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ASX 200 lunch time report: Coles, NAB & Syrah lower

The S&P/ASX 200 index has had a disappointing start to the week and is down 0.4% to 6,359.9 points at lunch.

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

Bank shares lower.

The big four banks have all dropped into the red today ahead of a number of key half year results releases this week and next. The worst performer of the group is the National Australia Bank Ltd (ASX: NAB) share price which has fallen 1.3%. NAB will release its first half results on Thursday.

Gold miners surge higher.

One of the best performing group of shares on the market on Monday has been the gold miners. At lunch the likes of Saracen Mineral Holdings Limited (ASX: SAR) and St Barbara Ltd (ASX: SBM) are up over 3% after the spot gold price rebounded on Friday following weaker than expected U.S. inflation data. The S&P/ASX All Ords Gold index is up 1.5% at lunch.

Coles third quarter sales update.

The Coles Group Ltd (ASX: COL) share price has edged lower despite the release of a solid third quarter sales update. Thanks largely to the success of its ‘Fresh Stikeez’ promotional campaign and grocery inflation, the company reported a 3.3% increase in total Supermarket and Liquor sales to $8,007 million.

Syrah third quarter update disappoints.

The Syrah Resources Ltd (ASX: SYR) share price is down 4.5% at lunch after the graphite miner released its third quarter update. Although the company reported a large increase in production and a reduction in cash costs, the weighted average graphite price achieved was lower than planned at US$469 per tonne.

Best and worst performers.

The best performer on the ASX 200 at lunch is the G8 Education Ltd (ASX: GEM) share price with a 5% gain after Labor leader Bill Shorten proposed a $4 billion reform to the childcare subsidy. Going the other way is the Syrah share price with its 4.5% decline, followed by the Pilbara Minerals Ltd (ASX: PLS) share price which has tumbled 4% lower following the release of its third quarter update.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended COLESGROUP DEF SET. The Motley Fool Australia owns shares of National Australia Bank Limited. 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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