The S&P/ASX 200 index has followed the lead of U.S. markets and pushed higher again on Friday. At lunch the benchmark index is up 0.5% to 6,413.9 points.
Here's what has been happening on the market today:
Big four banks push higher.
Australia's big four banks look set to finish the week on a positive note. All four are pushing higher at lunch, but Australia and New Zealand Banking Group (ASX: ANZ) and Westpac Banking Corp (ASX: WBC) shares have been the strongest performers with gains of 0.5% and 0.4%, respectively. The big four have risen strongly since the RBA cut rates.
Costa on the rise.
The Costa Group Holdings Ltd (ASX: CGC) share price has been a strong performer on the ASX 200 on Friday. The beaten down horticulture company's shares are up almost 6% despite there being no major news out of it. One small bit of news released today is that independent non-executive director, Janette Kendall, bought 6,445 Costa shares on-market this week.
Gold miners under pressure.
Northern Star Resources Ltd (ASX: NST) and other leading gold miners have come under pressure today after the gold price pulled back during Asian trade. According to CNBC, the spot gold price has fallen 0.4% to US$1,337.40 an ounce. This has led to the S&P/ASX All Ords Gold index falling 1% at lunch. Improving investor sentiment appears to have hurt demand for safe haven assets.
Afterpay charges higher.
The Afterpay Touch Group Ltd (ASX: APT) share price has bounced back from Thursday's decline and is up 3.5% at lunch. One broker that was impressed with its business update was Morgans. This morning the broker retained its add rating and lifted the price target on Afterpay's shares to $25.96.
Best and worst performers.
The best performer on the ASX 200 index at lunch is the Costa share price with its gain of almost 6%. I suspect bargain hunters are swooping in after last month's selloff. Going the other way is the Resolute Mining Limited (ASX: RSG) share price which has fallen nearly 7% due to weakness in the gold miner industry.
