ASX 200 lunch update: NAB & ResMed higher, Cleanaway sinks

Cleanaway Waste Management Ltd (ASX:CWY), National Australia Bank Ltd (ASX:NAB), and ResMed Inc. (ASX:RMD) shares have been making moves on the ASX 200 on Friday…

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The S&P/ASX 200 index is on course to finish the week on a very positive note. At lunch the benchmark index is a sizeable 0.65% higher at 6,737.7 points.

Here's what has been happening on the local share market on Friday:

ResMed rockets.

The ResMed Inc. (ASX: RMD) share price has rocketed higher after smashing expectations with its first quarter result. The sleep treatment specialist reported a 17% jump in sales to US$681.1 million and a 16% lift in adjusted net profit to US$135.4 million. This compares very favourably to the consensus sales estimate of US$660.87 million.

Cleanaway disappoints.      

The Cleanaway Waste Management Ltd (ASX: CWY) share price has crashed lower following the release of its annual general meeting update. This morning the waste management company warned that its first half profits would be flat on the prior corresponding period. This is due to a combination of lower economic activity, softness in commodity prices, and a reduction in local Queensland volumes. Management expects a stronger second half.

Bank shares push higher.

Australia's big four banks are on course to finish the week in a positive fashion. All four banks are pushing notably higher at lunch, with the National Australia Bank Ltd (ASX: NAB) share price leading the way. NAB's shares are up almost 0.7% at the time of writing.

Best and worst performers.

The best performer on the ASX 200 index on Friday has been the ResMed Inc. share price with its 10.5% gain. Investors have been scrambling to buy its shares after it smashed expectations with its quarterly result. Going the other way, the Cleanaway share price is the worst performer with a 14% decline. The next worst performer has been the Bingo Industries Ltd (ASX: BIN) share price with a decline of 5%. Cleanaway's AGM update appears to have spooked its rival's shareholders.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of National Australia Bank Limited. The Motley Fool Australia has recommended ResMed Inc. 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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