ASX 200 down 0.3%: Altium FY 2021 guidance, Crown drops, insurance shares sink

Altium Limited (ASX:ALU) and QBE Insurance Group Ltd (ASX:QBE) shares are making waves on the ASX 200 on Thursday…

Worried young male investor watches financial charts on computer screen

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

At lunch on Thursday the S&P/ASX 200 Index (ASX: XJO) is on course to end its winning streak. The benchmark index is currently down 0.3% to 6,509.9 points.

Here's what is happening on the market today:

Altium AGM update.

The Altium Limited (ASX: ALU) share price has edged lower following the release of its annual general meeting update. At the event, the electronic design software provider revealed that it is continuing to be impacted by COVID-19. However, it has been seeing positive signs in the last two months and is gaining confidence about the strength of its second half performance. FY 2021 guidance has been reaffirmed as revenue of US$200 million to US$212 million and operating earnings of US$76 million to US$89 million.

Crown share price drops lower

The Crown Resorts Ltd (ASX: CWN) share price has dropped lower this morning amid concerns over the opening of its new Crown Sydney operation. Yesterday the New South Wales Independent Liquor and Gaming Authority (ILGA) said it would delay the opening of Crown Sydney due to money laundering revelations. The gambling regulator intends to wait until it has seen the final report into an ongoing inquiry, which is due in February.

Insurance shares hit by COVID ruling.

A number of insurance companies such as QBE Insurance Group Ltd (ASX: QBE) and Suncorp Group Ltd (ASX: SUN) are dropping lower today. This follows news that the NSW Court of Appeal has ruled in favour of policyholders in relation to business interruption (BI) insurance. The Court held that certain policy exclusions referencing the "Quarantine Act and subsequent amendments" cannot be read as references to the Biosecurity Act and cannot be relied on in relation to COVID-19 BI claims.

The best and worst ASX 200 performers.

The best performer on the ASX 200 on Thursday has been the ALS Ltd (ASX: ALQ) share price with a 7.5% gain. This morning Macquarie retained its outperform rating and lifted the price target on the testing services company's shares to $10.65. The worst performer has been the QBE share price with a 4% decline following the aforementioned court verdict.

James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of and recommends Altium. The Motley Fool Australia has recommended Crown Resorts Limited. 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

Broker looking at the share price.
Share Market News

5 things to watch on the ASX 200 on Tuesday

Here's what to expect on the local market today.

Read more »

A young woman sits with her hand to her chin staring off to the side thinking about her investments.
Broker Notes

Down 16% in 6 weeks: Is this ASX 200 share a bargain buy?

Bell Potter has given its verdict on this beaten down stock.

Read more »

Ten smiling business people wave to the camera after receiving some winning company news.
Share Gainers

Here are the top 10 ASX 200 shares today

The ASX 200 enjoyed a strong start to the trading week today.

Read more »

Three people in a corporate office pour over a tablet, ready to invest.
Broker Notes

Leading brokers name 3 ASX shares to buy today

Here's why brokers believe that now could be the time to snap up these shares.

Read more »

A young woman sits at her desk in deep contemplation with her hand to her chin while seriously considering information she is reading on her laptop
Opinions

1 ASX 200 dividend stock down 20% to buy right now

This beaten-up ASX share could be a top pick for dividends and stability.

Read more »

Man sitting in a plane looking through a window and working on a laptop.
Opinions

2 cheap ASX 200 shares I'd buy in May

I think these stocks are too cheap to ignore.

Read more »

Smiling couple looking at a phone at a bargain opportunity.
Share Gainers

Why Gentrack, New Hope, Nuix, and Star Entertainment shares are charging higher

These shares are starting the week strongly. But why?

Read more »

A man sits in despair at his computer with his hands either side of his head, staring into the screen with a pained and anguished look on his face, in a home office setting.
Share Fallers

Why Core Lithium, Duratec, Galan Lithium, and Michael Hill shares are sinking today

These shares are starting the week in the red. But why?

Read more »