ASX 200 midday update: Nearmap rockets, Incitec Pivot jumps

It has been a good day so far for the ASX 200…

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At lunch on Tuesday, the S&P/ASX 200 Index (ASX: XJO) has followed the lead of US markets and is pushing higher. The benchmark index is currently up 0.5% to 7,370.5 points.

Here’s what is happening on the ASX 200 today:

Nearmap share price rockets

The Nearmap Ltd (ASX: NEA) share price is rocketing higher today. The catalyst for this was the release of a full year update by the aerial imagery technology and location data company. According to the release, a record performance in the United States has led to Nearmap outperforming its guidance in FY 2021. It expects to report a 26% increase in annual contract value (ACV) to $133.8 million on a constant currency basis. This compares to its previously upgraded ACV guidance of $128 million to $132 million.

PolyNovo sales update impresses

The PolyNovo Ltd (ASX: PNV) share price is rising today after investors responded positively to its sales update. According to the release, the medical device company achieved record US Biodegradable Temporizing Matrix (BTM) revenue of US$4.9 million in the fourth quarter. This underpinned a 49% increase in full year US BTM revenue. Management also revealed that it is well-placed to build on this in FY 2022.

Incitec Pivot share price rises

Another ASX 200 share on the rise today is Incitec Pivot Ltd (ASX: IPL). Its shares were given a boost by both an update on its manufacturing model and a broker note out of Citi. In respect to the latter, the broker has retained its buy rating and lifted its price target to $3.00. Citi made the move after upgrading its earnings estimates partly to reflect increasing fertiliser prices.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Tuesday has been the Nearmap share price with a 15% gain. This follows its FY 2021 update this morning. The worst performer has been the Platinum Asset Management Ltd (ASX: PTM) share price with a 6% decline. This follows another disappointing funds under management update.

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Motley Fool contributor 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 and has recommended Nearmap Ltd. and POLYNOVO FPO. The Motley Fool Australia owns shares of and 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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