At lunch on Tuesday S&P/ASX 200 Index (ASX: XJO) is on course to record a very strong gain. The benchmark index is currently up 1.15% to 6,071.1 points.
Here's what has been happening on the market today:
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Big four banks push higher.
The big four banks are all pushing higher on Tuesday. The best performer in the group is the Commonwealth Bank of Australia (ASX: CBA) share price with a gain of 1.5%. Investors have been buying the banking giant's shares despite analysts at Goldman Sachs rating them as a sell this morning.
Tech shares storm higher.
It has been a fantastic day for Australia's leading tech shares. The likes of Altium Limited (ASX: ALU) and Nearmap Ltd (ASX: NEA) are storming notably higher. This has driven the S&P/ASX 200 Information Technology index 5.5% higher at lunch. The catalyst for this was a very positive night of trade on Wall Street's technology-focused Nasdaq index. It jumped 2.5% thanks to strong gains by the likes of Amazon, Apple, Microsoft, and Google parent, Alphabet. Amazon was the star of the show with a gain of almost 8%.
BHP Q4 update
The BHP Group Ltd (ASX: BHP) share price is trading sideways on Tuesday following the release of its fourth quarter and full year update. BHP had a solid 12 months with production guidance met for iron ore, metallurgical coal, and operated copper and energy coal assets. Iron ore production was the highlight of FY 2020 with 248 Mt produced. BHP commanded an average realised price of US$77.36 a tonne for the steel making ingredient. This was up 16% year on year.
Best and worst ASX 200 shares.
The best performer on the ASX 200 on Tuesday has been the Nearmap share price with an impressive 10% gain. This follows strong buying in the tech sector today. The worst performer has been the Alumina Limited (ASX: AWC) share price with a 4% decline. This may be down to profit taking after some very strong gains last week.
