At lunch on Monday, the S&P/ASX 200 Index (ASX: XJO) has followed the lead of US markets and is charging higher. The benchmark index is currently up 0.45% to 7,046.6 points.
Here's what has been happening on the market today:
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Carsales shares tumble
The Carsales.Com Ltd (ASX: CAR) share price has returned from its trading halt and is tumbling lower. This morning the auto listings company announced the successful completion of the institutional component of its $600 million pro rata accelerated renounceable entitlement offer with retail rights trading. Carsales raised $428 million at a 12.9% discount of $17.00. It will now seek to raise $172 million from retail shareholders. These funds are being used to acquire a 49% stake in United States-based business Trader Interactive.
Aristocrat Leisure earnings update
The Aristocrat Leisure Limited (ASX: ALL) share price is storming higher today after providing a first half update. For the six months ended 31 March, Aristocrat Leisure expects to report a 12% increase in normalised net profit after tax and before amortisation of acquired intangibles (NPATA) to $412 million. This has been driven by stronger than expected performances from both its Gaming and Digital businesses.
Incitec Pivot result disappoints
The Incitec Pivot Ltd (ASX: IPL) share price is sinking today after releasing a weaker than expected half year result. The industrial chemicals company reported a 6.7% decline in revenue to $1,724.1 million and a 30.8% decline in earnings before interest and tax (EBIT) to $110 million. According to a note out of Goldman Sachs, its analysts were expecting revenue of $1,825 million and EBIT of $171 million.
Best and worst ASX 200 performers
The best performer on the ASX 200 on Monday has been the De Grey Mining Limited (ASX: DEG) share price with an 8% gain. This reverses a sudden and sharp decline on Friday on no news. The worst performer has been the Carsales share price with a 10% decline following its equity raising.
