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ASX 200 lunch time report: CSL, IOOF, & Pendal Group lower

The S&P/ASX 200 index has had a disappointing start to the week. At lunch the benchmark index is down 0.15% at 6,242.2 points.

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

Bank shares charge higher again.

It has been another positive day of trade for the big four banks. All four are pushing notably higher on Monday, with Australia and New Zealand Banking Group (ASX: ANZ) shares leading the way with a gain of almost 1%.

CSL share price lower.

The CSL Limited (ASX: CSL) share price is down 1.3% at lunch after being the subject of a reasonably bearish broker note out of Credit Suisse. According to the note, the broker has retained its neutral rating but cut the price target on the biotherapeutics company’s shares by 4% to $192.00.

Rio Tinto edges higher.

The Rio Tinto Limited (ASX: RIO) share price is up slightly at lunch after providing an update on its Resolution Copper project in the United States. This morning Rio Tinto announced that it has committed $302 million of additional capital to advance the project. The Resolution Copper project is one of the largest undeveloped copper projects in the world and has the potential to supply nearly 25% of the United States copper demand.

IOOF share price sinks lower.

The IOOF Holdings Limited (ASX: IFL) share price is down over 2% at lunch after the embattled wealth manager advised that it has been served with a class action filed by Quinn Emanuel Urquhart & Sullivan. Quinn Emanuel alleges that between May 27 2015 and August 9 2018 IOOF contravened its continuous disclosure obligations under the ASX Listing Rules and engaged in misleading or deceptive conduct.

Best and worst performers.

The Whitehaven Coal Ltd (ASX: WHC) share price is the best performer on the ASX 200 at lunch with a gain of just over 3.5%. The coal miner’s shares have charged higher after being upgraded by analysts at Macquarie. Going the other way is the Pendal Group Ltd (ASX: PDL) share price which has crashed almost 8% lower after analysts at Credit Suisse retained their underperform rating and trimmed the price target on the fund manager’s shares to $7.80.

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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of CSL Ltd. The Motley Fool Australia has no position in any of the stocks mentioned. 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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