ASX 200 lunch time report: Costa, Nearmap, & Westpac lower

Blackmores Limited (ASX:BKL), Costa Group Holdings Ltd (ASX:CGC), and Syrah Resources Ltd (ASX:SYR) shares have been making waves on the ASX 200 on Thursday…

a woman

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The S&P/ASX 200 index is on course to tumble lower for the second successive day on Thursday. At lunch the benchmark index is down 0.7% to 6,394.6 points.

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

Costa shares hammered.

The Costa Group Holdings Ltd (ASX: CGC) share price crashed as much as 25% lower to a 52-week low of $3.90 after downgrading its calendar year 2019 earnings guidance at its annual general meeting. Due to a number of issues, Costa expects NPAT-SL to be in the range of $57 million to $66 million. This will be an increase of between 0.7% and 16.6%, compared to its previous guidance of at least 30% growth.

Bank shares mixed.

Australian bank shares are mostly positive on Thursday. Three of the big four are in positive territory, with the Commonwealth Bank of Australia (ASX: CBA) share price leading the way with a 0.4% gain. The laggard in the group is the Westpac Banking Corp (ASX: WBC) share price which has fallen 0.4%.

Blackmores storms higher.

The Blackmores Limited (ASX: BKL) share price has been a strong performer and is up 3.5% at lunch. Today's gain appears to be attributable to a broker note out of Morgan Stanley this morning. According to the note, the broker has upgraded its shares to an equal-weight rating from underweight. The broker believes that Blackmores could benefit from the severe flu season Australia is experiencing.

Tech shares lower.

The Australian tech sector has followed the lead of the Nasdaq index and dropped lower today. At lunch the Altium Limited (ASX: ALU) share price is down 2% and the Nearmap Ltd (ASX: NEA) share price is 4% lower. This has led to the S&P/ASX 200 Info Tech index sliding 1% lower at the time of writing.

Best and worst performers.

The best performer on the ASX 200 at lunch is the Syrah Resources Ltd (ASX: SYR) share price which has surged 8% higher despite there being no news out of the graphite miner. However, earlier this week Credit Suisse retained its outperform rating and lofty $3.30 price target. Going the other way is of course the Costa share price, followed some distance behind by the GUD Holdings Limited (ASX: GUD) share price which has fallen 5% after being downgraded by Credit Suisse.

James Mickleboro owns shares of Westpac Banking. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Altium and Nearmap Ltd. The Motley Fool Australia owns shares of and has recommended Blackmores Limited and COSTA GRP FPO. 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.

More on Share Market News

a man sits back from his laptop computer with both hands behind his head feeling happy to see the Brambles share price moving significantly higher today
Industrials Shares

Up 39% in a year, is there more growth to come for this ASX 200 share?

IML Equity Analyst Josh Freiman shares his views on a major ASX 200 industrial stock.

Read more »

Man looking at his grocery receipt, symbolising inflation.
Share Market News

What the latest US inflation print means for ASX 200 investors

The ASX 200 is likely to benefit if the US Fed cuts interest rates again in December. But will it?

Read more »

guy helping girl invest in shares and dividends
Opinions

5 ways for investors buying ASX shares to stay focused during economic uncertainty

AMP Chief Economist, Dr Shane Oliver, offers advice on how to handle the Trump factor.

Read more »

A worried man holds his head and look at his computer.
Share Fallers

Why Graincorp, Light & Wonder, Orica, and Wildcat shares are falling today

These shares are having a tough time on Thursday. But why?

Read more »

A young women pumps her fists in excitement after seeing some good news on her laptop.
Share Gainers

Why Catapult, Flight Centre, Nufarm, and Xero shares are storming higher today

These shares are having a strong session on Thursday. But why? Let's find out.

Read more »

A male investor sits at his desk looking at his laptop screen holding his hand to his chin pondering whether to buy Macquarie shares
Opinions

1 ASX growth stock down 30% I'd buy right now

This international business is growing core earnings at a strong rate.

Read more »

Concept image of a man in a suit with his chest on fire.
Record Highs

How long can the CBA share price keep this up?

Australia's biggest bank is running hot. Does it make any sense?

Read more »

Four people on the beach leap high into the air.
Broker Notes

4 ASX All Ords shares offering 10% to 30% annual growth: brokers

These ASX All Ords stocks have caught the eye of brokers this week.

Read more »