At lunch on Tuesday the S&P/ASX 200 index has followed the lead of U.S. markets and is pushing higher. The benchmark index is up 0.2% to 6,667.7 points at the time of writing.
Here’s what has been happening on the market on Tuesday:
Bank shares rise.
It has been a positive day of trade for the banking sector. Three of the big four banks are pushing higher at lunch, with National Australia Bank Ltd (ASX: NAB) the strongest performer with a 0.5% gain. The Commonwealth Bank of Australia (ASX: CBA) share price is the laggard in the group. It is down 0.2% at lunch.
Cochlear AGM update.
The Cochlear Limited (ASX: COH) share price has come under pressure on Tuesday following its AGM update. According to the release, management continues to expect to deliver a reported net profit of $290 million to $300 million this year. This will be a 9% to 13% increase on the underlying net profit achieved in FY 2019. Some investors may have been hoping for an upgrade.
Super Retail tumbles.
The Super Retail Group Ltd ASX: SUL) share price has tumbled lower on Tuesday following the release of a trading update. Although the retailer reported solid like for like sales growth across three of its four brands, management revealed that this had been done at the expense of margin in a tough retail market. No margin figures were provided.
Best and worst performers.
The best performer on the ASX 200 index on Tuesday has been the CYBG PLC (ASX: CYB) share price with an impressive 7% gain. This follows a strong start to the week for its UK-listed shares overnight. Going the other way is the Pro Medicus Limited (ASX: PME) share price. It is the worst performer with a 5% decline. This may be due to profit-taking after a very strong gain in 2019.
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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 and recommends Pro Medicus Ltd. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Cochlear Ltd. The Motley Fool Australia owns shares of National Australia Bank Limited and Super Retail Group Limited. The Motley Fool Australia has recommended Cochlear Ltd. and Pro Medicus 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.