ASX 200 flat: NIB update impresses, Altium upgraded

Altium Limited (ASX:ALU) and NIB Holdings Limited (ASX:NHF) shares are making the headlines on the ASX 200 on Monday…

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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.

Perenti rises

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.

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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. recommends Altium. The Motley Fool Australia owns shares of Altium. The Motley Fool Australia has recommended NIB Holdings 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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