At lunch on Monday the S&P/ASX 200 Index (ASX: XJO) is on course to start the week strongly. At the time of writing, the benchmark index is up 0.55% to 6,680.1 points.
Here’s what has been happening today:
Altium offloads TASKING business.
The Altium Limited (ASX: ALU) share price is a fraction higher today after announcing the sale of its TASKING business for US$110 million. The electronic design software company is selling the non-core asset so it can focus on its Altium 365 platform. The deal is expected to be finalised in the first quarter of the 2021 calendar year, subject to standard conditions and regulatory approval.
Afterpay pushes higher on ASX 20 and ASX 50 inclusion.
The Afterpay Ltd (ASX: APT) share price has started the week very strongly. This follows news that the buy now pay later provider will be added to both the ASX 20 and ASX 50 indices at the December rebalance. This has given its shares a boost as it means that fund managers with strict investment mandates can now invest and index-tracking funds have to buy shares. Afterpay is replacing insurance giant Insurance Australia Group Ltd (ASX: IAG) in the exclusive ASX 20 index.
NAB MLC sale approved.
The National Australia Bank Ltd (ASX: NAB) share price is pushing higher after the ACCC gave the thumbs up to the sale of its MLC wealth business to IOOF Holdings Limited (ASX: IFL). ACCC Commissioner, Stephen Ridgeway, commented. “Transactions that combine two major firms in a sector will attract close scrutiny from the ACCC. However, feedback from customers, financial advisers and other industry participants suggested that this deal would not be likely to substantially lessen competition.”
Best and worst ASX 200 performers.
The best performer on the ASX 200 today has been the Eagers Automotive Ltd (ASX: APE) share price with a 7% gain. This follows the announcement of the sale of its Daimler truck business to United States-based Velocity Vehicle Group. The worst performer has been the Flight Centre Travel Group Ltd (ASX: FLT) share price with a 5.5% decline. A number of travel shares are sinking lower today. This could be down to profit taking after some strong gains recently.
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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 owns shares of AFTERPAY T FPO. The Motley Fool Australia has recommended Flight Centre Travel Group Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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