At lunch on Monday the S&P/ASX 200 Index (ASX: XJO) is trading broadly flat. The benchmark index is currently down a few points to 7,058.4 points.
Here’s what is happening on the market today:
NIB update impresses
The NIB Holdings Limited (ASX: NHF) share price is surging higher following the release of a trading update. According to the release, for the nine months ending 31 March 2021, NIB reported that its business was performing well despite the ongoing uncertainty surrounding the COVID-19 pandemic. As a result, it expects underlying operating profit to come in at $200 million and $225 million in FY 2021. During the first half, its underlying operating profit was $86.9 million.
Altium shares upgraded
The Altium Limited (ASX: ALU) share price is trading flat on Monday despite being upgraded by a leading broker. According to a note out of Shaw & Partners, its analysts have upgraded the company’s shares to a buy rating with a $34.00 price target. The broker believes that Altium is well-placed to benefit from the global economic recovery and expects its revenue to hit an inflection point in FY 2021.
The Perenti Global Ltd (ASX: PRN) share price is pushing higher today. This follows the receipt of a letter of intent from Newcrest Mining Ltd (ASX: NCM) for works at the gold miner’s Red Chris Project. Should everything go ahead as planned, the company advised that it anticipates the project will generate revenue of $38 million over a 16-month period.
Best and worst ASX 200 performers
The NIB share price is the best performer on the ASX 200 on Monday by some distance with an 11% gain following its update. The worst performer has been the Whitehaven Coal Ltd (ASX: WHC) share price with a decline of almost 6%. This coal miner’s shares have come under pressure recently amid concerns over issues at its Narrabri operation.