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ASX 200 lunch update: Westpac higher, Super Retail & NIB lower

At lunch on Monday the S&P/ASX 200 index has continued its positive run. At the time of writing the benchmark index is up 0.3% to 7,087.3 points.

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

Big four banks continue their charge.       

It has been a positive start to the week for the big four banks. At lunch on Monday all four banks are pushing higher once again. The best performer in the group is the Westpac Banking Corp (ASX: WBC) share price with an 0.7% gain.

Super disappointment.

The Super Retail Group Ltd (ASX: SUL) share price has started the week on a disappointing note. Its shares have tumbled lower after providing an update on its first half performance. Due to the bushfires and higher labour costs, it expects to post EBIT of between $113 million and $115 million in the first half. This compares to earnings before interest and tax of $124.5 million during the first half of FY 2019.

NIB downgrades guidance.

The NIB Holdings Limited (ASX: NHF) share price has dropped lower after the private health insurer downgraded its guidance. An increase in claims expenses means NIB now expects its underlying operating profit (UOP) to be ~$170 million in FY 2020. Previously it was targeting UOP of at least $200 million this year.

Best and worst performers.

The best performer on the ASX 200 on Monday has been the Silver Lake Resources Limited (ASX: SLR) share price with a 6% gain. This morning the gold miner released its December quarterly update and revealed record production of 68,519 ounces gold and 691 tonnes copper. The worst performer on the index has been the NIB share price with a 12.5% decline. Its guidance downgrade has also dragged the Medibank Private Ltd (ASX: MPL) share price 3% lower at lunch.

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Motley Fool contributor James Mickleboro owns shares of Westpac Banking. The Motley Fool Australia owns shares of Super Retail Group Limited. The Motley Fool Australia has recommended NIB Holdings 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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