At lunch on Tuesday, the S&P/ASX 200 Index (ASX: XJO) is on course to record a small gain. The benchmark index is currently up 0.2% to 7,163.8 points.
Here’s what is happening on the ASX 200 today:
Tabcorp share price crashes following demerger
The Tabcorp Holdings Limited (ASX: TAH) share price has crashed materially lower on Tuesday. This has been driven by the demerger of its lottery and Keno businesses into a separate listed entity – The Lottery Corporation Limited (ASX: TLC). This will leave Tabcorp with its wager and media and gaming services businesses. The Lottery Corporation share price is trading at $4.59 on day one, giving it a market capitalisation of approximately $10.2 billion.
Technology One shares fall on half-year results
The TechnologyOne Ltd (ASX: TNE) share price is trading lower on Tuesday. This follows the release of the enterprise software company’s half-year results. TechnologyOne reported a 19% increase in revenue to $172.5 million and a 44% jump in SaaS annual recurring revenue (ARR) to $225.1 million. While this was ahead of expectations, its profit before tax fell well-short due to softer margins.
Nufarm sinks amid major share sale
The Nufarm Ltd (ASX: NUF) share price has tumbled notably lower today after a major shareholder sold down its stake in the agricultural chemicals company. Sumitomo Chemical Company has decided to sell its 15.9% shareholding in Nufarm for an average of $5.38 per share. This was a 7.8% discount to its last close price. The two companies intend to keep working together despite this sale.
Best and worst ASX 200 performers
The best performer on the ASX 200 on Tuesday has been the Virgin Money UK (ASX: VUK) share price with a 4% gain. This follows a similarly strong gain by its UK listed shares overnight. Going the other way, the worst performer has been the Tabcorp share price by some distance. Its shares are down 80% following its demerger.
The post ASX 200 midday update: Nufarm, Tabcorp and TechnologyOne tumble appeared first on The Motley Fool Australia.
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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. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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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