Find out everything that you missed yesterday, on another big Tuesday of trade on the ASX 200.
What you missed on the ASX 200 on Tuesday
It was a day headlined by former ASX 200 stock Costa Group Holdings Ltd (ASX: CGC) and dairy giant Bega Cheese Ltd (ASX: BGA).
1. Costa Group profit downgrade puts share price under pressure
The Costa Group share price remained suspended on the ASX on Tuesday after announcing a $176 million equity raising.
Costa announced that it’s seeking $176 million through an accelerated renounceable 1-for-4 entitlement offer.
The company’s shares are currently trading at $3.46 per share, having been in a trading halt since last Monday.
The Offer Price of $2.20 represents a steep 36.42% discount to its current price, with the Costa share price having already fallen 51.81% since the start of January.
While a raising is nothing dramatic, the lowly Offer Price will put the Costa share price under pressure today.
2. Bega share price tanks on growth concerns
Bega Cheese led the ASX 200 losers on Tuesday as it closed 12.80% down at $3.95 per share. The company’s share price hit a new 52-week low of $3.76 before edging higher before market close.
Bega Cheese’s update on FY20 trading conditions with slowing demand and competitive dairy supply conditions sparked the collapse.
The Aussie drought is hurting earnings and a slowdown in growth sent the Bega share price crashing lower on the ASX on Tuesday.
3. Coles quarterly update lifts share price
Coles reported sales up 1.8% to $8,695 million for the September quarter in a strong start to the financial year.
The company’s Supermarket division posted a 48th consecutive quarter of comparable sales growth, up 0.1% to $7,705 million.
Coles’ Liquor segment posted a 3.5% increase in sales to $726 million while the retailer’s Express division increased sales by 3.1% to $264 million.
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Motley Fool contributor Kenneth Hall has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended COSTA GRP FPO. 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.