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ASX 200 midday update: Kogan FY 2021 update, Altium sinks

The ASX 200 is bouncing back strongly on Wednesday…
The post ASX 200 midday update: Kogan FY 2021 update, Altium sinks appeared first on The Motley Fool Australia. –

At lunch on Wednesday, the S&P/ASX 200 Index (ASX: XJO) is back on form and charging higher following a strong night on Wall Street. The benchmark index is currently up 1.2% to 7,339.8 points.

Here’s what is happening on the ASX 200 today:

Kogan business update

The Kogan.com Ltd (ASX: KGN) share price is bouncing around today following the release of a business update. According to the release, Kogan expects to report full year gross sales of $1,177.7 million and adjusted EBITDA of $61.1 million. This represents year on year growth of 52.5% and 23.1%, respectively. While the latter was a sharp slowdown on its first half growth, it was in line with the guidance given in May. Management also revealed that its inventory issues have been easing.

Altium shares sink

The Altium Limited (ASX: ALU) share price is sinking on Wednesday. This appears to have been driven by news that Autodesk has walked away from takeover talks. The US software giant told Reuters: “We are not commenting on matters with Altium but can confirm that acquisition discussions have ceased at this time.” Investors appear to have been expecting Autodesk to return with an improved offer after Altium rejected its $38.50 per share proposal.

Lendlease sells services business

The Lendlease Group (ASX: LLC) share price is rising today after the international property and infrastructure company announced the sale of its Services business. According to its release, Lendlease has entered into an agreement with Service Stream Ltd (ASX: SSM) to sell the business for $310 million. Management advised that the sale aligns with its strategy to be more focused on the areas where its competitive edge is the strongest.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Wednesday has been the Pilbara Minerals Ltd (ASX: PLS) share price with a 5.5% gain. A number of lithium shares are pushing higher today. The worst performer on the ASX 200 has been the Altium share price with a 3.5% decline. This follows the collapse of takeover talks with Autodesk.

The post ASX 200 midday update: Kogan FY 2021 update, Altium sinks appeared first on The Motley Fool Australia.

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More reading

Lendlease (ASX:LLC) share price edges higher on divestment news
Why the Altium (ASX:ALU) share price is sinking 5% on Wednesday
Kogan (ASX:KGN) share price falls on business update
Yes, the ASX is due for a correction. But don’t worry

2 ASX 200 shares that could be buys for dividends

Motley Fool contributor 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 has recommended Altium and Kogan.com ltd. The Motley Fool Australia owns shares of and has recommended Altium and Kogan.com ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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