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ASX 200 lunch update: Afterpay & CBA higher, NAB lower

James Mickleboro
stock market numbers

At lunch on Thursday the S&P/ASX 200 index is trading a fraction higher. At the time of writing the benchmark index is up 4 points to 6,856 points.

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

Bank shares lower.  

The banking sector is acting as a drag on the market on Thursday. Three of the big four banks are trading lower at lunch. The worst performer in the group is the National Australia Bank Ltd (ASX: NAB) share price with a decline of around 0.8%. The only big four bank pushing higher is Commonwealth Bank of Australia (ASX: CBA) with a 0.2% gain.

Afterpay rated as a buy.

The Afterpay Ltd (ASX: APT) share price is trading higher today after being the subject of a bullish broker note. According to a note out of Macquarie, its analysts have initiated coverage on the payments company with an outperform rating and $38.00 price target. It has been impressed with the growing popularity of its platform with younger demographics that are turning away from credit cards.

Lynas awarded Lead Agency status.

The Lynas Corporation Ltd (ASX: LYC) share price is pushing higher today. This morning Lynas announced that the Western Australia government has awarded the company’s project to build a Rare Earths processing plant in Kalgoorlie Lead Agency status. This means the government will provide Lynas with project advice as well as assistance with managing and coordinating approvals within the project’s timeframes.

Best and worst performers.

The best performer on the ASX 200 at lunch is the Service Stream Limited (ASX: SSM) share price with an 8.5% gain. This follows news that it is part of a consortium that has won a ten-year contract with Sydney Water Corporation worth $200 million in total. Going the other way is the Resolute Mining Limited (ASX: RSG) share price with a 3% decline. This latest decline means it is down almost 50% from its 52-week high.

The post ASX 200 lunch update: Afterpay & CBA higher, NAB lower appeared first on Motley Fool Australia.

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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 AFTERPAY T FPO. The Motley Fool Australia owns shares of National Australia Bank Limited. The Motley Fool Australia has recommended Service Stream 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.

The Motley Fool's purpose is to help the world invest, better. Click here now for your free subscription to Take Stock, The Motley Fool's free investing newsletter. Packed with stock ideas and investing advice, it is essential reading for anyone looking to build and grow their wealth in the years ahead. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson. 2019