwritten entitlement offer at $2.89 per share.
Best and worst performers.
The best performer on the ASX 200 at lunch is the Eclipx Group Ltd (ASX: ECX) share price with a 8% gain. Its shares were sold off earlier this week after a disappointing update and the announcement of large impairment charges. Some investors may have thought the selling was overdone. Going the other way is the Costa Group Holdings Ltd (ASX: CGC) share price which is down over 2% despite there being no news out of the horticulture company.
