The benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has bounced back on Thursday and is up 0.3% to 5,862.7 points at lunch.
Here's what has been happening on the ASX 200 so far today:
Blue chips rise.
Although the banks are struggling to push higher today, that hasn't stopped blue chips including Cochlear Limited (ASX: COH), Telstra Corporation Ltd (ASX: TLS), and Woolworths Group Ltd (ASX: WOW) from pushing at least 1% higher at lunch.
Coles announces $146 million pre-tax provision.
At lunch the Coles Group Ltd (ASX: COL) share price is down almost 2% after providing an update on its supply chain modernisation. The supermarket giant has contracted WITRON Australia to develop two new automated ambient distribution centres. It will now recognise a pre-tax provision of $146 million in its 2019 interim result as a significant items to cover redundancies and lease exit costs for existing distribution centres that will close over the next five years.
Galaxy disappoints.
The Galaxy Resources Limited (ASX: GXY) share price has dropped 4.5% after releasing its December quarterly update. That update revealed that the lithium miner experienced a massive 30% quarter on quarter decline in its average cash margin during the final quarter. Management also advised that there has been a further reduction in the contracted price of spodumene so far in 2019.
Gold miners under pressure.
Gold miners including Evolution Mining Ltd (ASX: EVN), Northern Star Resources Ltd (ASX: NST), and Regis Resources Limited (ASX: RRL) are all down around 5% at lunch. Evolution released its production update this morning, whereas Northern Star and Regis were both downgraded by brokers. The S&P/ASX All Ords Gold index is down 2.6% at lunch.
Best and worst performers.
The best performer on the ASX 200 at lunch on Thursday is the Santos Ltd (ASX: STO) share price which is up almost 4% after posting a record sales result. Going the other way is the Regis Resources share price which is 5.5% lower after being downgraded by Credit Suisse from an outperform rating to underperform. The broker made the move on valuation grounds.
