The ASX200 has been up 0.5% at 8,030 points in early afternoon trade. The Aussie market bounced back this morning after Wall Street chalked up modest gains to start the week.
Most sectors are in the green with Financials up around 0.9%, followed by Utilities, up 0.7%, and IT 0.6%. The Industrials and Discretionary sectors have been trading flat.
UBS has released a note stating banking stocks are preferred over mining stocks in view of falling commodities as banks are expected to hold their valuations.
The big four banks have very high valuations, and their year to date rise shows no signs of abating.
Company News
Commonwealth Bank (ASX:CBA) has been up around 1.4% and has hit a new all time high in intra day trade. CBA has a Price to Earnings ratio of 25.75, making it by far the most valuable of the big four.
Commonwealth Bank has been trading at $145.00.
Lotus Resources (ASX:LOT) has been up more than 9% on results from a further 35 holes drilled at its large-scale Letlhakane Uranium Project in Botswana. The company reports 134 reverse circulation holes and 10 diamond holes.
Lotus Resources has been swapping hands at 23.5 cents.
Duratec Limited (ASX:DUR) has been up more than 7% after inking two contracts valued at $76.5M.
The two clients are oil and gas giant Woodside (ASX:WDS) and the Australian Defence Force.
Duratec has been trading at $1.35.