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ASX 200 lunch update; Telstra higher, Westpac & Fletcher Building lower

At lunch on Thursday the S&P/ASX 200 index is on course to record another solid gain. At the time of writing the benchmark index is up 0.4% to 6,879.1 points.

Here’s what has been happening on the market:

Bank shares lower.  

Three of the big four banks are trading lower at lunch and are acting as a drag on the market. Once again, the Westpac Banking Corp (ASX: WBC) share price is trading lower. It is down 0.2% at the time of writing. This morning the bank announced that it would let investors withdraw from its share purchase plan.

Fletcher Building guidance.

The Fletcher Building Limited (ASX: FBU) share price is trading lower at lunch after providing an update at its annual general meeting. Fletcher Building has had a reasonably mixed start to FY 2020. As a result, it expects full year EBIT before one-offs to be in the range of NZ$515 million to NZ$565 million. This compares to the NZ$549 million it posted in FY 2019.

Telstra climbs higher.

The Telstra Corporation Ltd (ASX: TLS) share price is climbing higher again on Thursday. A number of brokers have responded positively to the telco giant’s investor update on Wednesday. That update revealed that its cost cutting is going to plan and it is on track to achieve its FY 2020 earnings guidance. Analysts at Goldman Sachs reiterated their conviction buy rating and $4.30 price target.

Best and worst performers.

The best performer on the ASX 200 on Thursday is the Clinuvel Pharmaceuticals Limited (ASX: CUV) share price. It is up 3.5% despite there being no news out of it today. Going the other way is the GUD Holdings Limited (ASX: GUD) share price with a 4.5% decline. This decline may be down to profit taking. Prior to today the diversified products company’s shares were up almost 30% in the space of three months.

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Motley Fool contributor James Mickleboro owns shares of Westpac Banking. The Motley Fool Australia owns shares of and has recommended Telstra 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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