At lunch on Monday, the S&P/ASX 200 Index (ASX: XJO) has given back its morning gains and dropped lower. The benchmark index is currently down 0.15% to 7,168.4 points.
Here’s what’s been happening on the market today:
A2 Milk class action news
The A2 Milk Company Ltd (ASX: A2M) share price is trading lower today after Slater & Gordon Limited (ASX: SGH) advised that it was looking into a potential class action. The law firm is alleging that the infant formula company may have engaged in misleading or deceptive conduct in breach of the Corporations Act. It may also have possibly breached continuous disclosure rules. This follows four downgrades to its guidance so far in FY 2021.
Nuix share price crashes again
The Nuix Ltd (ASX: NXL) share price has crashed lower again on Monday. This morning the investigative analytics company downgraded its guidance just a little over a month after issuing it. Nuix is now expecting pro forma revenue of $173 million to $182 million in FY 2021. This compares to its 21 April guidance of $180 million to $185 million. Management advised that this is due largely to the expected timing of closure of some upsell opportunities and new potential customers.
Link shares tumble on PEXA IPO news
The Link Administration Holdings Ltd (ASX: LNK) share price is sinking lower today after confirming that its PEXA business will be undertaking an initial public offering (IPO). The underwritten price of the IPO implies an enterprise value for PEXA of $3.3 billion. Link advised that it expects to receive a minimum of $50 million in cash as a result of the IPO process, plus any proceeds received through a scale back.
Best and worst ASX 200 performers
The best performer on the ASX 200 on Monday has been the Domino’s Pizza Enterprises Ltd (ASX: DMP) share price with a 4% gain on no news. The worst performer has been the Nuix share price with a disappointing 17% decline following its guidance downgrade.