At lunch on Tuesday the S&P/ASX 200 index has bounced back from yesterday's decline and is up 0.4% to 6,556.8 points.
Here's what has been happening on the market today:
Coles update impresses.
The Coles Group Ltd (ASX: COL) share price stormed to an all-time high this morning following the release of its refreshed strategy at its investor day event. The strategy is based on three pillars: Inspire Customers through best value food and drink solutions to make lives easier; Smarter Selling through efficiency and pace of change, and Win Together with its team members, suppliers and communities. The Smarter Selling pillar is expected to result in $1 billion of cumulative savings by FY 2023.
Nearmap shares rated as a buy.
The Nearmap Ltd (ASX: NEA) share price has raced higher on Tuesday after equity analysts at Macquarie Group Ltd (ASX: MQG) became the latest to rate the aerial imagery technology and location data company as a buy. Macquarie initiated coverage on Nearmap with an outperform rating and $4.22 price target. It believes there is a $3 billion opportunity for Nearmap in its existing markets.
Webjet introduces Rezchain and Rezpayments.
The Webjet Limited (ASX: WEB) share price is up over 4% at lunch after the online travel agent introduced its Rezchain and Rezpayments technology. The blockchain-based Rezchain technology is a time-stamped series of immutable records of data that is managed by a cluster of independent computers in a peer to peer network. It allows any two parties to verify that booking data matches and parties are notified if any discrepancies exist that could lead to a dispute. This saves both time and money.
Best and worst performers.
The Emeco Holdings Limited (ASX: EHL) share price has continued its strong run and is the best performer on the index with a gain of 8%. A positive trading update last week has been behind the strong form. The McMillan Shakespeare Limited (ASX: MMS) share price is the worst performer after sinking a further 7% lower a day after the release of its trading update. One broker that wasn't impressed was Macquarie. It downgraded its shares to a neutral rating and cut the price target on them to $12.62 this morning.
