At lunch on Tuesday the S&P/ASX 200 Index (ASX: XJO) is on course to post another decline. The benchmark index is down 0.75% to 5,313.4 points.
Here's what has been happening on the market today:
Big four bank shares higher.
The big four banks are all pushing higher on Tuesday and trying their hardest to lift the ASX 200 into positive territory. All four banks are in the black, but the best performer is the National Australia Bank Ltd (ASX: NAB) share price with a 0.4% gain. This morning Credit Suisse responded to NAB's latest update and retained its outperform rating and $19.50 price target on its shares.
Nearmap update impresses.
The Nearmap Ltd (ASX: NEA) share price is surging higher today after the release of a positive update. As well as confirming that it is on track to achieve its guidance for FY 2020, the aerial imagery technology and location data company revealed cost cutting plans. These plans are expected to lead to Nearmap being cash flow breakeven in FY 2020.
BHP's strong quarterly update.
The BHP Group Ltd (ASX: BHP) share price is trading a touch lower today despite the release of a strong quarterly update. One of the highlights was that BHP achieved record production at Western Australia Iron Ore (WAIO) and Caval Ridge. This puts it in a great position to benefit from the high iron ore prices in FY 2020. It also revealed that its production guidance for FY 2020 remains unchanged for petroleum, iron ore, and metallurgical coal.
Best and worst performers.
The best performer on the ASX 200 on Tuesday has been the Nearmap share price with a gain of 9.5%. Investors appear pleased that a capital raising will now be unlikely due to its cash flow targets. The worst performer has been the Metcash Limited (ASX: MTS) share price with a 9.5% decline. This follows the successful completion of its $300 million fully underwritten institutional placement.
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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 Nearmap Ltd. 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.
