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ASX 200 lunch update: BHP & NAB lower, Nearmap rockets

At lunch on Thursday the S&P/ASX 200 is on course to bounce back from yesterday’s decline. At the time of writing the index is up 0.2% to 6,713.5 points.

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

Nearmap rockets.    

The Nearmap Ltd (ASX: NEA) share price is rocketing higher today following the release of its annual general meeting presentation. At the event Nearmap confirmed that its Group ACV portfolio is expected to be in line with analyst consensus estimates of $116 million to $120 million in FY 2020. This represents growth of 28.6% to 33% on FY 2019’s ACV of $90.2 million.

BHP CEO retires.

The BHP Group Ltd (ASX: BHP) share price is trading lower today after it announced the retirement of its CEO Andrew Mackenzie. Mr Mackenzie will be retiring from the role on December 31. He will be replaced with BHP executive Mike Henry. Mr Henry has 30 years’ experience in the global mining and petroleum industry. This includes operational, commercial, safety, technology and marketing roles.

NAB sinks lower.

The National Australia Bank Ltd (ASX: NAB) share price is notably lower on Thursday after trading ex-dividend this morning. The banking giant will now be paying its 83 cents per share fully franked dividend to eligible shareholders on December 12. It is the last of the big four to trade ex-dividend in 2020.

Best and worst performers.

The best performer on the benchmark index on Thursday is the Nearmap share price with its 16% gain. Investors were pleased with the aerial imagery technology and location data company’s guidance. Going the other way is the G8 Education Ltd (ASX: GEM) share price with an 18% decline. The childcare centre operator warned of short term earnings headwinds in FY 2020. This includes an increase in supply which looks set to hit its occupancy levels in the near term.

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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 Nearmap Ltd. 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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