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ASX 200 lunch update: PolyNovo & Santos higher, NAB lower

At lunch on Wednesday the S&P/ASX 200 index has bounced back from yesterday’s decline and is pushing higher. The benchmark index is up 0.5% to 7,100.1 points at noon.

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

Santos delivers record production.

The Santos Ltd (ASX: STO) share price is trading higher after the release of its full year update. That update revealed that the energy producer achieved both record sales volumes and production during FY 2019. It also delivered on the low end of its cost guidance. Combined, this helped drive record free cash flows over the 12 months. Pleasingly, Santos expects further growth in production and sales volumes in FY 2020.

PolyNovo higher on Europe update.

The PolyNovo Ltd (ASX: PNV) share price is surging higher following an update on its European operations. According to the release, the medical device company has received its first orders of NovoSorb BTM from PMI for use in Germany, Austria and Switzerland. The first orders for NovoSorb BTM have been shipped to hospitals in preparation for the first surgery in the continent.

NAB class action.

The National Australia Bank Ltd (ASX: NAB) share price has edged lower today after being hit with another class action. This morning Maurice Blackburn announced that it has filed a class action against two of NAB’s subsidiaries; MLC Nominees and NULIS Nominees. The class action alleges that MLC Nominees and NULIS Nominees breached their duties in the management of superannuation assets and failed to act in the beneficiaries’ best interests.

Best and worst performers.

The best performer on the S&P/ASX 200 index on Wednesday have been the PolyNovo share price with a gain of 6%. This follows the release of a positive update on its progress in the European market. The worst performer has been the AP Eagers Ltd (ASX: APE) share price with a 5.5% decline. This morning Morgans downgraded the auto retailer’s shares to a hold rating with an $11.96 price target. It notes that new car sales are softening.

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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 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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