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3 ASX 200 events you missed on Wednesday

The ASX 200 had a huge rebound on Wednesday as the benchmark index pushed its all-time high even further.

The S&P/ASX 200 Index (INDEXASX: XJO) surged 0.94% higher to 7,132.70 points in yesterday’s trade. Polynovo Ltd (ASX: PNV) led the ASX winners board after its shares climbed 10.98% to $2.83 per share.

It was a strong all-round performance from Aussie equities with all industry sectors making gains. Consumer Staples (+2.86%) and Information Technology (+1.56%) led the way while Health Care (+1.41%) performed strongly.

Read on for all the biggest news, announcements and market movements on another big Wednesday for the ASX 200.

1. NAB share price under pressure as class action looms

The National Australia Bank Ltd (ASX: NAB) share price crashed 0.82% to start the day after a class action filing against the bank.

Maurice Blackburn announced that it has filed a class action against 2 of NAB’s subsidiaries: MLC Nominees and NULIS Nominees.

The class action alleges that MLC Nominees and NULIS Nominees left clients idling in products with higher fees and commissions. That has allegedly caused members to achieve lower investment returns.

The ASX 200 bank’s share price closed 0.04% higher after a volatile day for shareholders on Wednesday.

2. ASX 200 supermarket shares hit record highs as German rival exits

The Woolworths Ltd (ASX: WOW) and Coles Group Ltd (ASX: COL) share prices carried the ASX 200 Consumer Staples sector higher on Wednesday.

Woolworth shares closed 3.27% higher at a new record high of $41.32 while the Coles share price closed at a $16.62 record high.

The big catalyst was an afternoon announcement that German rival Kaufland would be exiting Australia without so much as a sale. The German retailer, a subsidiary of the world’s fourth largest retail group, is set to depart Australia for greater focus on Europe.

That sent the ASX 200 supermarket shares rocketing higher on Wednesday as the Consumer Staples sector jumped 2.86%.

3. Is the St Barbara share price worth its weight in gold?

St Barbara Ltd (ASX: SBM) shares were hammered 4.32% lower on Wednesday to be amongst the ASX 200 losers.

The group’s shares slumped in early trade and never recovered after a disappointing quarterly production update.

The Aussie gold miner produced 94,159 ounces of gold for the quarter ended 31 December 2019. The group’s all-in sustaining cost came in at $1,364 per ounce, down from $1,421 per ounce in September 2019.

The real factor driving the ASX 200 gold miner’s shares down on Wednesday was an FY20 guidance downgrade.

The group’s Gwalia and Simberi operations are foreacst to produce less and cost more, while guidance for its Altantic Gold site remains unchanged.

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Motley Fool contributor Kenneth Hall 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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