So far on Wednesday it has been another positive day of trade for S&P/ASX 200 (Index: ^AXJO) (ASX: XJO).
At lunch the ASX 200 is up a sizeable 0.6% to 5,608.6 points.
Here's what has been happening on the benchmark index so far today:
Altium share price charges higher.
The Altium Limited (ASX: ALU) share price is up 4.5% at lunch after Goldman Sachs initiated coverage on the PCB design software provider with a buy rating and $28.50 price target. Goldman likes Altium as it expects its PCB market share gains to continue, its total addressable market to expand, and due to its attractive valuation.
Mayne Pharma receives FDA approval for Tolsura.
Also pushing higher today is the Mayne Pharma Group Ltd (ASX: MYX) share price which is up 4.5% at lunch as well. Investors have been fighting to get hold of the pharmaceutical company's shares after the US FDA approved the New Drug Application for its Tolsura 65mg capsules. Tolsura is a new formulation of itraconazole indicated for the treatment of certain systemic fungal infections in adult patients and could have an addressable market worth up to US$200 million.
Sonic Healthcare announces major acquisition.
The Sonic Healthcare Limited (ASX: SHL) share price is in a trading halt today as it seeks to raise $700 million via an institutional placement and accompanying share purchase plan. These funds will be used to acquire U.S. based Aurora Diagnostics for $750 million. Aurora is one of the leading providers of anatomical pathology services in the United States with ~220 pathologists and 32 practices processing approximately 2.5 million accessions per year, received from ~23,000 referring physicians.
Westpac AGM in Perth.
The Westpac Banking Corp (ASX: WBC) share price has pushed higher ahead of its annual general meeting in Perth today. At lunch the Westpac share price is up almost 0.5%, but all this could change when its AGM presentation is released.
Best and worst performers.
The best performer on the ASX 200 at lunch is the Speedcast International Ltd (ASX: SDA) share price which is up over 5% despite there being no news out of the provider of remote communications and IT services. Going the other way is the St Barbara Ltd (ASX: SBM) share price which is down 3%. Most gold miners are trading lower today as investors rotate back into risk on assets.
