ASX 200 lunch time report: Cochlear, Telstra & Woolworths higher

Galaxy Resources Limited (ASX:GXY), Santos Ltd (ASX:STO), and Telstra Corporation Ltd (ASX:TLS) shares have been making a splash on the ASX 200 on Thursday. Here's why…

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The benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has bounced back on Thursday and is up 0.3% to 5,862.7 points at lunch.

Here's what has been happening on the ASX 200 so far today:

Blue chips rise.

Although the banks are struggling to push higher today, that hasn't stopped blue chips including Cochlear Limited (ASX: COH), Telstra Corporation Ltd (ASX: TLS), and Woolworths Group Ltd (ASX: WOW) from pushing at least 1% higher at lunch.

Coles announces $146 million pre-tax provision.

At lunch the Coles Group Ltd (ASX: COL) share price is down almost 2% after providing an update on its supply chain modernisation. The supermarket giant has contracted WITRON Australia to develop two new automated ambient distribution centres. It will now recognise a pre-tax provision of $146 million in its 2019 interim result as a significant items to cover redundancies and lease exit costs for existing distribution centres that will close over the next five years.

Galaxy disappoints.

The Galaxy Resources Limited (ASX: GXY) share price has dropped 4.5% after releasing its December quarterly update. That update revealed that the lithium miner experienced a massive 30% quarter on quarter decline in its average cash margin during the final quarter. Management also advised that there has been a further reduction in the contracted price of spodumene so far in 2019.

Gold miners under pressure.

Gold miners including Evolution Mining Ltd (ASX: EVN), Northern Star Resources Ltd (ASX: NST), and Regis Resources Limited (ASX: RRL) are all down around 5% at lunch. Evolution released its production update this morning, whereas Northern Star and Regis were both downgraded by brokers. The S&P/ASX All Ords Gold index is down 2.6% at lunch.

Best and worst performers.

The best performer on the ASX 200 at lunch on Thursday is the Santos Ltd (ASX: STO) share price which is up almost 4% after posting a record sales result. Going the other way is the Regis Resources share price which is 5.5% lower after being downgraded by Credit Suisse from an outperform rating to underperform. The broker made the move on valuation grounds.

Motley Fool contributor James Mickleboro owns shares of Galaxy Resources Limited. The Motley Fool Australia owns shares of and has recommended Telstra Limited. The Motley Fool Australia owns shares of COLESGROUP DEF SET. The Motley Fool Australia has recommended Cochlear Ltd. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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