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ASX 200 lunch time report: Coles, Nearmap & Webjet higher

James Mickleboro
Bull Market invest

At lunch on Tuesday the S&P/ASX 200 index has bounced back from yesterday’s decline and is up 0.4% to 6,556.8 points.

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

Coles update impresses.

The Coles Group Ltd (ASX: COL) share price stormed to an all-time high this morning following the release of its refreshed strategy at its investor day event. The strategy is based on three pillars: Inspire Customers through best value food and drink solutions to make lives easier; Smarter Selling through efficiency and pace of change, and Win Together with its team members, suppliers and communities. The Smarter Selling pillar is expected to result in $1 billion of cumulative savings by FY 2023.

Nearmap shares rated as a buy.

The Nearmap Ltd (ASX: NEA) share price has raced higher on Tuesday after equity analysts at Macquarie Group Ltd (ASX: MQG) became the latest to rate the aerial imagery technology and location data company as a buy. Macquarie initiated coverage on Nearmap with an outperform rating and $4.22 price target. It believes there is a $3 billion opportunity for Nearmap in its existing markets.

Webjet introduces Rezchain and Rezpayments.

The Webjet Limited (ASX: WEB) share price is up over 4% at lunch after the online travel agent introduced its Rezchain and Rezpayments technology. The blockchain-based Rezchain technology is a time-stamped series of immutable records of data that is managed by a cluster of independent computers in a peer to peer network. It allows any two parties to verify that booking data matches and parties are notified if any discrepancies exist that could lead to a dispute. This saves both time and money.

Best and worst performers.

The Emeco Holdings Limited (ASX: EHL) share price has continued its strong run and is the best performer on the index with a gain of 8%. A positive trading update last week has been behind the strong form. The McMillan Shakespeare Limited (ASX: MMS) share price is the worst performer after sinking a further 7% lower a day after the release of its trading update. One broker that wasn’t impressed was Macquarie. It downgraded its shares to a neutral rating and cut the price target on them to $12.62 this morning.

Bank share rated as a buy.

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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 and has recommended COLESGROUP DEF SET. The Motley Fool Australia has recommended Nearmap Ltd. and Webjet 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