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ASX 200 lunch time report: NAB, Nearmap, & Rio Tinto higher

James Mickleboro
stock market investing chart

The S&P/ASX 200 index has returned to form on Tuesday and is charging higher again. At lunch the benchmark index is up 0.5% to 6,486.3 points.

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

Nearmap shares storm higher.

The Nearmap Ltd (ASX: NEA) share price has stormed higher on Tuesday after a leading broker initiated coverage on the aerial imagery technology and location data company. Its shares climbed almost 9% higher to $3.74 after Citi declared its shares a buy and slapped a $4.26 price target on them.

Rio Tinto shares on the rise.

The Rio Tinto Limited (ASX: RIO) share price is up almost 3% at lunch after being the subject of a positive broker note out of Goldman Sachs. According to the note, the broker upgraded Rio Tinto’s shares to a buy rating with a $108.40 price target after its analysts updated their iron ore forecasts to account for strong Chinese steel demand and lower than expected Brazilian iron ore supply.

Bank shares pushing higher.

Australia’s big four banks have played a key role in the market’s push higher on Tuesday. At lunch all four big banks are climbing higher, with the National Australia Bank Ltd (ASX: NAB) share price the best performer in the group with a gain of 1%.

Domino’s sinks lower.

It has been a disappointing day of trade for the Domino’s Pizza Enterprises Ltd (ASX: DMP) share price. The pizza chain operator’s shares are down over 5% at lunch after Morgan Stanley downgraded them to an equal-weight rating from overweight. According to the note, the broker has lowered its forecasts and price target to reflect softer same store sales growth and store openings. Its price target has been cut from $50.00 to $41.00.

Best and worst performers.

The best performer on the ASX 200 at lunch is the Nearmap share price with its gain of around 7.5%. Not far behind is the Speedcast International Ltd (ASX: SDA) share price which has risen over 6% amid speculation in the AFR that it could be a takeover target. Going the other way is the Domino’s share price, followed by the Fisher & Paykel Healthcare Corp Ltd (ASX: FPH) share price with a 4.5% decline. Its shares were rated as a sell by Credit Suisse this morning.

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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 Nearmap Ltd. The Motley Fool Australia owns shares of National Australia Bank Limited. The Motley Fool Australia has recommended Domino's Pizza Enterprises Limited and 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.

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