Citi rates Altium (ASX:ALU) as an Upgrade to a Buy from a Neutral. While envisaging downside risk to second half earnings, Citi now suspects Altium is nearing the end of the pandemic-induced downgrade cycle. Current consensus price target is $33.44. Shares in Altium (ASX:ALU) are currently 2.5 per cent lower $28.61.
Company news
Asaleo Care (ASX:AHY) and Essity Group Holdings have entered into a Scheme Implementation Agreement under which it is proposed that Essity will acquire all outstanding ordinary shares in Asaleo not already owned by the Essity group. Essity's $1.40 a share cash offer for the toilet paper business implies equity value for approximately $760 million. Sweden's Essity is buying the 63.8 per cent of Asaleo it doesn't own. Shares in Asaleo Care (ASX:AHY) trading 4.6 per cent higher at $1.43.
Best and worst performers
The best-performing sector is Materials, adding 1.1 per cent, while the worst performing sector is Consumer Staples shedding 3.7 per cent.
The best performing stock in the S&P/ASX 200 is EML Payments (ASX:EML), rising 15.4 per cent to $4.86, followed by shares in Lynas Rare Earths (ASX:LYC) and ARB Corporation (ASX:ARB).
The worst performing stock in the S&P/ASX 200 is Zip Co (ASX:Z1P), dropping 13.8 per cent to $12:00, followed by shares in Evolution Mining (ASX:EVN) and Whitehaven Coal (ASX:WHC).
Commodities and the dollar
Gold is trading at US$1,793 an ounce.
One Australian dollar is buying 77.40 US cents.