ASX 200 up 0.8%: Nearmap jumps, Bendigo and Adelaide Bank impresses

Altium Limited (ASX:ALU) and Nearmap Ltd (ASX:NEA) shares are on the move on the ASX 200 on Monday. Here’s why…

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At lunch on Monday the S&P/ASX 200 Index (ASX: XJO) is back on form and charging higher. The benchmark index is currently up 0.8% to 6,862.9 points.

Here’s what is happening on the market today:

Nearmap reponds to short seller and releases half year update

The Nearmap Ltd (ASX: NEA) share price is racing higher today after responding to a short seller report and releasing its half year results. In respect to the latter, the aerial imagery technology and location data company reported annual contract value (ACV) of $112.2 million on a reported basis and $116.7 million on a constant currency basis. This represents a 16.1% and 21% increase, respectively, over the prior corresponding period. Management also comprehensively refuted all of the short seller’s allegations.

Bendigo and Adelaide Bank update impresses

The Bendigo and Adelaide Bank Ltd (ASX: BEN) share price is surging higher today after the release of its half year results. For the six months ended 31 December, the regional bank reported total income growth of 3.3% to $849 million and cash earnings growth of 1.9% to $219.7 million. Management advised that this was driven by growth in its lending portfolios and an increase in hedging revenue. This managed to offset a 7 basis points decline in its net interest margin to 2.30%. The bank also reported a sizeable reduction in its bad debts.

Altium half year results

The Altium Limited (ASX: ALU) share price is edging lower today after releasing its half year results. The electronic design software provider reported a 4% decline in revenue to US$80 million (not including its divested Tasking business). On the bottom line, Altium’s net profit after tax fell 12% to US$16.6 million. Looking ahead, management reaffirmed its full year revenue guidance of US$190 million to US$195 million. Once again, this excludes the Tasking business.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Monday has been the Nearmap share price with a gain of 12%. This follows the aforementioned release of its half year results and short seller response. The worst performer has been the Incitec Pivot Ltd (ASX: IPL) share price with a 2.5% decline following its update.

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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 Nearmap Ltd. The Motley Fool Australia's parent company Motley Fool Holdings Inc. recommends Altium. The Motley Fool Australia owns shares of Altium. The Motley Fool Australia has recommended Nearmap Ltd. 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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