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ASX 200 down 0.1%: Altium rockets, NAB hit with AUSTRAC investigation

It has been a very eventful start to the week for the ASX 200…
The post ASX 200 down 0.1%: Altium rockets, NAB hit with AUSTRAC investigation appeared first on The Motley Fool Australia. –

At lunch on Monday, the S&P/ASX 200 Index (ASX: XJO) has given back its morning gains and is edging lower. The benchmark index is currently down 0.1% to 7,285.6 points.

Here’s what is happening on the market today:

Altium rockets on takeover approach

The Altium Limited (ASX: ALU) share price surged a whopping 40% higher this morning after receiving a takeover approach from US giant Autodesk. The US$62 billion US-based multinational software company made a formal, non-binding, indicative and unsolicited proposal of $38.50 per share. This represents a 41.5% premium to its last close price. Though, it is also a 4.2% discount to its 52-week high. The Altium Board believes it undervalues the company and has rejected the offer.

AUSTRAC investigations

A number of ASX 200 shares have been hit with AUSTRAC investigations on Monday amid concerns over Australian Anti-Money Laundering and Counter-Terrorism Financing non-compliance. Banking giant National Australia Bank Ltd (ASX: NAB) and casino and resorts operators Crown Resorts Ltd (ASX: CWN), SKYCITY Entertainment Group Limited (ASX: SKC), and Star Entertainment Group Ltd (ASX: SGR) have all reported formal enforcement investigations. You can read about SKYCITY here and NAB here.

Tech shares rise

It isn’t just the Altium share price on the rise today in the tech sector. Fellow tech shares Afterpay Ltd (ASX: APT) and Appen Ltd (ASX: APX) are pushing higher today following a strong end to the week on the tech-heavy Nasdaq index. The famous index jumped a sizeable 1.5% on Friday night following the release of a solid US jobs report.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Monday is the Altium share price by some distance. It is up over 33% following its takeover approach. The worst performer has been the SKYCITY share price with a 4.5% decline following the AUSTRAC news.

The post ASX 200 down 0.1%: Altium rockets, NAB hit with AUSTRAC investigation appeared first on The Motley Fool Australia.

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More reading

NAB (ASX:NAB) share price slumps as AUSTRAC begins investigation
Altium (ASX:ALU) share price shoots 40% higher on takeover approach
SkyCity (ASX:SKC) share price sinks 9% on AUSTRAC news
How has the Telstra (ASX:TLS) share price jumped to a 52-week high
ASX 200 Weekly Wrap: ASX hits 7,300 points for the first time

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 AFTERPAY T FPO, Altium, and Appen Ltd. The Motley Fool Australia owns shares of and has recommended AFTERPAY T FPO, Altium, and Appen 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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