At lunch on Monday the S&P/ASX 200 Index (ASX: XJO) has recovered from a poor start and is trading roughly flat. The benchmark index is currently at 5,942.8 points.
Here’s what has been happening on the market today:
Altium update disappoints.
The Altium Limited (ASX: ALU) share price is sinking lower today after the electronic design software company warned that it was likely to fall short of analyst consensus estimates in FY 2020. This is because the pandemic is impacting its performance during the latter weeks of the financial year. This is historically a strong part of the year for Altium.
Metcash results.
The Metcash Limited (ASX: MTS) share price has edged lower today after releasing its full year results. In FY 2020 Metcash delivered a 2.9% increase in revenue to $13 billion and a 1.8% decline in underlying earnings before interest and tax (EBIT) to $324.2 million. On the bottom line, the company posted a reported loss after tax of $45.9 million due largely to non-cash impairment charges to goodwill. Excluding these charges, profit after tax would have been roughly flat at $209.7 million
SEEK’s encouraging update.
The SEEK Limited (ASX: SEK) share price is trading slightly higher after the release of a trading update. The job listings company’s update revealed that its weekly billings have been improving since falling heavily at the peak of the pandemic. It also provided its expectations for the full year. It expects revenue of approximately $1,575 million and earnings before interest, tax, depreciation, and amortisation (EBITDA) of ~$410 million in FY 2020.
Best and worst ASX 200 shares.
The Austal Limited (ASX: ASB) share price has been a standout performer on the ASX 200 on Monday. It is up 9% to $3.67 after revealing that the U.S. government will invest US$50 million into its U.S. business. The Altium share price is the worst performer on the ASX 200 today with a disappointing 10% decline after its update.
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James Mickleboro owns shares of SEEK Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Altium and Austal Limited. The Motley Fool Australia has recommended SEEK 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.
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