At lunch on Thursday the S&P/ASX 200 Index (ASX: XJO) has fought back from an early decline and surged higher. The benchmark index is currently up 0.4% to 6,097.4 points.
Here’s what is happening on the market today:
Bank shares drag on the market.
The big four banks are all dropping lower on Thursday and are acting as a drag on the market. The worst performer in the group is the Commonwealth Bank of Australia (ASX: CBA) share price with a 0.5% decline. One fund manager believes this share price weakness is a buying opportunity.
Newcrest impresses.
The Newcrest Mining Limited (ASX: NCM) share price is pushing higher on Thursday after delivering a stronger than expected fourth quarter update. For the three months ended 30 June 2020, Newcrest achieved group gold production of 573,000 ounces. This was a 7% increase on the prior quarter and above the consensus estimate of 542,000 ounces. The gold miner achieved this with a better than expected quarterly all-in sustaining cost (AISC) of US$878 per ounce.
Coca-Cola Amatil update.
The Coca-Cola Amatil Ltd (ASX: CCL) share price is storming higher today after investors responded very positively to the release of a trading update. According to the update, the beverage giant’s performance improved greatly during the month of June after COVID-19 restrictions eased. Coca-Cola Amatil revealed that monthly trading volumes across the group were down approximately 9% compared to June 2019. This was a big improvement on the previous months and resulted in a second quarter volume decline of approximately 23%.
Best and worst ASX 200 shares.
The best performer on the ASX 200 on Thursday has been the AP Eagers Ltd (ASX: APE) share price with a 6% gain. This is despite there being no news out of the auto retailer today. Going the other way, the worst performer is the Nearmap Ltd (ASX: NEA) share price with a 2.5% decline. This may be due to profit taking after some strong gains earlier this week.
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More reading
- Got $10,000 to invest? I would buy these ASX shares
- Why Audinate, Nearmap, Resolute, & TechnologyOne shares are tumbling lower
- Why Coca-Cola Amatil, Newcrest, QBE, & Tabcorp shares are pushing higher
- Coca-Cola Amatil share price pushes higher on trading update
- Why this leading fundie thinks ASX bank shares are undervalued
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 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.
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