ASX 200 midday update: Fortescue result and dividend impress, Altium sinks

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

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At lunch on Monday, the S&P/ASX 200 Index (ASX: XJO) has been bouncing around but remains in positive territory. The benchmark index is currently up 0.15% to 7,498.5 points.

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

Fortescue share price jumps on full year results

The Fortescue Metals Group Limited (ASX: FMG) share price is charging higher today after the release of a strong full year result and the announcement of a huge dividend. For the 12 months ended 30 June, the iron ore giant reported a 117% increase in net profit after tax to US$10.3 billion. This was a touch ahead of the consensus estimate of US$10.2 billion. This allowed the Fortescue Board to declare a fully franked final dividend of $2.11 per share. This doubled its full year dividend to $3.58 per share.

Altium shares sink following results release

The Altium Limited (ASX: ALU) share price has tumbled lower today following the release of its full year results. Investors have been selling the electronic design software provider’s shares despite it achieving its full year revenue guidance with a 1% lift to US$191.1 million. In fact, not even an upgraded outlook for FY 2022 could keep its shares from falling. Management has upgraded its revenue expectations to 16% to 20% growth for the year ahead.

PointsBet misses out on Arizona licence

The PointsBet Holdings Ltd (ASX: PBH) share price is under pressure on Monday. This follows news that PointsBet and its partner Cliff Castle Casino Hotel have missed out on a sports betting license in the US state of Arizona. The Arizona Department of Gaming has not provided any further information as to why it was not selected. Management advised that whilst disappointed with the news, it continues to assess market access opportunities in the state.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Monday has been the InvoCare Limited (ASX: IVC) share price with an 8% gain. This follows a strong half year update this morning. The worst performer on the ASX 200 has been the Altium share price with an 11% decline following its results release.

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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 Altium and Pointsbet Holdings Ltd. The Motley Fool Australia owns shares of and has recommended Altium. The Motley Fool Australia has recommended InvoCare Limited and Pointsbet Holdings 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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