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ASX 200 lunch time report: CBA, Nearmap, & NIB higher

At lunch on Friday the S&P/ASX 200 index is on course to finish the week on a high. At the time of writing the benchmark index is up 0.2% to 6,668.7 points.

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

Banks shares rise.    

Australia’s big four banks have continued their positive run and are all trading higher at lunch. The best performer in the group is the Commonwealth Bank of Australia (ASX: CBA) share price with a gain of 1%. This leaves the shares of Australia’s largest bank trading within sight of their 52-week high.

NIB shares rise.

The NIB Holdings Limited (ASX: NHF) share price has stormed higher after the private health insurer released a corrected version of its full year results presentation. The previous presentation had overstated its claims inflation for FY 2020. While no changes have been made to its profit guidance, investors may believe it is now more achievable given the lower expected rates.

Gold miners sink lower.

It has been a disappointing day of trade for gold miners such as Newcrest Mining Limited (ASX: NCM) and Northern Star Resources Ltd (ASX: NST). They have taken a tumble due to the gold price dropping lower after President Trump revealed that he would consider an interim trade deal with China. The S&P/ASX All Ords Gold index is down 2.9% today.

Best and worst performers.

The best performer on the S&P/ASX 200 index at lunch on Friday is the Nearmap Ltd (ASX: NEA) share price with a gain of over 3%. The aerial imagery technology and location data company’s shares have fallen heavily from their all-time high and to a level that some investors appear to believe is very attractive. Going the other way is the Northern Star share price with a 4% decline. Not even a broker upgrade by Macquarie could lift its shares today. Macquarie’s analysts upgraded the gold miner to an outperform rating and lifted the price target on its shares to $14.20.

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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 Nearmap Ltd. The Motley Fool Australia has recommended Nearmap Ltd. and NIB Holdings 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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