ASX 200 (ASX:XJO) midday update: NAB hits 52-week high, CSL upgraded

Here’s what is happening on the ASX 200 today…

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At lunch on Wednesday, the S&P/ASX 200 Index (ASX: XJO) is fighting hard to stay in positive territory. The benchmark index is currently up 0.15% to 7,448.1 points.

Here’s what is happening on the ASX 200 today:

NAB shares hit 52-week high

The National Australia Bank Ltd (ASX: NAB) share price is back on form on Wednesday and stormed to a 52-week high this morning. This appears to have been driven by a broker note out of Goldman Sachs. According to the note, in response to NAB’s full year results, the broker has retained its conviction buy rating and lifted its price target on the bank’s shares to $31.15.

Suncorp banking update

The Suncorp Group Ltd (ASX: SUN) share price is pushing higher following the release of its banking update this morning. According to the release, Suncorp Bank’s home lending portfolio continued to build through the September quarter. During the three months, it increased $446 million or 1.0% (3.9% annualised). Management notes that momentum in home lending lodgements continued, with total lodgements 40% higher than the prior corresponding period and 18% higher than the June quarter.

CSL shares upgraded

The CSL Limited (ASX: CSL) share price is trading lower on Wednesday despite being upgraded this morning. According to a note out of Macquarie, its analysts have upgraded the biotherapeutics company’s shares to an outperform rating with a $338.00 price target. Its analysts believe CSL’s medium term outlook is positive and being underpinned by growing demand for immunoglobulins.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Wednesday has been the Ltd (ASX: KGN) share price with a gain of 4.5% on no news. The worst performer has been the Nearmap Ltd (ASX: NEA) share price with a 4% decline. This appears to have been driven by weakness in the tech sector today.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of and has recommended CSL Ltd., ltd, and Nearmap Ltd. The Motley Fool Australia owns shares of and has recommended ltd and Nearmap Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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