ASX 200 down 0.3%: Altium FY 2021 guidance, Crown drops, insurance shares sink

Altium Limited (ASX:ALU) and QBE Insurance Group Ltd (ASX:QBE) shares are making waves on the ASX 200 on Thursday…
The post ASX 200 down 0.3%: Altium FY 2021 guidance, Crown drops, insurance shares sink appeared first on Motley Fool Australia. –

Worried young male investor watches financial charts on computer screen

At lunch on Thursday the S&P/ASX 200 Index (ASX: XJO) is on course to end its winning streak. The benchmark index is currently down 0.3% to 6,509.9 points.

Here’s what is happening on the market today:

Altium AGM update.

The Altium Limited (ASX: ALU) share price has edged lower following the release of its annual general meeting update. At the event, the electronic design software provider revealed that it is continuing to be impacted by COVID-19. However, it has been seeing positive signs in the last two months and is gaining confidence about the strength of its second half performance. FY 2021 guidance has been reaffirmed as revenue of US$200 million to US$212 million and operating earnings of US$76 million to US$89 million.

Crown share price drops lower

The Crown Resorts Ltd (ASX: CWN) share price has dropped lower this morning amid concerns over the opening of its new Crown Sydney operation. Yesterday the New South Wales Independent Liquor and Gaming Authority (ILGA) said it would delay the opening of Crown Sydney due to money laundering revelations. The gambling regulator intends to wait until it has seen the final report into an ongoing inquiry, which is due in February.

Insurance shares hit by COVID ruling.

A number of insurance companies such as QBE Insurance Group Ltd (ASX: QBE) and Suncorp Group Ltd (ASX: SUN) are dropping lower today. This follows news that the NSW Court of Appeal has ruled in favour of policyholders in relation to business interruption (BI) insurance. The Court held that certain policy exclusions referencing the “Quarantine Act and subsequent amendments” cannot be read as references to the Biosecurity Act and cannot be relied on in relation to COVID-19 BI claims.

The best and worst ASX 200 performers.

The best performer on the ASX 200 on Thursday has been the ALS Ltd (ASX: ALQ) share price with a 7.5% gain. This morning Macquarie retained its outperform rating and lifted the price target on the testing services company’s shares to $10.65. The worst performer has been the QBE share price with a 4% decline following the aforementioned court verdict.

Where to invest $1,000 right now

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.

See The 5 Stocks

*Returns as of June 30th

More reading

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 and recommends Altium. The Motley Fool Australia has recommended Crown Resorts Limited. 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 post ASX 200 down 0.3%: Altium FY 2021 guidance, Crown drops, insurance shares sink appeared first on Motley Fool Australia.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;

To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.

An active and funded account with a positive trading balance is required to continue to have access to the tools;

Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;

Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!