ASX 200 lunch update: Altium, Bendigo and Adelaide Bank, & Coles lower

Altium Limited (ASX:ALU), Bendigo and Adelaide Bank Ltd (ASX:BEN), and Coles Group Ltd (ASX:COL) shares are on the move on the ASX 200 on Tuesday…

| More on:
stock market numbers

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.

Wondering where you should invest $1,000 right now?

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes could be the five best ASX stocks for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now.

*Returns as of August 16th 2021

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of Altium. 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.

More on Share Market News