At lunch on Thursday the S&P/ASX 200 Index (ASX: XJO) is on course to record a strong gain. The benchmark index is currently up 0.7% to 5,919 points.
Here’s what is happening on the ASX 200 today:
Nearmap capital raising.
The Nearmap Ltd (ASX: NEA) share price is in a trading halt on Thursday whilst it undertakes a $90 million capital raising. This comprises a $70 million institutional placement at an underwritten floor price of $2.69 and a $20 million share purchase plan. Management advised that it is raising the funds to capitalise on the momentum of the business and the tailwinds in the industry. This includes scaling its investment in sales and marketing, particularly in North America.
Tech shares rebounding.
The likes of Afterpay Ltd (ASX: APT) and Appen Ltd (ASX: APX) are rebounding on Thursday after investors returned to the tech sector. This follows a positive night of trade on the technology-focused Nasdaq index. Overnight the famous index jumped a sizeable 2.7% higher. At the time of writing the S&P ASX All Technology index is up by a solid 2.3%.
Big four banks drop lower.
The big four banks have failed to follow the market higher and are acting as a drag on the ASX 200. All four banks are trading lower at lunch, with the National Australia Bank Ltd (ASX: NAB) share price the worst performer. Its shares are currently down a disappointing 0.7%.
Best and worst ASX 200 performers.
The best performer on the ASX 200 on Thursday has been the Clinuvel Pharmaceuticals Limited (ASX: CUV) share price with a 7% gain. This morning it announced that it is looking to expand its SCENSSE product to treat the disease xeroderma pigmentosum. The worst performer has been the Resolute Mining Limited (ASX: RSG) share price with a 7% decline. This morning it revealed that workers at its Syama operation in Mali have threatened to strike.
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More reading
- Why you shouldn’t be concerned by the high PE multiples of ASX tech shares
- Why Afterpay, Clinuvel, IDP Education, & Saracen shares are charging higher
- Why the Resolute Mining (ASX:RSG) share price is crashing 13% lower
- Why the CLINUVEL (ASX:CUV) share price is shooting higher
- Nearmap (ASX:NEA) share price halted for $90 million capital raising
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 Nearmap Ltd. The Motley Fool Australia owns shares of AFTERPAY T FPO and Appen Ltd. 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.
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