ASX market movers: Altium, Hansen Technologies
The 10 biggest movers on the ASX today.
Standout performers on the ASX Monday 7 June 2021
After a volatile few weeks for tech stocks, two Aussie software companies stole the show on Monday. Market favourite Altium (ALU) and Hansen Technologies (HSN) were the best performing stocks on the Australian market following similar takeover bids.
However, there was less positive news for bank shareholders, with each of the major bank stocks falling into the red by the end of the day. You can read about why the NAB share price tumbled here.
Altium (ALU) was the standout mover on the ASX today. Shares in the company rose 39.03% to $37.83.
"The Altium share price soared after the technology company announced it had rejected a takeover offer by US software firm Autodesk," said Finder's investments editor Kylie Purcell.
The US company had earlier offered to buy 100% of Altium's shares at $38.50 a share.
"Autodesk's offer was 40% higher than Altium's closing price last Friday, which is why we saw shares jump by around that same amount on Monday. Investors were matching Autodesk's valuation of the company," said Purcell.
"Despite the high premium to its then current price, Altium said the offer undervalued its future prospects and projects. Hopeful investors will now be waiting to see what the company's next move is.
Altium designs software for circuitboard manufacturers and other types of hardware.
Learn more about investing in Altium in Finder's full guide.
The second-best mover was Hansen Technologies (HSN), another software and services company.
It rose 22.0% to close at $6.32.
"Australian technology stocks must be doing something right," said Purcell. "Like Altium, Hansen also received a takeover bid, this time from Australian equity firm BGH Capital."
"Also similar to Altium, BGH offered Hansen a 25% price premium for 100% of its outstanding shares. On Monday, investors nearly matched that price."
Learn more about investing in Hansen Technologies in Finder's full guide.
These were the 10 biggest movers on the ASX today:
|Hansen Technologies (HSN)||$6.32||22.0%|
|Adriatic Metals (ADT)||$2.73||11.4%|
|Eagle Mountain Mining (EM2)||$1.10||8.9%|
|Nitro Software (NTO)||$2.99||7.9%|
|Mnf Group (MNF)||$5.32||7.5%|
|Australian Strategic Materials (ASM)||$5.85||6.9%|
|Clover Corporation (CLV)||$1.75||6.7%|
Share your review to win $1,500!Review your current share trading platform for a chance to win $1,500 in Myer gift cards.
Market indicators Monday 7 June 2021
Overall, the S&P/ASX200 closed down Monday, dropping 13 points (-0.18%) to 7282.1.
Each weekday we round up the best performing stocks on the Australian Securities Exchange (ASX), ranked by price percentage from market open to market close. To avoid higher price volatility we only include stocks with market caps of more than $200 million. Price changes are calculated at the end of the day, but these prices may be subject to minor variation depending on data availability.
Need a better share trading platform? Check out Finder's full review of the best online brokers in Australia right now.