The Motley Fool

ASX 200 lunch time report: Ausdrill, Coles, & Galaxy lower

At lunch on Tuesday the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has followed the lead of U.S. markets and is down 0.55% to 6,182.4 points.

Here’s what has been happening on the market today:

Tech shares climb higher.

One area of the market that has defied the market decline today is the tech sector. The shares of Afterpay Touch Group Ltd (ASX: APT), Appen Ltd (ASX: APX), and WiseTech Global Ltd (ASX: WTC) are all around 2% higher at lunch despite there being no news out of each of them.

Materials shares tumble.

One of the biggest drags on the market today has been the materials sector, particularly from battery ingredient producers. The likes of lithium miner Galaxy Resources Limited (ASX: GXY), graphite miner Syrah Resources Ltd (ASX: SYR), and nickel producer Western Areas Ltd (ASX: WSA) have all fallen more than most.

Coles deal with KKR.

The Coles Group Ltd (ASX: COL) share price has dropped lower despite news that the supermarket chain will receive a $200 million cash injection for entering into a joint venture for its Queensland hotels business. The deal will see KKR-owned Australian Venue Co. Limited manage the operations and receive the full economic benefit of the Spirit Hotels business. Whereas Coles will manage the day-to-day operations and receive the full economic benefit of the Retail Liquor business.

Cochlear shares upgraded.

The Cochlear Limited (ASX: COH) share price has edged higher on Tuesday after being upgraded by analysts at Citi. According to the note, the broker felt the recent selling of the hearing solutions company’s shares has been overdone and created a buying opportunity. Citi has a buy rating and $198 price target on its shares.

Best and worst performers.

The best performer on the ASX 200 at lunch is the Metcash Limited (ASX: MTS) share price which is up over 3%. This morning Morgan Stanley retained its overweight rating and $3.40 price target on its shares following the wholesale distributor’s strategy update. Going the other way is the Galaxy share price which is down 4%, closely followed by the Ausdrill Limited (ASX: ASL) share price which has tumbled 3.5% despite there being no news out of the mining services company.

JUST RELEASED: Our Top 3 Dividend Bets for 2019

NEW! The Motley Fool’s team of crack analysts has just released a timely report revealing the names and codes of their top 3 dividend share recommendations for 2019. Be among the first investors to get access—FREE, for a strictly limited time. You’ll discover the names of 3 hefty dividend paying companies with what our analysts consider to be solid growth prospects for the year ahead…

The first two currently offer fat, fully franked yields and the third is a surprising REIT offering you the chance to become a landlord with none of the hassle! If you’re looking for hot new ideas, look no further. But you do need to hurry. Snap up your free copy now, before supplies run out!

Simply click here to grab your FREE copy of this up-to-the-minute research report on our top 3 dividend share recommendations right away.

Motley Fool contributor James Mickleboro owns shares of Galaxy Resources Limited. The Motley Fool Australia owns shares of AFTERPAY T FPO, Appen Ltd, COLESGROUP DEF SET, and WiseTech Global. 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.

NEW. Five Cheap and Good Stocks to Buy in 2019…

Our Motley Fool experts have just released a brand new FREE report, detailing 5 dirt cheap shares that you can buy today.

One stock is an Australian internet darling with a rock solid reputation and an exciting new business line that promises years (or even decades) of growth… while trading at an ultra-low price…

Another is a diversified conglomerate trading near a 52-week low all while offering a 2.8% fully franked yield…

Plus 3 more cheap bets that could position you to profit over the next 12 months!

See for yourself now. Simply click the link below to scoop up your FREE copy and discover all 5 shares. But you will want to hurry – this free report is available for a brief time only.