ASX 200 midday update: Altium sinks, Oil Search CEO resigns

The ASX 200 has started the week poorly…

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shocked and stressed man looking at his laptop and trying to absorb bad news about the share price falling

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At lunch on Monday, the S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a sizeable decline. The benchmark index is currently down 1% to 7,270 points.

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

Altium share price sinks

The Altium Limited (ASX: ALU) share price is sinking today after amid reports that it rejected another takeover approach from Autodesk. The reports claimed the US software giant increased its $38.50 per share offer to $40.00 per share, which was swiftly rejected. However, Altium has responded to the speculation, stating that it has not received any further offer from Autodesk.

Oil Search CEO resigns

Investors have been selling Oil Search Ltd (ASX: OSH) shares on Monday after it announced the exit of its CEO, Keiran Wulff. The energy producer revealed that Dr Wulff has resigned for health reasons. It notes that he has been managing a long-term medical condition which has recently deteriorated. In addition to this, the company notes that it had been in discussions with Dr Wulff following the receipt of recent concerns and complaints about his behaviour.

SEEK shares fall after downgrade

The SEEK Limited (ASX: SEK) share price is also on the slide today. This follows the release of a broker note out of Goldman Sachs which reveals that its analysts have downgraded SEEK shares to a sell rating but with an improved price target of $30.80. The broker made the move on an uncertain ad volume outlook and elevated valuation.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Monday has been the PolyNovo Ltd (ASX: PNV) share price with a 4% gain. This appears to have been driven by bargain hunters taking advantage of a sizeable pullback last week. The worst performer has been the Altium share price with a 9% decline. This is despite the company revealing that it hasn’t received a second takeover offer.

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Motley Fool contributor James Mickleboro owns shares of SEEK Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Altium and POLYNOVO FPO. The Motley Fool Australia owns shares of and has recommended Altium. The Motley Fool Australia has recommended SEEK 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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