At lunch on Tuesday the S&P/ASX 200 index is trading lower again. At the time of writing the benchmark index is down 0.2% to 7,112.6 points.
Here's what has been happening on the market today:
Bendigo and Adelaide Bank raises $250 million.
The Bendigo and Adelaide Bank Ltd (ASX: BEN) share price is tumbling lower on Tuesday after returning from its trading halt. The regional bank requested the halt whilst it undertook the institutional component of its $300 million capital raising. This morning Bendigo and Adelaide Bank revealed that it has successfully raised $250 million from institutional investors at $9.34 per new share. This represents a 9% discount to its last close price. It will now aim to raise the remaining $50 million via a share purchase plan.
Altium share price crashes lower.
The Altium Limited (ASX: ALU) share price crashed as much as 18% lower on Tuesday morning following the release of its half year results. For the six months ended December 31, Altium reported a 19% lift in half year revenue to US$92.85 million and a 22% jump in EBITDA to US$36.8 million. However, despite this positive growth, the company warned that it is likely to land at the lower end of its full year guidance range due partly to the coronavirus outbreak.
Coles results.
The Coles Group Ltd (ASX: COL) share price has edged lower after the release of the supermarket giant's half year results. For the 27 weeks ended January 5, Coles reported sales revenue of $18,846 million and earnings before interest and tax (EBIT) of $725 million. This represents a 3.3% and 0.4% increase, respectively, over the prior corresponding period. The company's board declared a fully franked 30 cents per share interim dividend.
Best and worst performers.
The best performer on the ASX 200 on Tuesday has been the Monadelphous Group Limited (ASX: MND) share price with a gain of over 6%. Investors have been buying the engineering company's shares after it posted a half year net profit after tax of $28.5 million. Going the other way, the Altium share price is far and away the worst performer. It is down 14% at lunch after its guidance spooked investors.
