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ASX 200 lunch update: CBA & Rio Tinto higher, Nufarm sinks

At lunch on Friday the S&P/ASX 200 index is on course to finish the week on a high. The benchmark index is currently up 0.5% to 7,077.7 points.

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

Bank shares higher again.   

The big four banks look set to end the week on a positive note. At lunch all the big four banks are pushing higher. This has led to the Commonwealth Bank of Australia (ASX: CBA) share price hitting a new multi-year high of $84.69.

Domino’s legal update.

The Domino’s Pizza Enterprises Ltd (ASX: DMP) share price is down 2% at lunch after providing an update on its legal proceedings in France. This relates to a claim by its competitor, Speed Rabbit Pizza, that Domino’s breached French laws governing payment time limitations and lending. While the Court has held Speed Rabbit Pizza liable for disparaging Domino’s, it has partially set aside the Paris Court of Appeal decision. This is because it did not properly examine all the evidence submitted by Speed Rabbit Pizza.

Rio Tinto update.

The Rio Tinto Limited (ASX: RIO) share price is pushing higher today after the release of its fourth quarter update. During the fourth quarter the mining giant reported Pilbara iron ore shipments of 86.8Mt. This brought its full year shipments to 327.4Mt, which was towards the high end of its 320Mt to 330Mt guidance range. In FY 2020 it expects its Pilbara iron ore shipments to lift to between 330Mt and 343Mt.

Best and worst performers.

The best performer on the ASX 200 on Friday has been the Costa Group Holdings Ltd (ASX: CGC) share price with a 4.5% gain. The catalyst for this appears to be a note out of UBS on Thursday. It retained its buy rating and $3.25 price target on the horticulture company’s shares. The worst performer by some distance has been the Nufarm Limited (ASX: NUF) share price with a decline of over 11%. This morning the agricultural chemicals company revealed that first half EBITDA is expected to be between $55 million and $65 million. This is down from its underlying EBITDA of $120.9 million a year earlier.

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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 COSTA GRP FPO. The Motley Fool Australia has recommended Domino's Pizza Enterprises 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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